European derivative trade repositories UnaVista, a unit of the London Stock Exchange Group, and the Depository Trust and Clearing Corp. plan to offer a new service meant to simplify Market in Financial Instruments Regulation reporting requirements.

Once the proposed service goes live, GTR users will be able to reuse their existing EMIR connections to deliver their MiFIR reports and satisfy two regulatory obligations through one service, according to Andrew Douglas, CEO of GTR Europe at the DTCC.

“Since we will be predominately leveraging existing infrastructure on the back end of the MiFIR service,  we should be able to provide the new service to the industry at a much reduced cost,” he added.

Under the proposed arrangement, GTR users would have access to UnaVista’s Approved Reporting Mechanism to fulfill their MiFIR reporting obligation.

Once GTR users submit their reports, the DTCC would extract the relevant MiFIR data, route it to UniVista for validation before sending the data to the relevant market regulators.

The project is in its early days and it is too soon to discuss delivery timelines and deployment road maps, noted Douglas. “With our UnaVista colleagues, we will work backwards from MiFID II’s early 2017 deadline to make sure that we have a product that will be available in good time for our client base,” he said.