Societe Generale Securities Services (SGSS) has launched a trade repository reporting service for OTC derivatives.

The product will service multi-counterparties and multi-asset classes under the new European Markets Infrastructure Regulation (Emir), which requires that all EU counterparties report their derivative contracts, whether OTC or exchange-traded, to a trade repository.

“New requirements demand a new industry mindset. Firms using OTC derivatives need to adapt their operational set-up by developing their own trade repository reporting capabilities or by mandating an asset servicer that can report on their behalf,” said Emmanuelle Choukroun, director of new services for asset managers and asset owners at SGSS.

SGSS has designed the service to support OTC derivatives users in the EU through the entire trading process. It reports details for derivatives transactions to DTCC Derivatives Repository on a D+1 basis for all counterparties.

“The appointment of a well-equipped services provider can help OTC derivatives users - whether institutional investors or asset managers - adapt to the new regulatory landscape quickly, cost-effectively and safely,” added Choukroun.

SGSS also provides reconciliation in the event of a rejected trade and manages contracts for the daily reporting of open positions and retroactive reporting for matured trades, as necessary. EU counterparties that fail to comply with Emir reporting requirements may be subject to administrative penalties. 

In addition to the core range of reporting services, SGSS provides a full range of value-added services either as a fully-integrated solution or as modular options. These services include independent valuation for challenging counterparty OTC derivative prices, extended connectivity with clearing brokers and custodians as well as position-keeping and collateral management services.

Collateral transformation needs can also be managed through SGSS’s repo and securities lending desk.