REGIS-TR Annual Client Event: Putting Our Clients First

One more year, REGIS-TR hosted its Annual Client Event, where we had the opportunity to meet face-to-face with all of our valued clients at the Palacio de la Bolsa in Madrid and review an intense year in terms of regulatory developments.

How the Event Unfolded

Following a welcoming speech by Jesús Benito, Head of Domestic Custody and Trade Repositories at SIX, Thomas Steimann, Head of REGIS-TR, kicked off the event with an introductory session.

During the first panel discussion, María Santos, Managing Director of REGIS-TR, and Alfonso Alcalá, Managing Director of REGIS-TR and Chief Operating Officer, analyzed the implementation of the new IT platform and discussed how our new service shapes the future of trade repositories.

The discussion then went on to cover such interesting topics as: EMIR Regulatory Fitness and Performance Program and the Product vision, where the roadmap and all the new functionalities integrated into our platform were analysed.

During the last session of the morning, a fireside chat focused on the Regulatory Outlook in our industry, speakers explored emerging regulatory trends.

During the afternoon the main challenges we’ll have ahead in an uncertain macro context, but favorable for the stock markets wereexplored and the event concluded with a roundtable debate to address The Future of Regulatory Reporting.

A Year Marked by Two Major Regulatory Updates: EMIR Refit and UK EMIR Refit

The event provided valuable insights into a very active year in terms of regulatory releases, as 2024 was full of both challenges and significant achievements.

On April 29, EMIR Refit brought sweeping changes to the transaction details that counterparties to derivatives trades in the EU are required to report to trade repositories. This was a significant milestone for the financial services industry, affecting trade repositories, market participants and regulators alike.

Just a few months later, on September 30, the UK's EMIR Refit reporting migration went live, introducing significant changes to the reporting requirements for derivatives transactions in the UK.

The main objective of the updated regulation is to bring greater transparency to the derivatives markets by introducing standardized data requirements and greater alignment across global regimes and jurisdictions. However, these regulations have had an impact on the trade repository industry.

Meeting Our Challenges

The challenges of the EMIR refit were compounded for REGIS-TR by the simultaneous launch of a new, comprehensive IT platform designed specifically for EMIR reporting processes. This major upgrade coincided with the go-live of Refit and introduced additional layers of complexity at a time of new regulatory requirements.

Overall, the main challenges were related to the new technical standards and, in addition, each industry participant had its own unique challenges.

The industry had to adapt to the main challenges, which were mainly related to new reporting formats and fields. In addition, the updated regulation introduced new standards and rules for the generation of unique product identifiers, as well as a revised approach to the reporting of lifecycle events, among others.

All of the above required resource-intensive efforts by financial institutions, which had to make significant operational adjustments to update their internal processes, systems and infrastructure to comply with all of the requirements. Other impacts for the financial sector were related to data sourcing, data management, new reporting formats and increased reporting complexity.

Customer Focus: Putting the Client First

Throughout this process, REGIS-TR has supported its clients with webinars, publications, and its podcast, which has been entirely dedicated to Refit during these months and is available to clients at all times.

The Client Services team plays an important role in this regard, as they are the first point of contact for clients at REGIS-TR. Client Services works in coordination with Institutional Relations to ensure that the client's country regulator or NCA is taken into account in all circumstances.

The Relationship Management team channels all these communications and keeps the client informed. The product teams provide another level of support, with a more functional and technical approach, but still understandable to the client. And, of course, the technical team is always available to support all of them, providing continuous support and monitoring the service during extended hours.

All in all, the REGIS-TR Annual Customer Event was a unique opportunity to foster deeper relationships with our customers and reaffirm our commitment to their success.  It also served to provide clients with a roadmap and explain the trade repository's future plans.

As a leading trade repository, REGIS-TR plays a critical role in the financial ecosystem, and this event provided a great opportunity to engage directly with our clients, address their evolving needs and discuss the latest regulatory developments.

By bringing together industry experts and customers, the event allowed us to strengthen partnerships, share insights and ensure we continue to deliver the highest levels of service and innovation.

To see photos of the event click here