ECC launches EMIR trade reporting services
The European Commodity Clearing (ECC) has expanded its offering to include reporting services required under the European Market Infrastructure Regulation (EMIR).
All market participants are obliged to forward data on concluded derivatives market transactions to a trade repository. ECC customers can now delegate this task to the clearing house.
“We have already connected six clearing members and 20 non-clearing members to our service,” says Dr Thomas Siegl, chief risk officer at ECC. “Just in time for the entry into force of this obligation, our participants were able to use this new service offered by ECC.”
The trade reporting service is provided by ECC both for clearing banks and their connected trading participants and is subject to a monthly service fee of EUR200. The service covers reporting of transaction data for derivatives which are cleared on ECC to the trade repository. In addition, ECC handles the reporting of position data and “backloading”, i.e. the subsequent reporting of relevant derivatives transactions concluded before 12 February 2014.
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