In the future, European Commodity Clearing (ECC) will also offer reporting of transaction data – so-called Trade Reporting – in the framework of EMIR (European Market Infrastructure Regulation).
According to Article 9 of EMIR, all market participants are obliged to forward transaction da- ta regarding concluded derivatives transactions to a Trade Repository as of 12 February 2014. These trade repositories are in charge of data collection and control as well as the forwarding of data to the national and European supervisory authorities. The EMIR report- ing requirement applies to both trading transactions concluded on exchanges and to over- the-counter transactions.
In its capacity as the central counterparty, ECC already has a tried and tested reporting in- frastructure. “On the basis of our own reporting we can assume the reports on behalf of our customers with this new additional service and, as a result, minimise the complexity and project costs on the part of the customers“, explains Dr. Thomas Siegl, Chief Risk Officer of ECC. “This means we will establish a new service which is optimally tailored to our custom- ers and will reduce the burdens put on them even in the event of future changes in the re- porting requirements.” ECC will use “Regis-TR” as a trade repository. The preparations for the new service and the connection to the data collector are now underway.
In addition, ECC has already implemented a large number of EMIR requirements in its pro- cesses and structures. In September 2013, it submitted its application for an EMIR Central Counterparty license in due time with a view to being admitted during Q2 2014.
ECC has published further information on Trade Reporting in its circular released on 25 November 2013:
http://cdn.ecc.de/document/18703/ECC%20Reporting%20according%20to%20EMIR%20Article%209
European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe. In its capacity as the central counterparty, ECC assumes clearing as well as physical and financial settlement of transactions concluded on CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX, Powernext and PXE or registered for clearing on these exchanges.
