Since 12 February 2014, the start date set by ESMA, XENTIS users have been fulfilling their reporting obligations by creating trade repository (TR) reports in accordance with EMIR. In bilateral cooperation with its customers, Profidata Group is once again implementing regulatory requirements on schedule.

Since the publication of European Market and Infrastructure Regulation 648/2012 (EMIR) by the European Union (EU), trading in derivatives has been regulated by the European Securities and Markets Authority (ESMA). All market participants subject to this regulation are required to report in detail on the conclusion, modification and termination of OTC and ETD contracts. Derivative transactions must be reported to an EU-certified TR within one day of execution.

With the Implementing Technical Standards (ITS), the EU Commission specifies the information to be reported. In particular, specific details on counterparties and the transactions entered into must be provided, which are made available in XENTIS via the EMIR reporting module.
This module is supplemented by the EMIR register module, which formats the data in a register-specific format. Of the six TRs approved to date, Profidata's customers use DTCC and Regis-TR. The architecture of the EMIR register module allows additional TRs to be connected at any time. In addition, customers can serve multiple TRs simultaneously, i.e. different transaction types such as OTC vs. ETD can be assigned to different TRs.

In order to correctly process message types such as new entries, modifications, prematurely closed positions or valuations, logic has been integrated to recognise the respective life cycle event. The fact that the Unique Trade Identifier (UTI) is often not available at the time of reporting is also taken into account, which leads to the generation of an interim UTI in XENTIS. In addition, reporting is supplemented by a detailed traceability list (individual record list) and a processing log. This ensures that the entire process for executing and checking TR reports can be automated in XENTIS. Since all derivative positions must be initially reported to the respective TR since 16 August 2012, the EMIR reporting module also has a function that enables the backloading required by EMIR to be carried out.

Dagmar Kastl, Director of In-House Consulting at the investment company UniversalInvestment, appreciates the newly created reporting functionality of XENTIS: "Regulatory changes constantly present us with new challenges. It speaks for XENTIS and Profidata that we were able to submit the EMIR-TR report required by the regulator at the start of the reporting obligation."

"The automated application of EMIR requires an IT system that not only meets the necessary technical requirements, but also implements the technical aspects of this regulation in a manageable way. XENTIS is the right solution," says Dr Christian Ebersberger, Head of IT at Helaba Invest Kapitalanlagegesellschaft mbH.

Further information can be found at www.profidatagroup.com

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