Société Générale Securities Services (SGSS) has launched a new service providing reporting of OTC derivative transactions to trade repositories as required by the European markets infrastructure regulation (EMIR).
The reporting service covers multi-counterparties and multi-asset classes and, as mandated by the European Securities and Markets Authority (ESMA), the SGGS service supports OTC derivatives users in the EU through the entire trading process. SGSS reports details for derivatives transactions to the London-based DTCC Derivatives Repository on a D+1 basis for all counterparties and covers all derivative asset classes.
In addition to reporting to trade repositories, SGSS also provides reconciliation in the event of a rejected trade and can manage contracts for the daily reporting of open positions and retroactive reporting for matured trades, as necessary, so that firms can comply with EMIR’s reporting requirements.
“New requirements demand a new industry mindset. Firms using OTC derivatives need to adapt their operational set-up by developing their own trade repository reporting capabilities or by mandating an asset servicer that can report on their behalf,” says Emmanuelle Choukroun, director of new services for asset managers and asset owners at SGSS.
“The appointment of a well equipped services provider can help OTC derivatives users—whether institutional investors or asset managers—adapt to the new regulatory landscape quickly, cost-effectively and safely.”