Trade matching and reporting services provider Xtrakter has launched a derivatives trade repository link with the CME European Trade Repository (CME ETR).
Xtrakter, which is owned by MarketAxess, said the launch of the TRAX Repository Link will enable firms to report their trades to a trade repository, in line with incoming regulatory requirements. It will be European market infrastructure regulation (EMIR) compliant and will route, translate and validate derivatives trade information.
At launch trades reported via TRAX will only be routed to CMR ETR, though Xtrakter intends to add other trade repositories in the future.
The repository link is and extension of the existing, MiFID-compliant TRAX reporting and post-trade matching engine. It covers all derivatives asset classes, including credit, interest rate, commodity and FX products.
TRAX Repository Link acts as a delegated reporting service. While EMIR rules require both counterparties to a trade to report to a trade repository, buy-siders can elect their a broker or other third party to delegate their reporting to.
Robert Urtheil, CEO of Xtrakter, said: “Due to the impending February deadlines under EMIR, this is a crucial time to ensure that all OTC and listed derivatives are reported to an approved trade repository.
“In light of CME Group’s strong position in the derivatives market, aligning with the CME ETR is consistent with our vision of providing efficient and technologically advanced reporting products for the European marketplace.”
EMIR rules mean that, from 12 February 2014, firms trading OTC and listed derivatives in Europe will need to report their trades to a registered trade repository.