Full speed ahead
15 Oct 2025
María Santos, head of REGIS-TR, SIX, discusses how the firm navigates the challenges of EMIR REFIT, builds innovation into its reporting infrastructure, and transforms regulatory compliance into a source of strategic value for clients
Image: REGIS-TR, SIX
Simplifying EU legislation and easing regulatory burdens — that was the ambitious starting point of a complex journey launched by the European Commission (EC) with the Regulatory Fitness and Performance Programme (REFIT) in December 2022, which went live on 29 April 2024.
Implementing European Market Infrastructure Regulation (EMIR) REFIT was no small feat for market participants and trade repositories alike. Its go-live marked a transformational moment in the European derivatives reporting landscape, introducing sweeping changes to data standards, reporting obligations, and counterparty classifications.
Following April’s rollout across the EU, the UK version of EMIR REFIT followed suit, launching on 30 September 2024 — further reshaping the regulatory environment for market participants on both sides of the Channel.
It was no easy task — but it is precisely the kind of challenge a trade repository is built to handle. Operating under regulatory licenses and strict supervision, our core mission is to collect, validate, store, reconcile, and securely transfer derivatives transaction data.
At the heart of this process lies our commitment to transparency and systemic risk reduction, achieved by aggregating and anonymising vast volumes of data for regulators and market participants alike.
The scale and complexity of the refit was akin to changing the tyres while speeding down the motorway — overhauling core systems while maintaining uninterrupted service for more than 1,500 clients.
A platform built for the future
While the initial focus was on meeting core regulatory obligations — first for the EU and five months later for the UK — REGIS-TR, a SIX company, took a forward looking approach.
We developed a new, innovative and agile platform — built to support the evolving needs of the market.
Our new REFIT platform is designed to do more than just meet compliance requirements.
It empowers clients to navigate complex reporting obligations with greater ease, while significantly reducing operational overhead. By enhancing data usability and streamlining workflows, the platform transforms regulatory reporting from a burden into a strategic advantage.
Regulatory reporting is a dynamic and growing market, driven by constant regulatory change and closely linked to underlying trading volumes. This dependency calls for continuous innovation, with market players needing to design tools that respond to rising demand for customised investment solutions, advanced trading technologies, and sophisticated risk management systems.
At REGIS-TR, we have built the infrastructure to handle vast volumes of trade messages — validating and distributing large data packages to National Competent Authorities (NCAs) and supranational regulators across Europe.
This capability has positioned our organisation as a cornerstone of the EU’s market surveillance framework.
Our new platform was engineered with modularity and scalability at its core, enabling REGIS-TR and its clients to enhance adaptability, agility, and operational efficiency.
It allows us to:
- Rapidly respond to current and future regulatory changes
- Launch new products and services with greater speed
- Deliver client-driven enhancements more effectively
This innovation-led approach is a true game-changer in a regulatory environment that continues to evolve at pace.
A tailor-made mindset: From compliance to value creation
With the EU/UK REFIT completed, our focus shifted from the strict implementation to the pursuit of data quality and development of value-added services. High-quality, accurate data is the cornerstone of effective risk management and regulatory oversight. From the very beginning, REGIS-TR has been committed to helping clients succeed through enhanced tools, powerful analytics, and proactive support. Today, REGIS-TR stands out as the largest European TR for EMIR, while also offering services across Securities Financing Transaction Regulation (SFTR), the Financial Markets Infrastructure Act (FinfraG), and UK EMIR. Our infrastructure is built to handle immense volumes of trade messages — processing an average of over 20 million transactions per day, which culminated in more than 53 billion transactions reported during the decade between 2014 and 2024. This scale and reliability have solidified our role as a trusted partner in Europe’s regulatory ecosystem.
Through close collaboration with our clients, we can tailor our service offering to meet their needs and to be a trusted ally and partner in their regulatory reporting journey.
