Societe Generale Securities Services (SGSS) has unveiled a new a trade repository reporting service for OTC derivatives under the European Markets Infrastructure Regulation (EMIR).
Serving multi-counterparties and multi-asset classes, the new reporting service will support OTC derivatives users in the EU throughout the trading process.
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Additionally, SGSS will report details for derivatives transactions to DTCC Derivatives Repository on a D+1 basis for all counterparties.
The EMIR regulation will require EU counterparties to report their derivative contracts to a trade repository to offer transparency in the derivatives markets. Failure to comply with EMIR requirements will result in administrative penalties for the EU counterparties.
SGSS also offers reconciliation during rejected trade and manages contracts for the daily reporting of open positions and retroactive reporting for matured trades, as necessary.
Besides offering reporting services, SGSS offers a range of value-added services including independent valuation for counterparty OTC derivative prices, extended connectivity with clearing brokers and custodians as well as position-keeping and collateral management services.
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By GlobalDataEmmanuelle Choukroun, director of new services for asset managers and asset owners at SGSS said: "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."
