The European Securities and Markets Authority (ESMA) has withdrawn the registration of Bloomberg Trade Repository.
As a result, all Bloomberg clients have been transferred to a trade repository (TR) of their choice.
Removal came after ESMA received an official notification from Bloomberg stating its intention to renounce its TR registration under conditions set out through the European Market Infrastructure Regulation (EMIR).
EMIR directs ESMA must ‘withdraw the registration of a TR where registration of a TR where the TR expressly renounces its registration.’ This withdrawal was put into effect on 1 March.
The ESMA was established to improve transparency, implement common rules for central counterparties and TRs, as well as lower risks associated with the OTC derivatives markets. The group ensures OTC derivative contracts are clear, and risk mitigation methods like exchange of collateral are implemented.
In addition to this, it provides direct supervision of TR registrations.
Earlier in the year, ESMA released its advice to the European Union Institutions on initial coin offerings. This advice, which is presented to the EU Commission, Council and Parliament, clarifies the existing EU rules which are pertinent to crypto-assets which qualify as financial instruments. It also offers ESMA’s position on gaps and issues currently in EU financial regulatory framework for the consideration of EU policy makers.
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