Xtrakter Ltd., the leading provider of trade matching and regulatory reporting services to the global securities market announces the launch of the TRAX Repository Link (TRL) in a strategic alliance with the CME European Trade Repository (CME ETR).
The TRAX Repository Link is a single point of entry for reporting firms, providing EMIR-compliant technology to route, translate and validate derivative transactions to CME Group’s European Trade Repository. The CME European Trade Repository will then store the reported transactions and, if need be, pair across other approved trade repositories in accordance with the requirements of EMIR. The CME ETR was registered in November 2013 by ESMA to operate as a trade repository under EMIR.
The TRAX Repository Link, an extension of the industry leading and MiFID-compliant transaction reporting and post-trade matching engine, TRAX, covers all derivative asset classes including: credit, interest rate, equity, commodity and foreign exchange derivatives. A file containing a mix of these derivative asset classes is then processed by TRL and delivered to CME ETR for final reporting. TRL facilitates direct and "delegate" reporting.
Under the European Market Infrastructure Regulation (EMIR), as directed by the European Securities and Markets Authority (ESMA), all over-the-counter (OTC) and listed derivative trades will be required to be reported to a registered trade repository as of 12 February 2014.
Robert Urtheil, Chief Executive Officer of Xtrakter, said: "Due to the impending February deadlines under EMIR, this is a crucial time to ensure that all OTC and listed derivatives are reported to an approved trade repository (TR). The launch of the TRAX Repository Link is an exciting expansion of Xtrakter’s TRAX reporting capabilities, providing a full suite of reporting services. In light of CME Group’s strong position in the derivatives markets, aligning with the CME European Trade Repository is consistent with our vision of providing efficient and technologically advanced reporting products for the European marketplace."
Daniel Corrigan, Chief Executive Office of the CME European Trade Repository, added: "We are pleased to be associated with Xtrakter on the launch of the TRAX Repository Link. It is a clever reporting solution built on the well-respected TRAX post-trade matching engine."