Luxembourg-based REGIS-TR will build required technical infrastructure and recruit staff at the UK office to betters serve UK clients.
According to REGIS-TR, the British Financial Conduct Authority (FCA) is focusing on expanding operations in the UK in a post-Brexit world.
In 2010, Iberclear and Clearstream launched the REGIS-TR as a joint venture.
Already, Clearstream has an office, IT infrastructure and full-time employees in London to offer trade repository services for clients in the UK.
Subject to the approval of national regulator, the UK trade repository is expected to be available to the clients in the coming weeks.
The existing trade repositories in London must create a TR in EU 27 to continue to serve their EU clients, post-BREXIT. It is subject to approval from the European Securities and Markets Authority (ESMA).
REGIS-TR CEO Elena Carnicero said: “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.”
REGIS-TR, which is available to financial and non-financial institutions, deals with all regulatory reporting obligations in Europe.
The trade repository collects and administers details of trades and transactions reported by its clients to provide its market participants and regulators with a combined view of positions in compliance with the appropriate regulations.
REGIS-TR also offers EMIR and FinfraG regulatory reporting services to over 1,500 client accounts.
