KDPW, the Polish CSD, will launch a trade repository in November. The introduction of KDPWs trade repository service addresses the European Parliament and Council’s regulation for OTC derivatives, central counterparties and trade repositories (EMIR) which introduces among others the obligation to report derivatives trade to trade repositories and sets out the rules for trade repositories.
The KDPW trade will operate under the Trade Repository Rules approved by the KDPW Management Board. The Rules set out among others the rules of participation in the repository and the rules of counterparty and trade identification.
At the turn of the first and second quarters of 2013, KDPW will file for the registration of the trade repository by the European Securities and Markets Authority (ESMA) under the requirements of EMIR.
In the first operating phase, until the implementation of ESMA regulations defining the technical standards for trade repositories and until the effective date of the reporting obligation, the National Depository trade repository will operate exclusively through an internet application available to repository participants on the National Depository website.
In the first operating phase, both participation and reporting trade to the repository will be free of charge.
Once the European Commission has approved the technical standards, the trade repositorys regulations and IT tools will be harmonized with the requirements of the standards.
(JDC)