Bolsas y Mercados Espanoles (BME), a Spain-based operator of stock markets and financial systems and Clearstream have launched an external testing phase of their first European trade repository REGIS-TR.

Clearstream said that the new system will collect and administer details of all OTC transactions reported by users and give market participants and regulators access to a consolidated global view of these OTC derivative positions – an overview that is currently not available but sought for by regulators.

According to the Clearstream, Spain-based BBVA and Banco Sabadell, active cooperators from the beginning of the project, have joined the pilot phase and it expects further European participants to join the testing phase in the near future.

Jesus Benito, CEO of Iberclear, subsidiary of BME, said: “The launch of REGIS-TR will significantly enhance transparency in this market and contribute to facilitating the work of the regulators by providing them with a clear picture of the market. The project is running smoothly and has generated a great deal of interest prior to the go live date.”

Philip Brown, head of relationship management at Clearstream Banking, said: “We have already seen great interest from market participants in REGIS-TR and the range of benefits it will offer since the launch of the initiative on 31 May and we are confident that we will meet their expectations and needs. We continue to closely monitor regulatory developments so that REGIS-TR will fully comply with regulatory demand.”