ESMA fines trade repository €56,000 for data access failures

The European Securities and Markets Authority (ESMA) has fined the trade repository Regis-TR S.A. €56,000, and issued a public notice, for negligently failing to provide to regulators direct and immediate access to details of derivative contracts.

The European Markets and Infrastructure Regulation (EMIR) requires TRs to provide such data to regulators. This is a key requirement to improve transparency and facilitate the monitoring of systemic risks in the derivatives markets.

ESMA found that Regis-TR failed to put in place systems capable of providing to regulators direct and immediate access to derivatives data from the start of the EMIR reporting obligation in February 2014 to October 2016. These access failures related to:

  • 85.5% (3.7 billion) of Regis-TR’s data on trade terminations and 1.6% (15 million) of data on trade modifications; and
  • 100% (2.9 billion) of Regis-TR’s data on trade valuations and 100% (22 million) of data on collateral updates.

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