ESMA Registers LSEG Trade Repository UnaVista TRADEcho B.V.

The European Securities and Markets Authority (ESMA) announced this Monday that it has registered the London Stock Exchange Group's (LSEG) UnaVista TRADEcho B.V. as a trade repository (TR) this Monday, with effect from March 25, 2019.

A trade repository or swap data repository is an entity that centrally collects and maintains the records of over-the-counter (OTC) derivatives. Based in the Netherlands, UnaVista TRADEcho B.V. will cover a range of asset classes - commodities, credit, foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), equities and interest rates.

As per the European regulator: “TRs are commercial firms that centrally collect and maintain the records of derivatives contracts reported to them. The registration of a TR means that it can be used by counterparties to a derivative transaction to fulfil their trade reporting obligations under EMIR.”

The registration of UnaVista TRADEcho B.V. is part of the LSEG's contingency plan for a possible no-deal Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term. Although the Brexit deadline has been extended, the future of the UK still remains in limbo.

Should the United Kingdom leave the European Union without a deal, the UK-based TR of UnaVista TRADEcho B.V., UnaVista Limited, will cease to be registered with ESMA and UnaVista TRADEcho B.V will be the TR of the LSEG in the EU.

Financial Firms Continue to Put Brexit Contingency Plans in Place

The LSEG is the latest financial institution to put Brexit contingency plans in place. As Finance Magnates previously reported, firms have been leasing offices throughout continental Europe, moving hundreds of staff out of London and have transferred billions of assets out of the UK.

Large financial institutions such as JP Morgan, Morgan Stanley, and France’s three largest banks, have all committed to moving hundreds of staff to other European financial hubs such as Paris, Frankfurt, Dublin, Milan, Stockholm and more.

Furthermore, financial regulators are also putting a series of plans in place. The Financial Conduct Authority (FCA) recently announced that more than 1,000 EU firms and fund managers had entered the Temporary Permissions Regime, which allows EEA companies that are currently passporting in the UK to continue to do so for a limited period while they seek full FCA authorization.