LME Clear launched its new trade reporting service, LMEwire, in time to meet the 12 February reporting deadline set out by the European Market Infrastructure Regulation (EMIR).
The service, offered in partnership with the Depository Trust & Clearing Corporation’s (DTCC) trade repository, began reporting on schedule with uptake from 30 per cent of the LME clearing membership.
“The tight implementation deadline for trade reporting under EMIR was a concern for the industry, and ensuring members could comply with the new rules in an efficient and cost-effective manner was the key driver behind this new service,” says Trevor Spanner, CEO of LME Clear.
“We’re very pleased with the successful rollout of LMEwire, which has saved members considerable time and resources in an environment of constraint and regulatory change.”
LMEwire uses new LME Clear technology together with existing connectivity and data already available through LME’s matching system, LMEsmart, to report trade information directly to the DTCC. This eliminates the need for members to process the data themselves and enables them to easily fulfil onerous backloading requirements.
LME members are now reporting both their own trades and those of their clients. They are also able to use the LMEwire portal to report data for other types of trade, including OTC and non-LME ETD transactions.