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DTCC’s EMIR TR fined 64,000 Euros by ESMA

ESMA have today issued a public notice that DTCC have been fined 64,000 Euros in relation to the operation of the EMIR Trade Repository (TR), which is referred to as “DDRL”.  The fine is  for failing to provide ESMA with timely access to the data. The press release can be found here and the detailed notice here.

TRs are required to provide regulators and other official bodies with access to the data collected under EMIR “directly and immediately”. According to the notice DTCC did not provide such access over a period of several months in 2014, sometimes delaying access to up to 62 days.

According to the notice, the fine has been increased because “DDRL had committed the infringement negligently“. This is the first time an enforcement has been issued against an EMIR TR. It is possible for DDRL to appeal.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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