London Stock Exchange Group (LSEG) has partnered up with the Depository Trust & Clearing Corporation (DTCC) to provide a reporting service for the Markets in Financial Instruments Regulation (MiFIR).
DTCC clients will gain a connection to LSEG’s UnaVista platform and its approved reporting mechanism (ARM).
MiFIR reporting requirements will add to current EMIR post-trade reporting for derivatives trading activities – currently UnaVista and DTCC process a combined total of 20 billion regulatory reports every year, covering all asset classes and global markets.
Through the partnership, users or DTCC’s Global Trade Repository (GTR) will submit a single report combining both MiFIR and EMIR elements. Data relevent to MiFIR will be directed to UnaVista to be validated and reported to the relevant authorities.
DTCC users will also have access to the UnaVista interface, allowing them to manage exceptions and gain a more advanced business insight.
Mark Husler, CEO of UnaVista, said: “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, added: “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 minimised. With this joint solution, users can continue to satisfy MiFIR and EMIR regulatory mandates leveraging a single platform.”
Users are already able to access UnaVista’s MiFIR test environment ahead of the reporting deadline in Q1 2017.
