Research European Commodity Market Regulations - Part 1 | Page 27

European Energy Market Regulations V3.1

European Regulatory Solutions Directory
We have made an effort to identify a variety of possible solutions for the European Regulatory
environment and assembled this directory. This is most certainly not the total picture and we will add
to it through time to try to keep it up to date. Please note that the product descriptions are often
lightly edited versions of the vendor’s web content associated with the product and we are not
responsible for any errors in this content.
Please also see the CTRMCenter software directory at http://www.ctrmcenter.com/ctrmdirecory

Types of service and software
There are a variety of services and software that can be considered when implementing tradereporting solutions:
Trade Repositories – Trade Repositories that have applied under EMIR.
Reporting Services – Third party services to which data can be reported and sent on to a TR
or RRM. In most cases these will be acting as RRMs
Specialist Reporting and aggregation software – Software specifically designed to take in
data from one or more sources including ETRMs and reference data systems and send it to
one or more Trade Repositories and /or reporting services
ETRM offerings – Adapters from ETRM vendors that link their systems (only) to one or more
destinations.
Exchange Offerings – Exchanges offering to report information about deals executed there.

Trade Repositories
As of the time of writing, the first four Trade Repositories have been under the European Market
Infrastructure Regulation (EMIR) by ESMA. The following entities are registered as TRs for the
European Union (EU):
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•
•
•

DTCC Derivatives Repository Ltd. (DDRL), based in the United Kingdom;
Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW), based in Poland;
Regis-TR S.A., based in Luxembourg; and
UnaVista Ltd, based in the United Kingdom.

The registrations will take effect on 14 November 2013, with the reporting obligation beginning on
12 February 2014, i.e. 90 calendar days after the official registration date.
A number of other organizations have also applied to ESMA for registration as Trade Repositories
but not yet approved including;
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•
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the CME Group,
Intercontinental Exchange (ICE) Trade Vault,
The Independent Data Repository.

It is interesting to note the provenance of several of these applicants as some already act as Swap
Data Repositories in the USA and others as approved reporting mechanisms under MiFID. All of
these entities plainly have some degree of experience in collecting and storing trade data.

© Commodity Technology Advisory LLC and ETR Advisory Ltd, 2013, All Rights Reserved.

v3.1

November 13th, 2013

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