Global Market Exchange (GMEX) Group has launched a trade reporting service to address regulatory requirements stemming from the G-20’s derivatives market reforms.
GMEX, a new London-based derivatives exchange set to launch next year, has launched Global Reporting Company (GRC) Limited via its GMEX Technologies subsidiary in partnership with market infrastructure and regulatory advisory firm, CoDiese.
GRC will offer an end-to-end trade reporting service for derivatives focused on the needs of corporate and buy-side clients in response to reforms in the European market infrastructure regulation (EMIR).
The rules are set to come into force on 12 February 2014 and will require mandatory reporting of both listed and OTC derivatives trades.
GRC intends to offer a neutral, outsourced service providing reporting tools, data mapping, process monitoring and connectivity. It said its model will free clients from their operation and regulatory burdens while ensuring they comply with EMIR.
“We have launched Global Reporting Company to provide corporate and buy side firms with an independent and cost effective solution to report their derivatives trades in conformance with incoming regulations.” said Hirander Misra, CEO of GMEX Group and director and co-founder of GRC.
While firms will ultimately be responsible for reporting their trades to one of the six trade repositories currently approved by the European Securities and Markets Authority, they can elect a third party to carry out the reporting obligation on their behalf.