Bolsas y Mercados Espanoles, the Spanish stock exchange operator, and Clearstream, the post trade arm of Deutsche Börse Group, have welcomed the details on trade repositories for over-the-counter derivatives published by the European Commission.
BME and Clearstream say there is need for clarification regarding the suggested design of the access for third country trade repository providers and the planned timeframe for implementation.
They will therefore continue their close dialogue with the commission and other political stakeholders.
BME’s and Clearstream’s joint initiative, Regis-TR, the first European trade repository, complies with all new regulatory proposals that have been made public.
Jesús Benito (pictured), chief executive of Iberclear, the Spanish central securities depository and a BME subsidiary, says: “The regulatory proposals include the right measures to increase the transparency in the OTC derivatives market. The new regulation will help market participants to pursue their businesses with their known counterparties in a risk-reduced and more efficient environment. Regis-TR will be rolled out to customers before the end of the year and provides early compliance with the upcoming regulation.”
Phil Brown, head of relationship management at Clearstream, adds: “Regis-TR is set to be the European solution for a European market. BME and Clearstream have listened to their broad customer base and will now introduce an efficient and cost effective product available for all types of market participants.”
The first products to be processed by Regis-TR will be interest rates swaps, forward rate agreements and caps and floors. Full product coverage will be delivered in 2011.
Regis-TR will offer a flexible pricing scheme tailored to the needs of large, medium and small size companies for both financial and non-financial institutions.
Regis-TR is designed to increase the efficiency in the OTC derivatives industry.
