Bloomberg Trade Repository for EMIR Reporting Registered by ESMA

Starting June 7th, firms reporting for EMIR will have a new trade repository (TR) that they can submit their reports to. After a lengthy registration process, Bloomberg Trade Repository Limited (BTRL) has been officially approved by the European Securities and Markets Authority (ESMA).

The approval brings the list of registered TRs for EMIR reporting to seven (more about the others). With their registration, BTRL will be able to accept EMIR reports for derivative trades in commodity, credit, foreign exchange, equities and interest rate asset classes.

Although considered to be arriving on the EMIR scene rather late, with the regulation in effect since 2014, there are strategic reasons that could propel a quick uptake for Bloomberg’s new TR. Within their trading solutions for asset managers, Bloomberg includes a tool to convert trade reports to an EMIR ready report that is formatted per specifications from the DTCC. As such, this feature is expected to be adapted for DTRL.

In addition to EMIR, Bloomberg operates an ARM for MiFID I transaction reporting requirements and is expected to submit a proposal to be registered as an ARM for MiFID II. As there is an overlap between trades under scope for both MiFID II and EMIR, being an end-destination for both regulations allows them to reduce integration and ongoing issues faced by their clients.

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About the author: Ron Finberg

Ron is Executive Director, Product Specialist at S&P Global Market Intelligence Cappitech and helps customers with their compliance of EMIR, MIFIR, SFTR, MAS and ASIC derivative reporting. Ron is an ongoing contributor of regulatory focused content and webinars and leverages his over 20 years’ experience in the financial industry. He was also awarded the Editor’s Recognition Award for Best RegTech Vendor Professional in the RegTech Insight Europe Awards 2021.