Move comes ahead of new ESMA requirements for European banks.
European trade repository Regis-TR, formed by Bolsas y Mercados Españoles (BME) and Deutsche Börse Group, and German financial services software provider Banksysteme Aktiengesellschaft (BS), announced it will facilitate a joint solution for Franco-German regional bank Landesbank Saar’s (SaarLB’s) over-the-counter (OTC) derivatives transactions reporting.
SaarLB follows other private German banking institutions in choosing the solution, which will be implemented in the first half of this year.
European Securities and Markets Authority (ESMA) regulations will require daily reporting of derivatives trading to a centralized transaction register, one of is which Luxembourg-based Regis-TR. BS, meanwhile, has developed a standard interface and messaging service for institutions to connect with.
"With the signing of this agreement, SaarLB will be able to implement the reporting requirements in a timely manner. The bank will also perform automated reporting of financial statements for its clients. Thus, SaarLB can assist small and medium-sized enterprises (SMEs) in implementing the statutory requirements as well,” says Werner Severin, vice chairman of SaarLB.