ESMA have approved six trade repositories, and they are confidently insisting that the EMIR reporting obligations will take effect on 12 February 2014. (Regardless of the field definition problems.) Not surprisingly the TMS suppliers are readying their systems to be able to report direct to these Trade Repositories.

The first is BELLIN who announced, at their Treasury Convention at the end of November, that they would offer EMIR reporting direct to the REGIS-TR trade repository in Germany. It is based on a direct connection between their treasury management system tm5 and the REGIS-TR trade repository. The system creates reports according to the ESMA requirements. Users can either download the reports as files or transmit them directly to the trade repository via the established communication channel.

Using the BELLIN Account with REGIS-TR
BELLIN offers their users the option of using the BELLIN account for connecting to REGIS-TR instead of their own customer account. BELLIN claims that this has considerable advantages for their users:

• no direct contractual relationship with REGIS-TR, contract exclusively with BELLIN
• reports both for transactions with banks and with group companies
• reports for up to 5,000 transaction p.a. included in the package price 
• reporting on behalf of the whole group, not per legal entity 
• substantially lower fees compared to a direct contract with REGIS-TR

Martin Bellin, founder and Managing Director of BELLIN, comment:
“With the Full Service package, we make EMIR reporting as simple as it gets for our customers. Thanks to our close cooperation with REGIS-TR, we have found a quick and simple solution. Our customers can look forward to the new year with peace of mind because we are ready for EMIR today.”

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Other TMS suppliers will also be offering EMIR reporting services. At last, the options for EMIR reporting are becoming clearer, use: your bank, a specialist reporting service such as Misys or Treamo, or your TMS. There is no best solution. Corporates will use different solutions based on many factors, e.g. already there are reports that some corporates are going to use the specialist reporting services even though their TMS supplier will have such as service.