European Energy Market Regulations
LSE has some experience as regional trade repositories for MiFID. Only REGIS –TR and the Independent Trade Repository Ltd. have no real prior track record having been specifically set up for EMIR, although with a test system having been live already for several months; REGIS TR is proving to be popular. KDPW-‐TR is the central securities depository of Poland and has some experience of working with large amounts of trade data as a result.
CME Group The CME's Swap Data Repository Service already provides public data on swap transactions and stores confidential trade and position data for regulatory purposes, in accordance with the Dodd-‐ Frank Act. The CFTC approved its repository service as a swap data repository (SDR) for credit default swaps, interest rate swaps, commodities and foreign exchange asset classes. CME Europe's cross-‐asset trade repository solution is to launch on 1st January 2014 in line with the first reporting requirements, In addition to operating for CME's global clearing and execution facilities, it will accept non-‐cleared bilateral OTC and exchange trades executed anywhere in the market. The CME Repository Service leverages the CME ClearPort front-‐end, a gateway to CME reporting and clearing post-‐trade services. This common point of connectivity offers messaging efficiency and lower maintenance costs.
LSE The London Stock Exchange Group also has applied to ESMA for its UnaVista platform to be a trade repository across all asset classes for both exchange traded derivatives and OTC derivatives. UnaVista currently operates as a European Approved Reporting Mechanism (ARM) under the MiFID regime for all asset classes and markets. LSE believes that by becoming a trade repository for all asset classes across all venues, its customers will only need to connect once to meet both their EMIR and MiFID reporting requirements. As a MiFID Approved Reporting Mechanism (ARM), UnaVista already reports c1 billion multi-‐asset transactions annually to multiple regulators, including over 300 million derivatives on behalf over 600 clients. As a hosted central utility, UnaVista will utilize its inbuilt reconciliation engine to facilitate the ESMA requirement for contract details to be reconciled before reporting to the various different trade repositories
ICE ICE has decided to establish ICE Trade Vault Europe Limited (ICE Trade Vault Europe) as a Trade Repository (TR) for the reporting of derivatives trade data to meet requirements of the European Market Infrastructure Regulation (EMIR). It plans to serve the commodities, credit, interest rate and foreign exchange asset classes. In June 2012, ICE Trade Vault, LLC (ICE Trade Vault US) became the first Swap Data Repository (SDR) in the U.S. to receive provisional regulatory approval from the CFTC and the Vault began accepting credit default swaps trade data in October 2012 followed by commodities trade data in February 2013. Since its inception, ICE Trade Vault US has already accepted around fifteen million trades. Since ICE provides direct access to the core energy and commodity market infrastructure, it believes itself to be a qualified trade repository for those markets. Through the ICE trading platform and clearing houses, as well as ICE eConfirm, ICE sees an opportunity to simplify workflows and trade data reporting requirements for market participants, helping its customers achieve efficient and cost-‐effective compliance with evolving regulations.
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