The European Securities and Markets Authority brought its first legal action against a trade repository for allegedly failing to institute systems able to provide regulators with direct and immediate access to derivatives trading data, as required by applicable regulation. The trade repository was DTCC Derivatives Repository Limited, which was fined €64,000 by ESMA for committing the alleged violations from March 21, 2014, through December 15, 2014. According to ESMA, DTCC also failed to advise ESMA in a “timely manner” of the delays it was experiencing once it was aware of its systems’ deficiencies, and did not put in place an adequate action plan to fix its issues for three months. DTCC may, within two months, file an appeal of ESMA’s decision to the Board of Appeals of the European Supervisory Authorities. In March 2015, the Commodity Futures Trading Commission fined ICE Futures U.S. US $3 million for filing with it allegedly inaccurate or incomplete reports related to trading activity, prices and delivery notices from October 2012 to at least May 2014. (Click here for details in the article, “ICE Futures Fined US $3 Million by CFTC for Reporting Errors and Untimely Response to Inquiries” in the March 22, 2015 edition of Bridging the Week.)