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ESMA fines DTCC Derivatives Repository

2021-07-12 07:07:16

Europe’s regulator, European Securities and Markets Authority (ESMA), fines DTCC Derivatives Repository Plc (DDRL) for  European Market Infrastructure Regulation (EMIR) regarding data confidentiality, data integrity, and direct and immediate access to data. The fine reaches the amount of 408 thousand euros

ESMA states:

“DDRL failed to provide direct and immediate access to regulators by:

  • generating reports for regulators containing incorrect data;
  • failing to provide certain regulators with transaction data they were entitled to receive in line with their responsibilities and mandates; and
  • failing to provide regulators with all transaction data regarding OTC derivatives contracts that were opened and exited, cancelled or matured on the same day”

Such fines are avoidable, though, stress the importance of accuracy of data, thoroughness of data and transparent audit trails.

More from ESMA’s statement here.

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