- UnaVista Trade Repository’s customers begin full trade reporting ahead of EMIR go-live on 12 February 2014
- UnaVista Trade Repository covers all asset classes for both exchange traded and OTC derivatives across EEA
UnaVista, part of London Stock Exchange Group, is pleased to announce that customers have gone live on its trade repository ahead of the implementation of the new European Markets Infrastructure Regulation (EMIR) reporting requirements, which come into force on 12 February 2014.
Under EMIR, all EU counterparties to a derivative trade will have to report to an approved trade repository. Following the successful completion of testing and back-loading of historic trades, dating back to August 2012 and earlier, customers are now reporting trades to UnaVista Trade Repository. Firms have the option of reporting directly to UnaVista Trade Repository or via UnaVista’s full or partial delegated reporting service. Current trade repository customers include LCH.Clearnet, which operates SwapClear, the global leader in interest rate swap clearing.
Mark Husler, CEO, UnaVista said: “We are delighted to confirm that customers have begun full trade reporting on the UnaVista Trade Repository platform ahead of the EMIR reporting requirement date of 12 February 2014. Our customers and their clients are now able to ensure compliance with their EMIR reporting obligations across all asset classes from day one. We are pleased to provide a platform which meets the needs of our clients to comply with their regulatory requirements.”
Michael Davie, CEO of LCH.Clearnet Ltd said: “We have successfully completed the necessary back-loading of over 5.8 million trades in line with the EMIR requirements and are now able, through the UnaVista Trade Repository, to achieve compliance with the EMIR trade reporting requirements ahead of the go-live on 12 February 2014.”
LSEG also offers firms an EMIR Reference Data File that covers over 11,000,000 derivative contracts across 80 global exchanges. The file includes important data required in order to report in compliance with EMIR including an engineered CFI code, contract size, commodity details, underlying ISIN and seven other fields. The data dates back to August 2012 to help firms with their back-dated reporting duties.
Customers have started using a number of LSEG’s other services to help with EMIR and other regulations, including Pre-Legal Entity Identifier (LEI) allocation and UnaVista Rules Engine. London Stock Exchange has now allocated Pre-LEIs, a required field in EMIR for the identification of entities involved in a derivatives contract, in over 85 countries on six continents. The Rules Engine allows customers to report for multiple regulations as well as EMIR. Firms can send data from multiple sources and formats, the Rules Engine then normalises, enriches and validates the data, before applying logic to determine which regulations it is suitable for. UnaVista Rules Engine is being used by customers to address multiple regulations such as EMIR, MiFID, Short-Selling, CRD IV, FATCA, AIFMD and FTT.