Deutsche Börse has partnered up with European trade repository REGIS-TR to help clients with the Markets in Financial Instruments Directive (MiFID) II reporting requirements.
The service will include reporting systems for both on- and off-exchange transaction, and will be developed to cover various regulations, and will include regular workshops with regulators and clients.
A transaction reporting service will allow clients to submit the required data to the relevant authorities through an authorised reporting mechanism (ARM). REGIS-TR will apply for ARM status and provide this service for Deutsche Börse.
A second service will cover transparency requirements for over-the-counter (OTC) transactions. These will be subject to quality assurance, and will be published immediately through an approved publication arrangement (APA).
Deutsche Börse will apply for APA status when registrations are being accepted, and the reported information will be distributed through the firm’s existing data feeds.
MiFID II will come in to force in Q1 2017, and after this, additional services will be added, including reporting solutions for Dodd Frank and Securities Finance Transaction Reporting.
Deutsche Börse already provides reporting services for the European Market Infrastructure Regulation (EMIR) and for MiFID I.
Hauke Stars, the member of the Deutsche Börse executive board responsible for IT, market data and services, said: “With a global solution, we enable our clients to keep their costs in check – both acquisition costs as well as the costs of adapting to additional regulatory changes.”
Elena Carnicero, CEO of REGIS-TR, added: “Our services are highly complementary. As a licensed trade repository, REGIS-TR is already widely connected to the network of European national competent authorities and was one of the first trade repositories to be approved for EMIR.”
“This combined with a mature MiFID I service and value added products and services on top means that together, REGIS-TR and Deutsche Börse are uniquely positioned to be the de facto European regulatory reporting hub.”
