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Greece’s derivatives market adopts LSE reporting service 

February 18, 2014
Elliott Holley, Banking Technology

Greece’s Hellenic Exchanges Group, which runs the Athens Stock Exchange and Athens Derivatives Exchange, has chosen to buy services from the London Stock Exchange to help it cope with tough new European trade reporting rules.

The European Commission’s EMIR legislation, introduced on 12 February 2014, states that all derivatives trades within the 28 member states of the European Union must be reported to a trade repository. The idea behind the rules is to increase transparency in OTC derivatives, which have been linked to the global economic crisis beginning in 2007.

The Greek exchange group will use a delegated reporting service, which is part of the LSE’s UnaVista Trade Repository, to report Greek derivatives trades on behalf of up to 3,000 counterparties. The LSE will also help the Hellenic Exchanges with LEI registration for all market participants in Greece that trade derivatives.

Read more: Banking Technology

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