Our offering for SFTR

REGIS-TR’s vision is to offer a user-friendly and efficient trade repository solution for the reporting of derivatives trades as required under EMIR, FinfraG and SFTR. REGIS-TR’s services are tailor-made to make it easy for all types of participants to meet their reporting obligations in derivatives and other products. In that context, the REGIS-TR “one-stop-shop” will also allow participants to cover requirements stemming the upcoming SFTR.

 

REGIS-TR is in constant contact with the market, clients and regulators to develop an offering for SFTR that builds further on our reporting solutions for EMIR and FinfraG. By leveraging our existing infrastructure, including connectivity and similar message formats to fulfil EMIR, FinfraG and SFTR reporting obligations, clients can build synergies in their reporting requirements.

Reporting models under SFTR

REGIS-TR provides two types of models for reporting trades:

  • Direct reporting is the reporting of trades made by a direct counterparty to the trade who has the reporting duty. Only Reporting Participants can use direct reporting.
  • Delegated reporting – is the reporting of trades made by an entity that is not a direct counterparty to the trade. Reporting entities can therefore use the delegated reporting model to outsource the reporting of trades to another entity that will report their trades on their behalf. Delegated reporting can be done through the counterparty or by third parties.
    • Counterparty Delegation – One counterparty to the trade can delegate the reporting to the other counterparty, e.g. to the central counterparty (CCP) in case of cleared SFTs.
    • Third Party Delegation - The reporting of trades made by an entity that is not a direct counterparty to the trade. Reporting entities can therefore use the delegated reporting model to outsource the reporting of trades to another entity, e.g. a reporting specialist, Lenders or Brokers that hold lion’s of information that is asynchronously distributed. Nevertheless the reporting responsibility always remains with the counterparty.

Account structures

REGIS-TR proposes several reporting profiles:

  • Reporting participant
    A direct counterparty to a trade can report on his own behalf as well as on behalf of its counterparty. In addition a reporting party can delegate its reporting to the other counterparty or to a third party.
  • Third party
    Entity that is not a direct counterparty to the trade reports on behalf of others. A Third Party may report on behalf of other members of its family or as a service provider, reporting on behalf of other entities that have outsourced this service:
    • Internal Third Party: Reports on behalf of members of their company group
    • External third party: Reports on behalf of other entities
  • Non-reporting entities
    A direct counterparty to a trade that delegates the reporting responsibility to a Third Party or to the counterparty of the trade, it receives end of period reports for all trades reported on their behalf. Those accounts are therefore only created for a consultation purpose, but Non-Reporting entities will not be able to report directly any trades to REGIS-TR.


Test environments

Information on our test environments for SFTR will be made available in due course.