Trade repositories are key vehicles newly introduced in the EU legislation responsible for reporting obligations on OTC derivatives transactions. It is upon this information that competent authorities (ESMA and other national supervisory authorities within and/or outside of the EEA) are supposed to take appropriate policy measures to fulfill their duties on macro financial stability. Currently the European Commission is seeking further action for strengthening market monitoring and surveillance abilities under EMIR, adopted regulation, and MiFID accompanied with MiFIR, scheduled amendments in the coming year. This will be done by setting up trade depositories and introducing clearing obligations for OTC derivatives. This article discusses the current issues on trade repositories, including the ESMA agenda for implementation, legislative developments in the EC, market assessments and responses of market participants. It also recognizes tasks remaining toward full implementation and the implications of the introduction of trade repositories.
EUの店頭デリバティブ規制 TR取引情報蓄積機関をめぐる状況
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