Financial market participants require fast, concise and accurate information to successfully operate in today’s markets. Deutsche Börse’s ...
The revised technical standards for EMIR reporting took effect on 1 November 2017 and the next key date is just around the corner: MiFID II and the accompanying regulation MiFIR will become applicable on 3 January 2018. Georg Groß, Head of Regulatory Services, explains how Deutsche Börse Group is developing a comprehensive reporting solution on a single platform. Learn more about the Hub, its current status and next steps.
What features does the Hub offer customers for their EMIR reporting?
Georg Groß: The Hub provides a comprehensive solution to assist our customers in efficiently meeting their EMIR obligations in accordance with the revised RTS (2017/104) and ITS (2017/105). On a single platform, the Regulatory Reporting Hub offers all functionalities required to enter and process transactions, positions, valuations and portfolio-based collaterals reportable under EMIR.
The Regulatory Reporting Hub validates the data and generates the required reports, which are then automatically submitted to the trade repository. The Hub is connected to the Group’s own trade repository REGIS-TR via a dedicated interface.
Can customers already test the features for MiFID II/MiFIR?
Georg Groß: Yes! Right from the start, we pursued an agile concept for the Hub, which means that we are in close communication with our customers. We have been implementing their feedback since the early stages of development. A total of 1,200 users are currently participating in our pilot programme.
Right now, our customers are testing our release 1.0 for OTC trade reporting, as well as our services for systematic internalisers. The release contains core features vital to our APA services, regarding, amongst others, the pre- and post-trading transparency of transactions conducted outside of regulated trading venues. Among the features introduced: detection of instruments subject to reporting obligations, calculation of deferrals, fully assisted reporting for customers reporting on behalf of their own clients as well as quote publications for systematic internalisers.
What are the next steps in preparation for MiFID II/MiFIR?
Georg Groß: The next releases are scheduled for the end of November. MiFIR transaction reporting will receive additional features, such as the enhancement of the reporting process with data submitted through OTC trade reporting. Furthermore, we will see expanded features for commodity derivatives position reporting. For our APA services, the release will include the implementation of the ANNA DSB ISIN service, which allows customers to receive ANNA DSB-generated ISINs for OTC derivatives centrally via the Hub.