OMX – Trade Reporting Service

March 6, 2013 by Bill Hodgson 6 Comments

NASDAQ OMX intend to provide it’s members connectivity into the other TRs such as DTCC or REGIS-TR to route ETD & OTC reporting data, sort of a consolidated feed service. See link below.

Trade Repository Services – European Clearing.

NASDAQ, OMX, Trade Repository

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6 Responses to “OMX – Trade Reporting Service”

Tony Freeburn March 6, 2013 at 14:16

At this stage, are there any registered trade repositories for ETD?
Bill Hodgson March 6, 2013 at 14:19

Not sure but I think REGIS-TR are heading that way – but I doubt they or DTCC have achieved the ESMA rubber stamp of approval yet, some time go.
Tony Freeburn March 6, 2013 at 14:24

I’m not totally sure, but wasn’t there something in the original G20 points to the effect that – trades should be reported to the trade repository or, if one did not exist, to the relevant regulator………..?
Wouldn’t that allow LIFFE, Eurex etc. able to carry on as they are ?
Bill Hodgson March 6, 2013 at 14:50

The ‘report to ESMA’ fallback kicks in in 2015, unlikely, see below.

Article 5 – Reporting start date

For credit derivative and interest rate derivative contracts, the date by which a derivative contract shall be reported:

(a) where a trade repository for that particular derivative class has been registered under Article 55 of Regulation (EU) No 648/2012 before 1 April 2013, 1 July 2013;

(b) if there is no trade repository registered for that particular derivative class under Article 55 of Regulation (EU) No 648/2012 before or on 1 April 2013, 90 days after the registration of a trade repository for that particular derivative class under Article 55 of Regulation (EU) No 648/2012;

(c) If there is no trade repository registered for that particular derivative class under Article 55 of Regulation (EU) No 648/2012 by 1 July 2015, the reporting obligation shall commence on this date and contracts shall be reported to ESMA in accordance with Article 9(3) of that Regulation.

For all other derivative contracts, the date by which a derivative contract shall be reported shall be the earlier of:

(a) where a trade repository for that particular derivative class has been registered under Article 55 of Regulation (EU) No 648/2012 before 1 October 2013, 1 January 2014;

(b) if there is no trade repository registered for that particular derivative class under Article 55 of Regulation (EU) No 648/2012, on 1 October 2013, 90 days after the registration of a trade repository for that particular derivative class under Article 55 of Regulation (EU) No 648/2012;

(c) if there is no trade repository registered for that particular derivative class under Article 55 of Regulation (EU) No 648/2012 by 1 July 2015, the reporting obligation shall commence on this date and contracts shall be reported to ESMA in accordance with Article 9(3) of that Regulation.
Jon Skinner March 6, 2013 at 19:48

On reporting listed IRD, I heard that REGIS TR has said it will cover listed IRD by the September date. Not sure yet on DTCC. I suppose that means that LCH and Eurex have to pipe in LIFFE and Eurex (respectively) listed IRD to REGIS TR by that date. Interestingly I heard that LCH has not committed yet to piping in client trades /positions only member trades / positions. I’m not therefore sure what non-clearing members trading LIFFE IRD are supposed to do to comply?

On NASDAQ TR services, this seems to imply they aren’t going to have LCH feed trades and positions to a TR for NLX IRD? Or perhaps this is aimed at non-clearing members to address the LCH gap above.

Also I am not clear why anyone would want to send their OTC trades to NASDAQ TR services. If cleared they can rely on the OTC CCP to pass on and if not cleared, the dealer will surely send the trade directly to an TR. Unless the EU regs imply that both sides of the trade have to be reported (rather than a single version being reported according to agreed rules on responsibilities for that).
carlarweir March 6, 2013 at 21:13

Reblogged this on Carl A R Weir's Blog.