Research European Commodity Market Regulations - Part 1 | Page 28

European Energy Market Regulations V3.1

In the USA, Swap data repositories (“SDRs”) were new entities created by the Dodd-Frank Wall
Street Reform and Consumer Protection Act (“Dodd-Frank Act”) in order to provide a central facility
for swap data reporting and recordkeeping. Some seven entities applied to become SDRs but two
applications were later withdrawn and a third does not cover commodities as an asset class. The
four remaining include BSDR LLC, CME, DTCC and ICE where BSDR LLC is a new entity specifically
created for the purposes of becoming an SDR. CME, DTCC and ICE are all applying for registration
under EMIR too.
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.

Approved Trade Repositories
REGIS-TR
REGIS-TR is a European trade repository created as a joint venture by Clearstream Banking
S.A. (Deutsche Börse Group) and Iberclear (Bolsas y Mercardos Españoles). Its services have
been operating live since 2010. Derivatives based on interest rates, foreign exchange,
commodities and equities are currently eligible for registration at REGIS-TR, which will
enable full compliance with EMIR for all asset classes and listed derivatives before the
reporting obligation comes into places. Key characteristics of REGIS-TR are as follows;
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European provider, fully compliant with EMIR, with a Financial Market Infrastructure
(FMI) license
Co-owned by two neutral securities services infrastructures, providing services from
Luxembourg, holding data exclusively in the EU
One-stop-shop for the registration of all types of derivatives on all asset classes
Flexible access for all types of counterparties (financial and non-financial entities)
Competitive price list allowing full price transparency and predictabil ]K