Europe’s market regulator has approved DTCC’s in Ireland as the post-trade provider plans its strategy for a potential no-deal Brexit.
At the same time, the European Securities and Markets Authority (ESMA) confirmed that Bloomberg’s registration has been withdrawn on request with its clients transferred to alternative providers.
Trade repositories were registered under the European Market Infrastructure Regulation (EMIR) which required derivatives trades to be reported following the financial crisis.
DTCC gained approval back in 2013, along with counterparts Regis-TR, UnaVista, CME and ICE. NEX was approved in 2017.
In a tweet, Mark Wetjen, DTCC’s managing director and head of global public policy, said the company was looking forward to opening its Dublin office.
In a competitive space, Bloomberg has become the first repository to withdraw its application.
ESMA sought to improve the reporting process in February this year with an updated Q&A on data reporting.