Under European rules, derivatives dealers and end users are required to report their OTC derivatives transactions to a trade repository either directly or through a delegated third party, and are responsible for the accuracy of the reported data.
TriOptima, a leading provider of OTC derivative post trade risk management services, announces today that data connectivity between the DTCC Derivatives Repository Ltd (DDRL) and TriOptima’s triResolve portfolio reconciliation service is live and operational.
The service enables daily reconciliation of OTC derivatives trades reported to DTCC’s European trade repository, as mandated by the European Market Infrastructure Regulation (EMIR).The new connectivity between DTCC’s European repository and triResolve allows derivatives dealers and end users to compare and match DTCC trade records with their internal trade records and/or records from another trade repository even if the Unique Trade Identifiers (UTIs) are unmatched. With support and visibility across all the reported data fields in triResolve, firms can identify and address any discrepancies.
Ian McLelland, CEO of DTCC’s European trade repository, said: “The connectivity to the triResolve service is an important partnership for DTCC. As Europe’s largest trade repository, we will continue to work with the industry, the regulatory community and our third party providers to promote greater common standards which will continue to improve the transparency and risk mitigation in the derivatives markets.”
“Implementing this connectivity enables firms to use triResolve to efficiently verify data in the repositories,” said Raf Pritchard, CEO of triResolve. “This is an important tool to ensure accuracy of data in the repositories, a key regulatory goal.”