One of the most appreciated features we introduced to support transparency and reconciliation is the ability to access pre-alleged and alleged reports. These reports offer early visibility into unmatched trades, allowing clients to identify and resolve discrepancies before they escalate. It is a powerful step toward ensuring data integrity and minimising regulatory risk.
Over the past few years, REGIS-TR has built a strong reputation as a leading trade repository, achieving unparalleled market coverage. Our market-leading position in the EU, with 55 per cent of EMIR transaction flow, enables us to deliver deep insights through anonymised and aggregated benchmarks. This is a prime example of how we are transforming data into actionable value — and ultimately, into strategic direction.
One of the standout features of this service is the ability for firms to compare rejection, matching, and pairing rates — either their own or those of their counterparties — against industry peers. This accumulated knowledge helps clients assess their reporting performance, demonstrate best practices, and proactively resolve issues before they reach regulators.
Building on this foundation, we are preparing to launch a new suite of data quality indicators. These metrics will provide clients with real-time insights into the health of their reporting, focusing on completeness, accuracy, and timeliness. With these tools, firms will be better equipped to manage performance and demonstrate excellence in compliance.
Client-centric approach for an uncertain future
At REGIS-TR, our clients are at the core of everything we do. We believe that open dialogue and the exchange of ideas are fundamental to building strong, lasting partnerships. One of the key ways we foster this engagement is through our annual client event, which returns this year to Zurich on 17 October. Over the years, it has become a flagship occasion in our calendar — valued by clients for its rich content and collaborative atmosphere.
Following the outstanding success of last year’s edition in Madrid, which saw high attendance and received excellent feedback, we are excited to build on that momentum. This exclusive, invitation-only event is reserved for REGIS-TR clients and will welcome over 120 participants. The programme features thought leadership sessions delivered by both internal and external industry experts, complemented by exceptional networking opportunities. Attendees can also look forward to a special reveal that will further enhance the way we support and interact with our clients.
In addition to our annual client event, we actively engage with our clients through user group calls, roundtables, and webinars. These initiatives reflect our ongoing commitment to transparency, collaboration, and continuous improvement.
A new paradigm
We are entering a new paradigm — one shaped by a highly regulated environment and fluctuating volumes driven by geopolitical uncertainty and changes to compliance. In this landscape, data has become the new gold. While the future remains uncertain, one thing is clear: with the heavy lifting of EMIR REFIT behind us, REGIS-TR is now focused on building a portfolio of services that fully supports our users’ evolving needs — from enhanced reporting capabilities and intuitive dashboards to actionable insights derived from trade data.
In this post-REFIT era, our teams are continuously working to unlock new value for users of our platform. The integration of new functionalities — such as the benchmarking tool and data quality indicators — acts like a satellite navigation system, guiding clients with real-time insights and industry comparisons.
Empowering clients with the Master Entity Data platform
As part of our commitment to innovation and client-centric service, REGIS-TR has launched the Master Entity Data (MED) Platform — a state-of-the-art solution designed to streamline client onboarding, permissioning, and account administration. Built with usability and flexibility in mind, MED empowers clients to self-manage their accounts through an intuitive interface that simplifies traditionally slow and cumbersome processes.
Whether it is setting up a new account, updating account permissions, managing entity relationships, or configuring account settings, MED puts control directly in the hands of users — reducing administrative overhead and driving client empowerment. This platform is a key pillar in our strategy to deliver smarter, more responsive services, and it reflects our belief that regulatory reporting should not only be compliant, but also efficient, transparent, and user-friendly.
What is coming next?
In today’s fast-moving regulatory landscape, the future holds exciting possibilities: smarter automation, predictive analytics, and increasingly intuitive tools — all designed to empower our clients to stay ahead. But the future of reporting is not just about technology and compliance; it is about trust. High-quality reliable data is the cornerstone of meaningful compliance, and safeguarding its integrity remains at the heart of everything we do.
