Luxembourg-based REGIS-TR is hoping to establish a trade repository in the UK pending regulatory approval, as it looks to helps clients in London post-Brexit.
The company said today that it will set up the necessary technical infrastructure and staff an office to maintain a continuous service for its UK client base. It is expected to be operational in the coming weeks.
“In the interest of stable markets and business continuity it is paramount for us that we meet our UK clients’ needs and ensure a smooth transition for all of our clients. To that end, we will provide close guidance, and will make sure clients can meet their testing requirements,” said Elena Carnicero, CEO of REGIS-TR.
“That’s why we decided in a timely manner, well before the UK leaves the European Union, to set up a trade repository in the UK. Working across multiple jurisdictions is familiar territory for us, because REGIS-TR is the only trade repository with approval for both EMIR and the Swiss markets regulation FinfraG.”
Clearstream, which launched REGIS-TR as part of a joint venture with Iberclear, already has an office and IT infrastructure in London, as well as staff providing trade repository services to UK clients, which make up a significant amount of REGIS-TR’s clients.
Trade repositories based in London will need to establish an operation in the European Union to continue to service their clients in the region post-Brexit.
REGIS-TR currently operates as a central trade repository for trades and transactions across various product classes and jurisdictions, providing reporting services for regulations such as EMIR and SFTR, as well as for legal entity identifier (LEI) allocations.