On November 14, the registration of the first four trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR) took effect. The four registered TRs are:

• DTCC Derivatives Repository Ltd. (DDRL) (United Kingdom)

• Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW) (Poland)

• Regis-TR S.A., (Luxembourg)

• UnaVista Ltd (United Kingdom)

This means that the requirement to report derivatives transactions to trade repositories under EMIR will come into force on February 12, 2014 (90 calendar days after the registration date).

This reporting obligation will apply for all derivatives, including exchange-traded derivatives.