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ESMA withdraws the registration of Bloomberg Trade Repository Ltd

01 March 2019

The European Securities and Markets Authority (ESMA), the EU supervisor of trade repositories (TRs), has today withdrawn the registration of Bloomberg Trade Repository Ltd (UK). 

All Bloomberg clients have already been transferred to a TR of their choice.

The withdrawal decision follows the official notification to ESMA by Bloomberg, on 5 February 2019, of its intention to renounce its TR registration under the conditions set out under the European Market Infrastructure Regulation (EMIR).

EMIR provides that ESMA shall withdraw the registration of a TR where the TR expressly renounces its registration. The withdrawal becomes effective by 1 March 2019.

Background

EMIR was introduced to improve transparency, establish common rules for central counterparties (CCPs) and TRs as well as to reduce the risks associated with the OTC derivatives market. It provides for the obligation to centrally clear OTC derivative contracts or to apply risk mitigation techniques such as the exchange of collateral. It also provides for the direct supervision and the registration of TRs by ESMA which also carries responsibility the recognition of non-EU TRs.