European Commodity Clearing (ECC) is to offer reporting of transaction data – so-called trade reporting – in the framework of the European Market Infrastructure Regulation (EMIR).
According to Article 9 of EMIR, all market participants are obliged to forward transaction data regarding concluded derivatives transactions to a trade repository as of 12 February 2014.
These trade repositories are in charge of data collection and control as well as the forwarding of data to the national and European supervisory authorities. The EMIR reporting requirement applies to both trading transactions concluded on exchanges and to over-the-counter transactions.
In its capacity as the central counterparty, ECC already has a tried and tested reporting infrastructure.
“On the basis of our own reporting we can assume the reports on behalf of our customers with this new additional service and, as a result, minimise the complexity and project costs on the part of the customers,” says Dr Thomas Siegl, chief risk officer of ECC. “This means we will establish a new service which is optimally tailored to our customers and will reduce the burdens put on them even in the event of future changes in the reporting requirements.”
ECC will use Regis-TR as a trade repository. The preparations for the new service and the connection to the data collector are now underway. In addition, ECC has already implemented a large number of EMIR requirements in its processes and structures. In September 2013, it submitted its application for an EMIR Central Counterparty license in due time with a view to being admitted during Q2 2014.