BNP Paribas and DTCC Partner for EMIR Reporting

BNP Paribas Securities Services will partner with London-based DTCC Derivatives Repository Limited (DDRL) to help its buy and sell-side clients comply with obligations set by the European Market Infrastructure Regulation (EMIR) for the reporting of derivatives trades.

In order to enhance transparency in the market and mitigate systemic risk, EMIR requests all participants to report both their OTC and listed derivative transactions to a trade repository, where the details of each trade can be inspected by regulators. Execution and confirmation details as well as information on valuation, the collateral held, the rationale of the trade and the identity of the final beneficiary are also required. Reporting obligations can be delegated to a third party to reduce cost, time burdens and systemic risk.

Helene Virello, head of collateral management services at BNP Paribas Securities Services, says: “A large number of industry players still associate EMIR exclusively with clearing. As a result, many may be unprepared to comply with reporting provisions entering into force in January 2014. As such we expect strong demand for third-party reporting services.”