The Depository Trust & Clearing Corporation (DTCC) is set to enhance its Global Trade Repository (GTR) by introducing a Markets in Financial Instruments Directive/Regulation (MiFID/R) ARM service. This initiative is part of the organization’s efforts to align with the evolving requirements for transaction and trade reporting. Provided that regulatory approval is received, the service is expected to be available in the UK by early 2026, with subsequent implementation in the European Union as related regulations come into effect.
The new MiFID/R capabilities are designed to help firms meet their obligations for transaction reporting mandated by the regulations. Users of the system will also gain access to additional services, such as advanced data quality analytics and smart tools that assist in monitoring, managing controls, and resolving exceptions. Furthermore, a specialized back-reporting channel will be included, featuring a queuing system and in-sequence processing for communications with authorities, along with a variety of end-of-day reports to aid in swift issue resolution. DTCC’s GTR stands out as the only globally recognized, industry-owned trade reporting service provider, currently capable of supporting major reporting regulations from one centralized platform.
The enhancement is intended to address the increasing complexity of trade and transaction reporting, and DTCC is committed to collaborating with key industry stakeholders to roll out the new capabilities following the necessary regulatory approvals. Leadership within the organization emphasizes its unique ability to utilize its regulatory trade expertise to assist clients in complying with forthcoming mandates while also modernizing and optimizing operational processes.
Incorporating MiFID/R capabilities will unify the reporting of derivatives and securities trades on a single platform, granting clients the chance to streamline costs, governance, operational risk, and controls management. With the anticipated MiFID III/MiFIR II regulations, the complexity of operational challenges is expected to rise. DTCC positions itself as a vital resource for clients, supporting them in navigating these challenges efficiently and facilitating successful implementation of the required changes.