Michele Hillery
The Depository Trust & Clearing Corporation (DTCC) has launched an EU Markets in Financial Instruments Directive (Mifid) approved reporting mechanism (ARM).
Through the service, firms with EU Mifid reporting obligations will be able to manage transaction reporting end-to-end.
Michele Hillery, managing director and head of repository and derivatives services at DTCC, said: “As regulatory expectations continue to evolve, European firms are looking for a trusted partner that can help them navigate changes while improving the overall quality of their reporting.
“DTCC’s EU Mifid ARM extends our proven global reporting capabilities, enabling firms to meet evolving regulatory requirements across jurisdictions and regimes through one trusted provider.”
Built on a cloud-native platform, the offering includes a 24/7 back-reporting channel, error correction tools and integrated data analytics.
Specifically, dashboards will show submission status, exceptions and data quality in near real time.
In addition, users will be able to view trend analysis and anonymised peer comparison data to help prioritise and fix reporting issues.
Elsewhere, clients can access the EU ARM alongside DTCC’s UK ARM and Global Trade Repository (GTR) service through a single sign-on portal.
The launch follows the European Securities and Markets Authority’s (ESMA) approval of DTCC’s EU Mifid ARM earlier this month.
The approval comes against a backdrop of ESMA’s push to simplify EU transaction reporting.
In July, the regulator published its final report recommending a single integrated framework across MiFIR, EMIR and SFTR.