Trayport, a leading provider of energy trading solutions to traders, brokers and exchanges worldwide, today announced that 10 of its clients are successfully using the Complete reporting solution to report OTC derivative trades under EMIR. In addition, a number of other clients are set to go-live imminently.
EMIR came into force on the 12 February and mandates a requirement to report OTC derivative trades entered into starting from 12 February 2014 and the backloading of existing trades. The backloading covers concluded derivatives contracts which were entered into before 16 August 2012 and remain outstanding on that date or those that are entered into on or after 16 August 2012.
Trayport’s end to end compliance solution, Complete, is live and we believe that all clients that are already connected are successfully meeting their obligations under EMIR, including reporting ‘backload’ trades as well as post go-live trades.
Dan Smith, Head of Corporate Development at Trayport, said “We are pleased that so many of our clients are benefiting from using Complete. Our clients wanted a light touch, feature rich and economically viable model and that is exactly what Complete provides. It offers full real-time Straight Through Processing integration with Trading Gateway, connection to a number of Trade Repositories and workflow control via real-time dashboards. Complete allows them to be ready for the evolution of our markets.”
How COMPLETE works:
- Complete is an integrated execution and regulatory compliance solution designed to enable customers to meet the EMIR reporting requirements
- Complete reduces operational risk by helping to control post-trade activity
- Complete Control enables transparency in post-trade execution. Users can track the progress of a trade real time, enabling them to resolve any arising issues and giving full visibility to the post trade workflow
- Complete Clear delivers true straight through processing 'STP' with simple 'click and clear' functionality accessed from the same platform users are trading on, delivering greater speed, & reliability and reducing cost & risk. Complete Clear provides automated connectivity to each clearing house on their network.
- Complete report: A full workflow and audit history is provided via a real time dashboard that is used to manage the trade lifecycle from execution to regulatory filing, in a seamless process accessed from client desktops.