NEX Regulatory Reporting announces today that it has received approval from the European Securities and Markets Authority (ESMA) for its Swedish-based trade repository under the European Market Infrastructure Regulation (EMIR). The approval will allow NEX Regulatory Reporting to operate a trade repository for European derivatives trades.
Establishing the trade repository in Stockholm is an important step in NEX Regulatory Reporting’s preparations for its operations post Brexit. The trade repository will now be able to continue to operate effectively for its clients, irrespective of the outcome of the current Brexit negotiations.
The creation of a European trade repository further enhances NEX Regulatory Reporting’s role at the centre of EMIR reporting for its clients and provides them with end-to-end control and seamless data processing to meet their EMIR reporting requirements.
The NEX Regulatory Reporting trade repository has been built using cloud technology, via Amazon Web Services, providing increased security for customers and their data through continuous, automated backups, robust security policies and infrastructure to prevent, detect and recover from any cyber security attack. In addition, the use of cloud services allows for both scalability and cost effectiveness on an ongoing basis, allowing the service to expand as our clients require it.
Collin Coleman, CEO of NEX Regulatory Reporting, said: “Our goal is to provide a genuine end-to-end solution for our clients to meet all of their reporting requirements under EMIR, MiFID II and other international regimes. The launch of our trade repository is a further step in simplifying and managing our client’s reporting requirements across multiple regimes, while ensuring a uniform service is delivered.”
NEX Regulatory Reporting has provided EMIR services to its clients since the initial regime came into effect in February 2014, and processes roughly 20% of the average daily volume of all EMIR reportable transactions.
NEX Regulatory Reporting already operates an Approved Reporting Mechanism (ARM) for MiFID, a Registered Reporting Mechanism for REMIT and a hub for EMIR, and has received FCA approval as an ARM and an Approved Publication Arrangement (APA) for MiFID II.