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 undertaking

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 the mandate. 

“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 data. 

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 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 infrastructure. 

“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.

For more information, contact: 

GTR-EMEA@dtcc.com

+44 (0)20 7650 1545