REGIS-TR, the pan-European leader in trade repository services is planning to set up a Trade Repository in the UK. The British Financial Conduct Authority (FCA) requires a meaningful presence in the UK in a post-Brexit world. REGIS-TR, domiciled in Luxembourg, will set up the necessary technical infrastructure and staff an office in order to maintain a continuous service for UK clients. REGIS-TR is a joint venture launched by Iberclear and Clearstream in 2010. Clearstream already maintains an office and IT infrastructure in London, and full-time employees are already providing trade repository services for UK clients, who make up a significant portion of REGIS-TR’s client base.

REGIS-TR to open UK Trade Repository #Brexit Read more > https://t.co/OhzvV4GSx1 pic.twitter.com/EWAWoY4f9h

— Regis-TR (@TradeRepository) December 10, 2018

“In the interest of stable markets and business continuity it is paramount for us that we meet our UK clients’ needs and ensure a smooth transition for all of our clients. To that end, we will provide close guidance, and will make sure clients can meet their testing requirements. That’s why we decided in a timely manner, well before the UK leaves the European Union, to set up a trade repository in the UK. Working across multiple jurisdictions is familiar territory for us, because REGIS-TR is the only trade repository with approval for both the European Market Infrastructure Regulation (EMIR) and the Swiss markets regulation FinfraG,” said Elena Carnicero, CEO, REGIS-TR.

The UK trade repository is expected to be operational in the coming weeks pending approval by the national regulator. Trade repositories already based in London need to establish a TR in EU 27 to continue to service their EU clients, post-BREXIT, subject to approval from the European Securities and Markets Authority (ESMA).

Source: REGIS-TR