Commerzbank has chosen REGIS-TR, the European Trade Repository owned by Clearstream (Deutsche Börse Group) and Iberclear (BME) as their provider of trade reporting services, ahead of the European Market Infrastructure Regulation (EMIR) obligation to report over-the-counter (OTC) and listed derivative transactions. Commerzbank’s timely decision allows it to be in the initial wave of institutions to complete the onboarding process with REGIS-TR ahead of time while many others are currently finalising details to ensure they are ready to start with the mandatory reporting once the regulation comes into force on 12 February 2014.
Steve Sheffield, Head of Projects in the Chief Administration Office of Commerzbank Corporates & Markets said: “EMIR self-reporting requirements represent a significant undertaking. When Commerzbank made the decision to additionally offer reporting to its clients and affiliates, the choice of REGIS-TR to partner with took on an even higher level of importance. Clients we are reporting on behalf of can now benefit from a de-risking of the reporting deadline and a very convenient reporting solution for over-the-counter and listed derivative transactions. At the same time, Commerzbank receives an excellent level of architectural and process flexibility to cover its wide range of reporting requirements as well as being cost effective."
David Retana, Managing Director of REGIS-TR welcomed Commerzbank’s commitment: “We are delighted that after a comprehensive evaluation process, Commerzbank has decided to work with REGIS-TR. We believe our competitively priced, regulatory reporting hub designed to meet current and future reporting requirements provides access to value-added services and provides a compelling value proposition. We endeavour to support the market in making a smooth transition to the EMIR reporting obligation. Indeed, REGIS-TR´s approach is pragmatic and emphasises simplicity, accessibility and predictability. The combination of a comprehensive test environment available since November 2012, detailed technical documentation, a contractual framework and published fee schedule has been designed to provide robust planning assumptions for market participants as they implement their EMIR reporting solution. We also believe having flexible participant profiles that allows any entity to participate directly and/ or delegate to a third party is a significant customer benefit.”
The subscription of Commerzbank to REGIS-TR is also an enhancement to Commerzbank’s and Clearstream’s joint TradeCycle offering. TradeCycle was launched in September 2013 and offers a comprehensive service covering the full trade cycle for both cleared and uncleared OTC derivatives, including execution, clearing, settlement, custody and collateral management. REGIS-TR services will extend the TradeCycle offering from initial registration needs to support customers in reporting and complying with EMIR to cover the end-to-end cycle of an OTC derivatives trade. (https://cbcm.commerzbank.com/en/site/corporates/fic/tradecycle/tradecycle.jsp)
REGIS-TR is being widely followed and studied by the European derivatives community on the buy- and sell-side. Its focus on European regulation, flexibility to offer solutions to any size of business and the close support to all current participants and potential customers has ensured it is regarded as an essential link between the financial industry and the regulators' community. REGIS-TR currently has more than 800 pilot customers, banks and corporates. In November 2013, the company was amongst the initial wave to be granted a license by the European Securities and Market Authority (ESMA) to operate a trade repository.
REGIS-TR is a central trade repository for all derivatives transactions across multiple product classes and jurisdictions. REGIS-TR facilitates administrative tasks and helps improve the operational management of these transactions. The ability to be able to register all OTC and listed derivatives trades through one system also allows for a full overview of all positions. REGIS-TR collects and administers details of the transactions reported by users, giving market participants and regulators access to a consolidated global view of these derivative positions, an overview that was not available until now. REGIS-TR complies with all new regulatory proposals that have been made public to date and serves both financial and non-financial institutions. The trade repository delivers flexible participation levels that adapt to the diverse profiles and needs of all stakeholders and actors in the derivatives market.
Further information: www.regis-tr.com
Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all markets for its customers as a partner to the business world. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, it offers its private and corporate customers as well as institutional investors the banking and capital market services they need. With approximately 1,200 branches Commerzbank has one of the densest branch networks among German private banks and is on its way to become a modern multichannel bank. In total, Commerzbank boasts nearly 15 million private customers, as well as 1 million business and corporate customers. In 2012, it generated revenues of just under EUR 10 billion with approximately 56,000 employees on average.
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