“In the interest of stable markets and business continuity it is paramount for us that we meet our UK clients’ needs and ensure a smooth transition for all of our clients. To that end, we will provide close guidance, and will make sure clients can meet their testing requirements. That’s why we decided in a timely manner, well before the UK leaves the European Union, to set up a trade repository in the UK. Working across multiple jurisdictions is familiar territory for us, because REGIS-TR is the only trade repository with approval for both the European Market Infrastructure Regulation (EMIR) and the Swiss markets regulation FinfraG,” said Elena Carnicero, CEO, REGIS-TR.
The UK trade repository is expected to be operational in the coming weeks pending approval by the national regulator. Trade repositories already based in London need to establish a TR in EU 27 to continue to service their EU clients, post-BREXIT, subject to approval from the European Securities and Markets Authority (ESMA).