European Trade Repository REGIS-TR has announced the incorporation in London of its new UK trade repository (TR), REGIS-TR UK Ltd. The new TR has its operational infrastructure firmly in place and is ready to provide full UK EMIR regulatory reporting services from the first business day after Brexit, currently foreseen for 1 April. The British regulator, the Financial Conduct Authority (FCA) requires a meaningful presence for trade repositories in the UK in a post-Brexit world.
“The UK will continue to be a major player in European and global finance. It is therefore key to maintain a continuous service for UK clients and to maintain the UK market,“ said Elena Carnicero, CEO of REGIS-TR. “Our overriding aim is for UK participants falling under EMIR requirements to receive seamless continuity of service when supervision is transferred to the UK. The FCA has been very helpful throughout the registration process, and we are looking forward to this new collaboration.”
With the focus on both Brexit and an anticipated 2020 start date for Securities Financing Transactions Regulation (SFTR) reporting, REGIS-TR is bringing in new senior regulatory staff to strengthen and expand its existing UK TR team. The new company is based at the London offices of Clearstream, one of REGIS-TR’s parent companies.
UK entities with a reporting obligation and those that report on their behalf are invited to contact REGIS-TR UK Ltd to discuss account models and to test its regulatory reporting solutions in its free, no-obligation user test environment.