Trade repositories

The transition period has ended and we have become the UK regulator of trade repositories (TRs).

The Treasury has given UK financial regulators the power to make transitional provisions to financial services legislation for a temporary period. This is known as the Temporary Transitional Power (TTP).

We are applying the TTP on a broad basis. However, there are some areas where we are not applying the TTP, including to key requirements for EMIR and SFTR reporting obligations. Firms are therefore now expected to comply with these key requirements.

 

Any TR wishing to offer its services relating to onshored European Market Infrastructure Regulation (UK EMIR) or onshored Securities Financing Transactions Regulation (UK SFTR) in the UK will need to be registered with, or recognised by, the FCA.

Please let us know before you submit an application for registration or recognition, by emailing: [email protected].

UK EMIR validation rules and note on EMIR reporting requirements

UK reporting counterparties and UK TRs should use the UK EMIR validation rules to submit derivative transactions entered into from 11pm on 31 December 2020 onwards. These validation rules also include references to future amendments to the rules which will apply from 8 March 2021.

We have published an updated note highlighting our expectations for firms in relation to their UK EMIR reporting requirements immediately following the end of the transition period.

UK SFTR validation rules and note on UK SFTR reporting requirements

UK SFTR reporting counterparties and UK SFTR TRs should use the UK SFTR validation rules to submit securities financing transactions entered into from 11pm on 31 December 2020 onwards.

We have published a note highlighting our expectations for firms in relation to their UK SFTR reporting requirements immediately following the end of the transition period.

Getting registered under UK EMIR or UK SFTR

Registered firms

At the end of the transition period, existing TRs operating in the UK do so either on the basis that:

  • they have converted their previous European Securities and Markets Authority (ESMA) EMIR or SFTR registration into a registration with the FCA, or
  • under the Temporary Registration Regime (TRR) until their advance application submitted prior to 31 December 2020 has been assessed

All these firms can be found on the Financial Services Register

Applying for a new registration

If you want to register as a new UK-based TR, you must:

  • submit a completed UK EMIR or UK SFTR registration form with supporting documentation by email
  • pay a fee of £5,000

Please use our UK EMIR notes and UK SFTR notes to help with completing either form.

More information

Your application will be assessed in accordance with the usual procedures in EMIR or SFTR.

For details of our TR application and periodic fees, please see our Handbook instrument.

For UK SFTR please refer to the Quarterly Consultation Paper 19-27, chapter 7, page 36.

To help firms understand their requirements, please explore our links to useful information on UK EMIR legislation and UK SFTR legislation. These are not intended to be a comprehensive list of relevant information and is not a substitution for firms’ own research.

TRs that are registered under UK EMIR or UK SFTR

The following TRs are registered, or otherwise entitled under the TRR, to operate under UK EMIR in the UK:

•    ICE Trade Vault Europe Limited
•    UnaVista Limited
•    DTCC Derivatives Repository Plc
•    REGIS-TR UK Limited

The following TRs are registered, or otherwise entitled under the TRR, to operate under UK SFTR in the UK:

•    UnaVista Limited
•    DTCC Derivatives Repository Plc

These lists will be updated as necessary. They do not supersede the Financial Services Register.

Contact us

If you have any queries, please email us.

Page updates

07/01/2021: Editorial amendment Note about TTP key requirements
24/11/2020: Information added UK EMIR and UK SFTR validation rules
01/10/2020: Information added Update in highlight box on key requirements for firms