The European Securities and Markets Authority (ESMA) has announced that it has imposed a fine of EUR408.000 on DTCC Derivatives Repository Plc for several violations of the European Market Infrastructure Regulation (EMIR) about data confidentiality, data integrity, and direct and immediate access to data. DTCC Derivatives Repository PLC (DDRL) is a trade repository which provides a suite of post-trade record-keeping and reporting services for over the counter (OTC) equity, credit, and interest rates derivatives. The violations occurred between 2014 and 2018 and are related to providing access to certain asset managers to data that they are not entitled to receive; change in the content of certain information due to inappropriate settings of the IT system; and failure to provide regulators with direct and immediate access to relevant data.
EMIR requires brokerage firms to provide such data to regulators in order to improve transparency and facilitate the monitoring of systemic risks in derivatives markets.