European Commodity Clearing: Trade Reporting Services Successfully Launched

In mid-February, the European Commodity Clearing (ECC) successfully expanded its offering with reporting services required under EMIR (European Market Infrastructure Regulation). In the context of the clearing regulation, all market partic- ipants are obliged to forward data on concluded derivatives market transactions to a Trade Repository. The ECC customers can now delegate this task which, in part, includes high administrative efforts to the clearing house.

“At the start, we already connected six Clearing Members and 20 Non-Clearing Members to our service. Just in time for the entry into force of this obligation, our participants were able to use this new service offered by ECC”, explains Dr. Thomas Siegl, Chief Risk Officer of ECC.

The Trade Reporting service is provided by ECC both for clearing banks and their connect- ed trading participants which is subject to a monthly service fee of EUR 200. The service covers reporting of transaction data for derivatives which are cleared on ECC to the Trade Repository. In addition, ECC takes over reporting of position data and “backloading”, i.e. the subsequent reporting of relevant derivatives transactions concluded before 12 February 2014.

As ECC uses “Regis-TR” as the trade repository, participants using the Trade Reporting Service need to be members of “Regis-TR”. This approach gives market participants a higher flexibility and enables them to submit additions to the messages themselves if required.

ECC publishes further information on its Trade Reporting Service under EMIR on its web- site at the following link: http://www.ecc.de/en/risk-management/emir