Reporting of derivatives and securities financing transactions that is mandatory under EMIR and SFTR, can no longer be reported to any of the four trade repositories (TR) that are based in the UK. 

Technically, this follows a decision by The European Securities and Markets Authority (ESMA) to withdraw their registrations, communicated in a press release Monday. Most people, though, might think of it as as a logical result of the Brexit transition period’s running out on New Year’s Eve. 

The four trade repositories in question are: 

  • DTCC Derivatives Repository Plc; 
  • UnaVista Limited; 
  • CME Trade Repository Ltd; and 
  • ICE Trade Vault Europe Ltd. 

According to ESMA’s updated register, here as Excel file, this leaves a short list of remaining registered TRs: Poland’s KDPW, Luxembourg’s Regis-TR, The Netherlands’ UnaVista TRADEcho and Ireland’s DTCC Data Repository. 

Simultaneously, ESMA kicks out six UK-based credit rating agencies, with the result that their ratings cannot be used for regulatory purposes in the EU unless they are endorsed by an EU-based credit rating agency. 

Britain’s exit from the EU is leaving ESMA busy with updates of its registers. An ESMA web page features an overview of the various registers and data and their update status with regard to the Brexit changes.

(Photo: Dylan nolte / Unsplash)