• Connects largest global derivatives reporting service, DTCC Global Trade Repository (GTR), with largest European MiFID Approved Reporting Mechanism
• Fully complies with MiFIR reporting requirements scheduled to go live in early 2017
• GTR to establish direct connection to UnaVista’s MiFIR reporting service
• Reflects LSEG’s commitment to Open Access approach and DTCC’s commitment to reducing compliance costs for the industry
London Stock Exchange Group (LSEG) and The Depository Trust & Clearing Corporation (DTCC) today announce that they are partnering to provide clients with a connection to UnaVista’s Approved Reporting Mechanism (ARM). The service will allow DTCC clients to comply with the Markets in Financial Instruments Regulation (MiFIR) utilising their current connection from DTCC’s Global Trade Repository (GTR). The MiFIR reporting requirements will supplement the existing EMIR post-trade reporting requirements for derivatives trading activities. UnaVista and DTCC currently jointly process around 20 billion regulatory reports annually, across all asset classes and global markets.
Through this joint offering, GTR users will be able to submit a single report, combining the MiFIR and EMIR data elements. MiFIR relevant data will be extracted and routed to UnaVista for validating and reporting to the relevant pan-European competent authorities. Users will also benefit from access to the UnaVista interface where they can manage exceptions and get advanced business insight.
Users of the joint service are able to access UnaVista’s MiFIR test environment now, ahead of the MiFIR reporting “go live” date in Q1 2017.
UnaVista and DTCC are both approved Trade Repositories for the EU derivative regulation EMIR, and already have a connection to pass relevant transactional data to each other for reconciliation purposes. UnaVista also routes transactions on behalf of its clients to DTCC for global derivatives reporting.
Mark Husler, CEO of UnaVista said:
“LSEG is delighted to partner with DTCC to offer their clients a complete MiFIR reporting service, which again demonstrates our commitment to an Open Access approach which benefits customers and the market overall. MiFIR is designed to improve financial market transparency and both companies want to act early to respond to customers demand and ensure clients have as much time as possible to prepare for the upcoming regulatory changes. DTCC’s clients will benefit from UnaVista’s well-established and proven regulatory reporting technology, which has made it the largest MiFID ARM in Europe.”
Andrew Douglas, CEO of GTR Europe for DTCC, stated:
“We are pleased to be partnering with LSEG on this important initiative. As additional reporting requirements such as MiFIR come to market, we believe it is critical that all service providers look to leverage rather than duplicate existing infrastructure to ensure the overall operational cost burden to the industry is minimized. With this joint solution, users can continue to satisfy MiFIR and EMIR regulatory mandates leveraging a single platform, DTCC’s GTR.”