The trade repository, which will be based in Stockholm, Sweden, will prepare NEX for its trade operations post-Brexit.
According to NEX, the creation of its new trade repository will give NEX’s clients end-to-end control and better data processing to meet their EMIR reporting requirements.
Providing increased security for customers and their data through continuous automated backups and robust security policies, the new trade repository will help to prevent, detect and recover data from cyber security attacks.
NEX Regulatory Reporting has provided EMIR services to its clients since the initial regime came into effect in February 2014.
According to NEX, it processes around 20 percent of the average daily volume of all EMIR reportable transactions.
The new trade repository has been built using cloud technology through Amazon Web Services.
Collin Coleman, CEO of NEX Regulatory Reporting, said: “Our goal is to provide a genuine end-to-end solution for our clients to meet all of their reporting requirements under EMIR, the second Markets in Financial Instruments Directive and other international regimes.”
He added: “The launch of our trade repository is a further step in simplifying and managing our client’s reporting requirements across multiple regimes, while ensuring a uniform service is delivered.”