Being the largest trade repository in Europe, with a
significant market share of the overall value of derivatives
contracts reported, required an unprecedented and complex
The judging panel hailed DTCC’s pivotal role in
delivering the regulatory mandate for greater transparency in
the derivatives markets.
Andrew Douglas, CEO of GTR Europe, notes that significant
progress has been made since the introduction of Phase I of
"DTCC has been working with clients on a collaborative basis
rather than simply just engaging them in a transactional
relationship," he says. "This has enabled us to involve them in
the early stages of product development, resulting in a number
of enhancements such as a new client portal which we will
launch next year."
Two subsequent phases of the mandate shifted the emphasis
from ensuring that data is being reported to trade repositories
to the completeness, and then the quality, of that
DTCC saw a smooth implementation of the process on both
occasions, despite the size of the transaction reported
– more than 170m messages were processed by
DTCC’s European trade repository in one week after
the go-live at the beginning of November 2015.
DTCC has been working with clients on a collaborative basis rather than simply just engaging them in a transactional relationship
"DTCC engaged with clients early in the developments to
ensure they understood what data validation rules meant for
them and we shared our plans with them. We created an
environment whereby around 500 clients could test their systems
ahead of the deadline," he added.
DTCC has also sought to collaborate with the wider industry
to ensure it is offering complementary services to its
clients. For example, it is working with the London Stock
Exchange Group to provide DTCC clients with a reporting
solution for Mifir, ensuring that clients can meet both Emir
and Mifir reporting requirements through a single
"This is part of a big focus on reducing the cost of
compliance for our clients, avoiding unnecessary duplication
and simplifying the costs of meeting different reporting
mandates," says Douglas.
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