A new derivatives exchange has teamed up with European trade repository Regis-TR to provide the buy-side with reporting services ahead of a key European market infrastructure regulation (EMIR) deadline.
The Global Markets Exchange Group’s (GMEX) Global Reporting Company (GRC) together with Regis-TR, owned by Clearstream and Iberclear, will provide investment managers and corporate entities with an end-to-end reporting solution prior to the 12 February EMIR reporting date for listed and OTC derivatives transactions.
In a statement, GRC said the service would help firms spread their trading risk by continuing to use multiple prime brokers while consolidating reporting tools, data mapping, process monitoring and connectivity through GRC and Regis-TR.
The two firms are onboarding market participants and Regis-TR stated it has around 1,000 participants active in its testing environment, comprised mainly of European financial institutions.
“Corporate and buy side firms can now benefit from meeting the mandatory regulatory reporting deadline through use of our easily accessible centralised solution for over-the-counter and listed derivative transactions connected into the market leading Regis-TR trade repository,” said Hirander Misra, CEO of GMEX and director and co-founder of GRC.
The service lets firms participate directly in the reporting function but also delegate the process to a third party, giving asset managers the option of completely outsourcing the reporting function to meet EMIR requirements.
GRC’s parent company, GMEX, is a multilateral trading facility that was unveiled in September and will facilitate execution of interest rate swap futures products, including a proprietary contract named a constant maturity future.