On 7 November 2013, ESMA published a press release announcing that it has approved the registrations of the first four trade repositories (TRs) under EMIR (the Regulation on OTC derivative transactions, central counterparties (CCPs) and trade repositories (Regulation 648/2012)).

The four TRs to be approved are:

  • DTCC Derivatives Repository Limited (DDRL), based in the UK.
  • Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW), based in Poland.
  • Regis-TR S.A., based in Luxembourg.
  • UnaVista Limited, based in the UK.

Registration means that the TRs can be used by counterparties to derivatives transactions to fulfil their trade reporting obligations under EMIR. The registrations took effect on 14 November 2013, triggering the start of the EMIR reporting obligation 90 days after the official registration date. This means that the reporting obligation start date for all asset classes begins on 12 February 2014.

The TRs approved cover all derivative asset classes: commodities; credit; foreign exchange (FX); equity; interest rates; and others, irrespective of whether the contracts are traded on or off exchange.

On 7 November 2013, the European Commission published a communication confirming that it does not intend to endorse the ESMA draft implementing technical standards (ITS) that would delay the reporting start date for exchange traded derivatives (ETDs) until 1 January 2015.