REGIS-TR – the first European
Trade Repository for Derivatives
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REGIS-TR
Regulatory requirements under EMIR
Clearing
Contract
signature
& trading
Standard OTC derivatives need to be cleared through
a CCP
Reporting
OTC and ETD need to be reported to a Trade
Repository (TR) within t+1
Other risk mitigation techniques
Timely confirmation, portfolio compression, etc.
Capital requirements
Credit/Operational Risk, Liquidity, Exposure
Systems
encoding
Collateral
management
Regulatory
capital
management
Reporting
Other risk
mitigation
techniques
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REGIS-TR
EMIR – Implementation timeline by ESMA as of March 2013
Jan 2013
Jul 2013
Jan 2014
Jul 2014
Reporting
A: Registration of a TR
25 Jun 2013
A + 90 days:
Reporting start date for IR
and Credit derivatives
23 Sep 2013
Reporting start date for all
other asset classes
1 Jan 2014
Clearing
B: CCPs to apply for
authorisation
ESMA starts determining
products to be cleared
15 Mar 13
15 Sep 2013
Q3 2013
Firms clear derivatives
business
Q2 2014
OTC
Notifications for the
clearing obligation
16 Apr 2013
ESMA to submit draft
RTS on the clearing
obligation
Possible final date
16 Mar 2014
16 Oct 13
Possible range of final date
16 Sep 2014
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REGIS-TR
EMIR – Key Cornerstones of the EU Regulation
ESMA Final
Report
Key components of the reporting regulation:

Reporting: Financial as well as non-financial counterparties must report all,
cleared as well as uncleared, exchange- as well as OTC-traded contracts to a TR
– no threshold applies – no exceptions on derivatives products

Reporting: Phasing of products to be reported – Interest Rate, Credit and
respective listed derivatives to be reported as of September 2013, all other
product classes three months later (January 2014)

Timing: All derivatives positions must be reported to a trade repository (limit T+1)

Live contracts are to be “backloaded” into a trade repository post-applicability of
the regulation, depending on the start date for the respective product class

The new regulation applies from 23 September 2013
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REGIS-TR
What REGIS-TR can be for the industry
What is REGIS-TR and who is behind REGIS-TR
What REGIS-TR brings to the industry
Interest rates
and fixedincome
Credit default
swaps
Equities
Reporting of
all asset classes
Foreign
exchange
Commodities
Exchange
Trades Derivs

A Trade Repository offering registration
and reporting services for Derivatives out
of Luxembourg

Belonging to well known European
Market Infrastructures within two
exchange infrastructures (Deutsche
Boerse and BME)



Registration and reporting services for
Derivatives and holding the customer data
exclusively in the EU
Providing a one-stop-shop service, based on a
reliable, cost-efficient TR solution for all types of
market participants
Delivering added-value services well beyond
regulatory compliance – exposure management,
reporting hub...
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REGIS-TR
REGIS-TR is based on a secure and scalable system environment
Feb 2012
Technical architecture:


Developed on BME’s mainframe IBM platform with a central database server using
DB2
Efficiency, high security and scalability
Contingency measures:

Use of existing BME’s mainframe also used for CSD function:


Availability of two redundant locations with data centres and offices, with synchronous
data replication:



Maximum back-up quality standards
Integrity of back-up data
Internet access = BME Internet infrastructure with high capacity bandwidth and
complete redundancy: connection with two different ISPs through two independent
nodes. All components duplicated
Tested every 6 months
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REGIS-TR
Feb 2012
REGIS-TR offers flexible and industry-standard access
System Access and communication between
participants and REGIS-TR:






Advantages:
Use of web-based application
Cost-efficient platform, accessible
from “anywhere”
Manual input/queries with secured Internet
access. Web access, exportable to CSV files
Efficient/cost-effective particularly for
small participants
Mass upload/download of XML files through
secured Internet access
Efficient for medium- to large
participants
Automatic transfer of XML files through a
SWIFTNet FileAct file transfer connection
between REGIS-TR and the participant
Use of low-cost widely used industry
standards
SOAP API connection and data transfer via
SWIFT MT messaging under development
Alternative connection possibilities,
further flexibilizing the options for
participants
Customer Service helpdesk during EU
working hours
Online helpdesk support
Easy build-up of XML messaging.
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REGIS-TR
REGIS-TR – Reporting Flows
Feb 2012
Supervisory
Authorities
Trading
platforms
Post-trading
platforms
PDF
Market
Participants
Directly?
CCPs
Third Party
delegation
Information
enhancement
Clients
Reporting Obligation
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REGIS-TR
EMIR: Principals and Practice with respect to Reporting
Practical examples to illustrate simple principles
1. Bilateral non-cleared trade
2. Principal trades in a chain
3. Counterparty dealing bilaterally with another counterparty through a broker
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REGIS-TR
EMIR: Principals and Practice with respect to Reporting
When simple principles meet market reality
4. Two counterparties executing a trade in a venue
Client of A
Firm
A
Execution
Venue
E
Firm
H
Broker
B
Clearing member
C
CCP
D
Clearing member
J
Outstanding issues include;



Is it always clear who is to be understood as the original counterparty and subject to a
reporting obligation?
Is it reasonable to assume that a single trade id will be used from trade venue through
novation to netting?
Can we assume in all cases that the «principal» has the all the information required to
fulfill its reporting obligation and/or delegate that responsibility to a CCP?
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REGIS-TR
Contact Details
REGIS-TR
42, Avenue J.F. Kennedy
L - 1855 Luxembourg
Tel: +352 243 36481
Email: onboarding@regis-tr.com
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