Germany’s Deutsche Börse Group announced on Monday that its newly formed UK-based trade repository, REGIS-TR UK LTD, has started reporting to comply with local rules as Britain separated from the European Union.

The German financial market organizer incorporated the UK-based franchisee of its pan-European REGIS-TR S.A. in March 2019 to continue reporting services for its British clients.

“REGIS-TR UK offers a highly competitive and efficient reporting service to all participants with a UK reporting flow,” the newly formed company’s CEO, John Kernan said in a statement.

“The philosophy of REGIS-TR UK is to offer participants a fresh, client-centric alternative for their UK reporting needs; a message that I am delighted is resonating with participants given the large number of account opening requests we have received from both new and existing clients. In this regard, I am extremely excited to be leading our UK business as it enters a period of exponential growth and expansion.”

Financial Services and Brexit

The United Kingdom decided to leave the European Union in 2016 with a referendum, but the parties took around four years to draft an exit deal due to the complexity of the matter.

With the expiry of the transition on December 31, 2020, the UK finally ended its ties with the 27-country bloc, but the deal left out financial services, a sector where the two parties were heavily interdependent. For a smooth transition of financial companies, regulators of both sides published rules, and the companies were also preparing to retail their customers on the other side.

“The UK continues to be a major player in European and global finance even when separated from the EU, and it is paramount that we maintain continuous and unified services for our UK clients and the market,” REGIS-TR Chairman, Phil Brown said.