EUR 64,000 question for DTTC DDRL

ESMA (the European Securities and Markets Authority) has fined the DTCC Derivatives Repository Limited (DDRL), the largest European Union registered trade repository EUR 64,000. This marks the first time that ESMA has taken enforcement action against a trade repository registered in the EU.

ESMA adds that it has also issued a public notice for negligently failing to put in place systems capable of providing regulators with direct and immediate access to derivatives trading data. This is a key requirement under the European Markets and Infrastructure Regulation (EMIR) to improve transparency and facilitate the monitoring of systemic risks in derivatives markets.