[ T H O U G H T L E A D E R S H I P | D T C C ]
to serve as the registered TR to support the EU 27 countries . Our London-based DTCC Derivatives Repository Plc ( DDRL ) is now DTCC ’ s registered TR for the UK , operating under FCA supervision .
registered TRs that serve derivatives reporting requirements in the US , Canada , UK , EU , Switzerland , Australia , Singapore and Japan and an agent service to facilitate reporting to the Hong Kong Monetary Authority .
Trade reporting was later extended to securities financing when the European Securities and Markets Authority ( ESMA ) in 2016 rolled out the Securities Financing Transactions Regulation ( SFTR ) for transactions conducted in the EU and UK , with reporting by firms starting in 2020 .
DTCC ’ s broad experience with respect to reporting across jurisdictions and over both derivatives trade reporting and SFTR makes DTCC uniquely situated to understand reporting issues . DTCC recognised the market need for firms to utilise a single TR for derivatives and SFT reporting in a given jurisdiction . To meet this need , we expanded the functionality of our UK / EU
Chris Childs , managing director , head of repository and derivatives services , DTCC
TRs to SFT and in 2020 secured authorisation from ESMA and the FCA to accommodate SFTR reporting .
How has Brexit complicated the regulatory landscape ? Childs : Since it took effect at the end of 2019 , Brexit has required the UK ’ s Financial Conduct Authority ( FCA ) and the EU ’ s ESMA to establish separate trade reporting regimes in each jurisdiction .
This bifurcation has created a complex matrix of reporting mandates for the firms engaged in UK and EU transactions . The FCA ’ s regulatory ambit now includes UK-EMIR , MiFID II and UK-SFTR , while ESMA ’ s encompasses EU-EMIR , MiFID II , EU-SFTR and REMIT ( Energy Market Integrity and Transparency ).
Accordingly , DTCC established the Dublin-based DTCC Data Repository ( Ireland ) Plc ( DDRIE )
Beyond keeping pace with new and evolving trade reporting regulations , what have been key priorities for firms in managing compliance ? Childs : Our GTR clients have continually told us they want simplified reporting functionality . So , in 2017 we undertook a multi-year re-engineering project known as GTR 2.0 . This extensive platform re-architecture was dedicated to improving the client experience for GTR users through the addition of user-friendly , self-service capabilities through the GTR user portal , a simplified , intuitive interface and expanded asset class coverage .
In addition , the redesigned GTR user portal provides a common interface across all regions , making it easy for clients to view their trade data cross-jurisdictionally . The user-friendly , self-service portal gives clients direct electronic access to their GTR data , enhances their ability to query the data and offers analytics features that deliver valuable insights on their trades .
What was the turning point in terms of market needs that led DTCC to create DTCC Report Hub ? Childs : As transaction reporting regulations have been introduced and repeatedly expanded over the past decade , they have taxed firms ’ internal operations , processes , governance and infrastructure . The lack of harmonised derivatives rules across jurisdictions has further complicated firms ’ compliance challenges . Now major
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