TriOptima, ICAP’s OTC-derivative, post-trade risk management services, announced today that data connectivity between the Derivatives Repository Ltd. (DDRL) of the Depository Trust & Clearing Corporation (DTCC) and TriOptima’s triResolve portfolio reconciliation service is now live and operational.
The service enables daily reconciliation of OTC derivatives trades reported to DTCC’s European trade repository, as mandated by the European Market Infrastructure Regulation (EMIR). Under European rules, derivatives dealers and end users are required to report their OTC derivatives transactions to a trade repository and are responsible for the accuracy of the reported data.
Ian McLelland, CEO of DTCC’s European trade repository said: “The connectivity to the triResolve service is an important partnership for DTCC. As Europe’s largest trade repository, we will continue to work with the industry, the regulatory community and our third party providers to promote greater common standards which will continue to improve the transparency and risk mitigation in the derivatives markets.”
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This development cements the DTCC’s global reach after last year’s CFTC mandated implementation in the US. Earlier this year, the Australian regulator also made OTC trade reporting mandatory in their market with the local extension of DTCC service.
The new connectivity allows European derivatives dealers to compare and match DTCC trade records with their internal trade records or records from another trade repository even if the unique trade identifiers are unmatched. With visibility across all the reported data fields in triResolve, firms can identify any discrepancies.
“Implementing this connectivity enables firms to use triResolve to efficiently verify data in the repositories,” said Raf Pritchard, CEO of triResolve. “This is an important tool to ensure accuracy of data in the repositories, a key regulatory goal.”