BME: REGIS-TR And National Settlement Depository (NSD) To Intensify Cooperation On The Mutual Exchange Of Information

22/05/2013

REGIS-TR, the European Trade Repository owned by Clearstream (Deutsche Börse Group) and Iberclear (BME), and National Settlement Depository (NSD), the Russian Central Securities Depository, have signed a Memorandum of Understanding (MOU) to intensify their cooperation on the mutual exchange of information. The MOU addresses the development of communication channels and a cooperative relationship for the purpose of supporting and advancing the development of both organisations’ repository systems.

Both parties have also agreed to establish the foundation for regular communication to increase a common understanding of regional and global business development related to repository services.

David Retana, Managing Director of REGIS-TR welcomed the decision: “REGIS-TR is delighted to jointly initiate this partnership which we believe may pave the way for an interconnection of a trade repository within the European Economic Area to NSD’s trade repository, allowing for exchange and reconciliation of data between both jurisdictions. Not only will this facilitate interoperability between our respective customers but it will be especially powerful in terms of visibility for the regulators of both regions in the case of a cooperative agreement for exchanging data.”

Eddie Astanin, Chairman of the Executive Board, NSD, commented: “The Memorandum of Understanding, signed today between National Settlement Depository and REGIS-TR, displays mutual intention between our companies to learn the best repository practices from each other and to focus on simplified reporting of cross-border OTC trading in derivatives concluded between European Union and Russian companies. Today’s signing of the Memorandum is a first step aiming to establish an interconnection with the leading European trade repository in 2013 – 2014.”

Starting from February 2013, NSD keeps a register of agreements concluded on the basis of the general agreement (integrated contract) and functions as a repository in respect of repo agreements and currency swap agreements. This project was initiated in response to a general trend of reorganization of the global derivatives market discussed and adopted at the G-20 meeting in September 2009.

REGIS-TR is being widely followed and studied by the European derivatives community and beyond. Its focus on European regulation, flexibility and the close support to all current participants and potential customers has ensured it is regarded as an essential link between the financial industry and the regulators' community.