SocGen Debuts Trade Repository Reporting Service
The facility has been launch in line with European Market Infrastructure Regulation (EMIR) provisions regarding the reporting of these trades, in which both counterparties must report to a repository. Several large banks are now offering so-called "delegated reporting" services to clients, whereby the bank will report to the repository on their behalf.
SGSS will report these trades to the trpository run by the Depository Trust and Clearing Corporation, which has emerged as one of the largest facilities of its kind in the wake of mandatory reporting.
"New requirements demand a new industry mindset. Firms using OTC derivatives need to adapt their operational set-up by developing their own trade repository reporting capabilities or by mandating an asset servicer that can report on their behalf," says Emmanuelle Choukroun, director of new services for asset managers and asset owners at SGSS. "The appointment of a well equipped services provider can help OTC derivatives users ─ whether institutional investors or asset managers ─ adapt to the new regulatory landscape quickly, cost-effectively and safely."
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