Hellenic Exchanges Group (HELEX) has chosen the London Stock Exchange Group’s (LSEG) UnaVista platform – a versatile post-trade processing engine for all asset classes – to handle its trade repository and regulatory requirements, per a LSEG statement.
UnaVista Platform Truly a Jack of All Trades Construct
The UnaVista platform provides a wide range of business solutions and reconciliation needs for all asset types, catering to the extensive suite of financial products and services on the LSEG. More specifically, the LSEG is active in the area of derivatives, its Turquoise forex options, equities, futures, etc. However, given the European Market Infrastructure Regulations (EMIR) coming into effect across markets, the decision by HELEX to enlist the help of the LSEG makes sense across a number of mediums.
In essence, the LSEG will help provide Legal-Entry Identifier (LEI) registration services for market participants in Greece – the LEI is a specific code that utilizes a central nexus of global reference data, helping to identify any legal entity or financial structure. As such, this reduces the regulatory encumbrance for HELEX, helping delaminate the burden for firms that now must act in strict compliance with the recently mandated standards.
HELEX Secures Multi-Faceted Trade Repository
The derivatives arm of HELEX, upwards of nearly 3,000 parties, will lean on UnaVista’s Trade Repository for all reporting services. According to Mark Husler, Global Head of Product Development, Information Services at the LSEG in a recent statement, "The partnership between Hellenic Exchanges Group and UnaVista demonstrates the strength of our 'all-in-one' offering, which provides a complete regulatory reporting solution. By leveraging the relationship between LSEG regulatory reporting products and UnaVista's Trade Repository we were able to offer the most competitive EMIR regulatory reporting solution to Hellenic Exchanges Group."
Indeed, UnaVista’s Rules engine specializes in the dissemination and organization of financial data. Moreover, the engine internalizes information from a multitude of sources by normalizing, converting and formatting based on user preference. This complies with multinational regulation including Dodd-Frank, EMIR, FINMA, among others.
“We are delighted to strengthen our relationship with London Stock Exchange Group through this regulatory reporting infrastructure. It was imperative to Hellenic Exchanges that we could provide one solution to wholly cover the reporting aspect of the EMIR Regulation while being efficient and compatible with our highly diverse market members. Such a streamlined solution gives us confidence that our relationships with member firms and market participants will be strengthened,” added Dimitris Karaiskakis, COO, Hellenic Exchanges.
