Commerzbank has chosen REGIS-TR, the European trade repository, as its provider of trade reporting services, ahead of the European Market Infrastructure Regulation (EMIR) obligation to report over-the-counter (OTC) and listed derivative transactions.
The appointment places Commerzbank in the initial wave of institutions to complete the on-boarding process with REGIS-TR in order to meet the mandatory reporting obligation of the regulation once it comes into force on Feb. 12 2014.
The subscription of Commerzbank to REGIS-TR, which is jointly owned by Clearstream and Spanish CSD Iberclear, is also an enhancement to the bank’s and Clearstream’s joint TradeCycle offering. TradeCycle was launched in September 2013 and offers a comprehensive service covering the full trade cycle for both cleared and uncleared OTC derivatives, including execution, clearing, settlement, custody and collateral management. REGIS-TR services will extend the TradeCycle offering from initial registration needs to support customers in reporting and complying with EMIR to cover the end-to-end cycle of an OTC derivatives trade.
Steve Sheffield, head of Projects in the Chief Administration Office of Commerzbank Corporates & Markets says: “When Commerzbank made the decision to additionally offer reporting to its clients and affiliates, the choice of REGIS-TR to partner with took on an even higher level of importance. Clients we are reporting on behalf of can now benefit from a derisking of the reporting deadline and a very convenient reporting solution for over-the-counter and listed derivative transactions. At the same time, Commerzbank receives an excellent level of architectural and process flexibility to cover its wide range of reporting requirements as well as being cost effective.”
David Retana, managing director of REGIS-TR welcomed Commerzbank’s commitment: “We are delighted that after a comprehensive evaluation process, Commerzbank has decided to work with REGIS-TR. We believe our competitively priced, regulatory reporting hub designed to meet current and future reporting requirements provides access to value-added services and provides a compelling value proposition. The combination of a comprehensive test environment available since November 2012, detailed technical documentation, a contractual framework and published fee schedule has been designed to provide robust planning assumptions for market participants as they implement their EMIR reporting solution.”
REGIS-TR currently has more than 800 pilot customers, banks and corporates. In November 2013, the company was amongst the initial wave to be granted a license by the European Securities and Market Authority (ESMA) to operate a trade repository.
Commerzbank On-boards With REGIS-TR for EMIR Trade Reporting
Commerzbank has chosen REGIS-TR, the European trade repository, as its provider of trade reporting services, ahead of the European Market Infrastructure Regulation (EMIR) obligation to report over-the-counter (OTC) and listed derivative transactions.
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