Regulation is never static — it evolves, adapts, and challenges organisations to respond with agility. That is why our focus is on building solutions that go beyond compliance and transparency by design. We are committed to delivering flexible and resilient tools that anticipate change and help our clients turn regulatory obligations into opportunities for efficiency and growth.
Are you ready to shape the future of regulatory reporting? We are — and we look forward to partnering with you on this journey.
Implementing European Market Infrastructure Regulation (EMIR) REFIT was no small feat for market participants and trade repositories alike. Its go-live marked a transformational moment in the European derivatives reporting landscape, introducing sweeping changes to data standards, reporting obligations, and counterparty classifications.
Following April’s rollout across the EU, the UK version of EMIR REFIT followed suit, launching on 30 September 2024 — further reshaping the regulatory environment for market participants on both sides of the Channel.
It was no easy task — but it is precisely the kind of challenge a trade repository is built to handle. Operating under regulatory licenses and strict supervision, our core mission is to collect, validate, store, reconcile, and securely transfer derivatives transaction data.
At the heart of this process lies our commitment to transparency and systemic risk reduction, achieved by aggregating and anonymising vast volumes of data for regulators and market participants alike.
The scale and complexity of the refit was akin to changing the tyres while speeding down the motorway — overhauling core systems while maintaining uninterrupted service for more than 1,500 clients.
A platform built for the future
While the initial focus was on meeting core regulatory obligations — first for the EU and five months later for the UK — REGIS-TR, a SIX company, took a forward looking approach.
We developed a new, innovative and agile platform — built to support the evolving needs of the market.
Our new REFIT platform is designed to do more than just meet compliance requirements.
It empowers clients to navigate complex reporting obligations with greater ease, while significantly reducing operational overhead. By enhancing data usability and streamlining workflows, the platform transforms regulatory reporting from a burden into a strategic advantage.
Regulatory reporting is a dynamic and growing market, driven by constant regulatory change and closely linked to underlying trading volumes. This dependency calls for continuous innovation, with market players needing to design tools that respond to rising demand for customised investment solutions, advanced trading technologies, and sophisticated risk management systems.
At REGIS-TR, we have built the infrastructure to handle vast volumes of trade messages — validating and distributing large data packages to National Competent Authorities (NCAs) and supranational regulators across Europe.
This capability has positioned our organisation as a cornerstone of the EU’s market surveillance framework.
Our new platform was engineered with modularity and scalability at its core, enabling REGIS-TR and its clients to enhance adaptability, agility, and operational efficiency.
It allows us to:
- Rapidly respond to current and future regulatory changes
- Launch new products and services with greater speed
- Deliver client-driven enhancements more effectively
This innovation-led approach is a true game-changer in a regulatory environment that continues to evolve at pace.
A tailor-made mindset: From compliance to value creation
With the EU/UK REFIT completed, our focus shifted from the strict implementation to the pursuit of data quality and development of value-added services. High-quality, accurate data is the cornerstone of effective risk management and regulatory oversight. From the very beginning, REGIS-TR has been committed to helping clients succeed through enhanced tools, powerful analytics, and proactive support. Today, REGIS-TR stands out as the largest European TR for EMIR, while also offering services across Securities Financing Transaction Regulation (SFTR), the Financial Markets Infrastructure Act (FinfraG), and UK EMIR. Our infrastructure is built to handle immense volumes of trade messages — processing an average of over 20 million transactions per day, which culminated in more than 53 billion transactions reported during the decade between 2014 and 2024. This scale and reliability have solidified our role as a trusted partner in Europe’s regulatory ecosystem.
Through close collaboration with our clients, we can tailor our service offering to meet their needs and to be a trusted ally and partner in their regulatory reporting journey.
One of the most appreciated features we introduced to support transparency and reconciliation is the ability to access pre-alleged and alleged reports. These reports offer early visibility into unmatched trades, allowing clients to identify and resolve discrepancies before they escalate. It is a powerful step toward ensuring data integrity and minimising regulatory risk.
