REGIS-TR has become the first trade repository to report it has processed one billion derivatives trades since European trade reporting rules came into effect eight months ago.
The repository, which is owned by Clearstream and Iberclear, has also seen more than 200 million transactions reported in September, and over 1,000 customers on-boarded.
Exchange traded and over the counter derivatives are required to be reported to one of five trade repositories as required by the European market infrastructure regualtion (EMIR).
These repositories include REGIS-TR, DTCC, CME European Trade Repository, ICE Trade Vault Europe, and UnaVista.
“As the needs of customers will evolve with the regulatory agenda we will develop new products and add new services to meet their needs,” comments Irene Mermigidis, managing director, REGIS-TR.
As of December 1 trade repositories will have to reject trades where certain reportable fields have not been supplied. This follows months of frustration over a lack of standards
In trade reporting whereby repository have largely been unable to identify paired trades.
This will also require increased communication between repositories in order to improve the reporting process and identify trades where counterparties to the same derivatives trade report it to different houses.