REGIS-TR, the European Trade Repository owned by Clearstream (Deutsche Börse) and Iberclear (BME), has developed services that support its customers in fulfilling their reporting requirements under the Swiss Financial Market infrastructure Act (FinfraG). This act regulates derivatives trading in Switzerland.
Drawing on the EU Regulation EMIR, FinfraG requires all entities which have their registered office in Switzerland and trade in derivatives to report such activity to the Swiss Financial Market Supervisory Authority FINMA. The reporting requirement includes foreign branches of such entities.
REGIS-TR will provide market participants with a one-stop shop for all European regulatory reporting, including transaction, position and valuation reporting for FinfraG. By using REGIS-TR for both EMIR and FinfraG reporting, customers will benefit from operational efficiencies including:
- One single relationship to manage
- The same inbound and outbound connectivity channels
- Similar message reporting formats
- The same transparent and easily understandable fee schedule
“REGIS-TR already has a number of important Swiss customers for reporting under EMIR and reporting to the Eidgenössische Elektrizitätskommission (ElCom)”, said Irene Mermigidis, Managing Director at REGIS-TR. “We have experienced significant demand to extend our services to cover FinfraG so that these participants can benefit from a number of synergies and be able to re-use the tried and tested infrastructure already in place with us”. According to Mermigidis, the new offer is an important deliverable for REGIS-TR’s strategy to be the only Trade Repository that covers all major European regulatory reporting requirements.
The new services are pending regulatory approval. REGIS-TR has submitted a letter of intent to the Swiss regulatory authority FINMA to become a registered non-domestic trade repository in Switzerland. This will allow customers to use REGIS-TR to report derivatives trades as required under the Swiss FinfraG regulation. The reporting will start six months after the approval of the first Trade Repository.
REGIS-TR is an ESMA approved Trade Repository for EMIR (and future SFTR reporting) as well as being an approved RRM for REMIT and ElCom. The Trade Repository announced in September 2015 that it would be applying for ARM status under the MiFIR transaction reporting regime. REGIS-TR is open to financial and non-financial institutions, primarily in Europe, and will service all types of instruments in a unique market offering.
The company is already progressing well towards its goal of becoming a one-stop-shop for the registration of the full range of financial products.
REGIS-TR is a joint venture launched by the Spanish central securities depository (CSD) Iberclear and Clearstream, an international central securities depository (ICSD). It is incorporated under the law of Luxembourg, where it is headquartered.
Further information: www.regis-tr.com