Over the past few years, REGIS-TR has built a strong reputation as a leading trade repository, achieving unparalleled market coverage. Our market-leading position in the EU, with 55 per cent of EMIR transaction flow, enables us to deliver deep insights through anonymised and aggregated benchmarks. This is a prime example of how we are transforming data into actionable value — and ultimately, into strategic direction.
One of the standout features of this service is the ability for firms to compare rejection, matching, and pairing rates — either their own or those of their counterparties — against industry peers. This accumulated knowledge helps clients assess their reporting performance, demonstrate best practices, and proactively resolve issues before they reach regulators.
Building on this foundation, we are preparing to launch a new suite of data quality indicators. These metrics will provide clients with real-time insights into the health of their reporting, focusing on completeness, accuracy, and timeliness. With these tools, firms will be better equipped to manage performance and demonstrate excellence in compliance.
Client-centric approach for an uncertain future
At REGIS-TR, our clients are at the core of everything we do. We believe that open dialogue and the exchange of ideas are fundamental to building strong, lasting partnerships. One of the key ways we foster this engagement is through our annual client event, which returns this year to Zurich on 17 October. Over the years, it has become a flagship occasion in our calendar — valued by clients for its rich content and collaborative atmosphere.
Following the outstanding success of last year’s edition in Madrid, which saw high attendance and received excellent feedback, we are excited to build on that momentum. This exclusive, invitation-only event is reserved for REGIS-TR clients and will welcome over 120 participants. The programme features thought leadership sessions delivered by both internal and external industry experts, complemented by exceptional networking opportunities. Attendees can also look forward to a special reveal that will further enhance the way we support and interact with our clients.
In addition to our annual client event, we actively engage with our clients through user group calls, roundtables, and webinars. These initiatives reflect our ongoing commitment to transparency, collaboration, and continuous improvement.
A new paradigm
We are entering a new paradigm — one shaped by a highly regulated environment and fluctuating volumes driven by geopolitical uncertainty and changes to compliance. In this landscape, data has become the new gold. While the future remains uncertain, one thing is clear: with the heavy lifting of EMIR REFIT behind us, REGIS-TR is now focused on building a portfolio of services that fully supports our users’ evolving needs — from enhanced reporting capabilities and intuitive dashboards to actionable insights derived from trade data.
In this post-REFIT era, our teams are continuously working to unlock new value for users of our platform. The integration of new functionalities — such as the benchmarking tool and data quality indicators — acts like a satellite navigation system, guiding clients with real-time insights and industry comparisons.
Empowering clients with the Master Entity Data platform
As part of our commitment to innovation and client-centric service, REGIS-TR has launched the Master Entity Data (MED) Platform — a state-of-the-art solution designed to streamline client onboarding, permissioning, and account administration. Built with usability and flexibility in mind, MED empowers clients to self-manage their accounts through an intuitive interface that simplifies traditionally slow and cumbersome processes.
Whether it is setting up a new account, updating account permissions, managing entity relationships, or configuring account settings, MED puts control directly in the hands of users — reducing administrative overhead and driving client empowerment. This platform is a key pillar in our strategy to deliver smarter, more responsive services, and it reflects our belief that regulatory reporting should not only be compliant, but also efficient, transparent, and user-friendly.
What is coming next?
In today’s fast-moving regulatory landscape, the future holds exciting possibilities: smarter automation, predictive analytics, and increasingly intuitive tools — all designed to empower our clients to stay ahead. But the future of reporting is not just about technology and compliance; it is about trust. High-quality reliable data is the cornerstone of meaningful compliance, and safeguarding its integrity remains at the heart of everything we do.
Regulation is never static — it evolves, adapts, and challenges organisations to respond with agility. That is why our focus is on building solutions that go beyond compliance and transparency by design. We are committed to delivering flexible and resilient tools that anticipate change and help our clients turn regulatory obligations into opportunities for efficiency and growth.
Are you ready to shape the future of regulatory reporting? We are — and we look forward to partnering with you on this journey.
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