When Lehman Brothers collapsed on September 15, 2008, it marked the largest bankruptcy in U.S. history and a defining moment in the global financial crisis. The firm’s failure—after it was unable to secure a buyer or government bailout—sent shockwaves through global markets and exposed the systemic vulnerabilities of large, interconnected financial institutions, particularly those deeply embedded in the derivatives market.
The complexity and opacity of derivatives made them a key source of systemic risk. This became painfully clear as Lehman’s liquidators struggled to untangle a web of counterparties and obligations in the aftermath of the collapse.
A Global Response: Transparency Through Regulation
In response, world leaders at the G20 Summit in Pittsburgh (2009) committed to increasing transparency in derivatives markets. The European Union followed through with the introduction of the European Market Infrastructure Regulation (EMIR) in 2012. EMIR introduced three key pillars:
- Mandatory reporting of all derivatives contracts to registered Trade Repositories (TRs)
- Central clearing of standardized over-the-counter (OTC) derivatives
- Risk mitigation techniques for non-centrally cleared trades
REGIS-TR: A Foundational Trade Repository
In 2013, REGIS-TR became one of the first TRs authorized by ESMA to receive, validate, and store derivatives trading data. Ahead of the 2014 reporting go-live, REGIS-TR built the infrastructure to handle vast volumes of trade messages, validate and distribute huge packages of data to National Competent Authorities (NCAs) and supranational regulators across Europe. Since then, REGIS-TR has processed over 53 billion trade messages, becoming a cornerstone of the EU’s market surveillance framework.
Derivatives in a Volatile World
Derivatives are highly sensitive to market volatility. In times of geopolitical tension or economic uncertainty, their values can swing dramatically, amplifying counterparty risk. This risk, if unchecked, can cascade through the financial system, as seen in 2008.
In 2025, amid renewed market volatility, REGIS-TR has seen its monthly reporting volumes rise from an average of 173 million in 2024 to 251 million (January until June 2025) —a clear indicator of increased market activity and regulatory reliance.
REGIS-TR’s Market Leadership
Among the four TRs registered in the EU, REGIS-TR commands more than 55% market share in EMIR reporting. This dominant position makes it a central hub for regulatory oversight and market intelligence. With over half of all derivatives data flowing through its systems, REGIS-TR provides regulators with near real-time visibility into:
- Market exposures
- Counterparty relationships
- Systemic vulnerabilities
Enabling Regulators: The Role of Trade Repositories
NCAs depend on TR data to fulfil their supervisory mandates. REGIS-TR supports this through
- Systemic Risk Monitoring: Aggregated data helps identify concentrations of risk and potential contagion channels before they escalate
- Market Transparency: Near Real-time insights allow regulators to detect anomalies and prevent manipulative or overly risky behaviour.
- Policy Calibration: Accurate data enables evidence-based decisions, such as adjusting margin requirements during periods of stress.
- Cross-Border Coordination: As derivatives markets are global, REGIS-TR’s centralized data supports cooperation between EU and non-EU regulators.