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​ESMA Has Registered KDPW Trade Repository as One of the First Four in Europe

The European Securities Market Authority (ESMA) has registered the KDPW Trade Repository, confirming that it fulfils all trade repository requirements under EMIR. The KDPW Trade Repository (KDPW_TR) is one of the first four such institutions to be registered in Europe and the only one in Central in Eastern Europe.

The Central Securities Depository of Poland (KDPW) has been the first player in the region to open a trade repository on 2 November 2012. It has also been the first player in CEE to apply to ESMA for the registration of KDPW_TR in May 2013.

"Thanks to our service, all entities required by law to report details of derivative contracts can fulfil this obligation. As KDPW Group, we strive to provide top quality services, always in line with the current regulations and highest international standards, to ensure that companies active on the local financial market can use the local market infrastructure. It is our contribution to the development of a strong capital hub in Warsaw," said Iwona Sroka, KDPW President and CEO.

The registration of KDPW_TR by ESMA allows it to operate across the European Union. The registration application covered the reporting of all types of contracts under the reporting obligation (commodities, credit, foreign exchange, equity, interest rates and others – irrespective of whether the contracts are traded on or off exchange); consequently, financial institutions will not have to use the services of two or more repositories.

On 19 August 2013, KDPW has been assigned a prefix (2594) necessary to assign LEIs – legal entity identifiers. Under EMIR, a relevant identifier is necessary in order to report derivative trades to a trade repository. As a member of the Association of National Numbering Agencies (ANNA), KDPW acts as an ISIN Numbering Agency. This means that KDPW is the only institution on the Polish market authorised to assign unique global identifiers to financial instruments.

The obligation of reporting future contracts to repositories will enter into force on 12 February 2014, i.e., 90 days of the effective date of the ESMA decision to register the first trade repository.

The trade repository service is KDPW’s response to Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”). The Regulation imposes among others the obligation of reporting all derivative contracts to a trade repository and lays down the operating rules for trade repositories. The reporting obligation applies to legal entities entering into derivative contracts and may be delegated to another entity or to a central counterparty (CCP).

The KDPW Trade Repository operates under the Act on Trading in Financial Instruments of 29 July 2005 which authorises the Central Securities Depository of Poland to conduct such operations.

See ESMA Press Release

Last modified: 08-11-2013 Go up