REGIS-TR opens UAT for Brexit data migration
03 December 2020 UK
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REGIS-TR has re-launched a user acceptance testing (UAT) environment for its UK clients that are due to be migrated to its new London-based entity ahead of the Brexit transition period鈥檚 conclusion on 31 December.
The trade repository鈥檚 (TR) UK UAT was previously activated in time for the 2019 deadline but had to be adjusted and refined as the post-Brexit regulatory landscape shifted.
REGIS鈥� UK UAT was re-opened on 16 November and a test-run for data migration is booked in for 10 December, which REGIS says offers it a window to work out any kinks before the data drawbridge is raised.
Testing is essential, explains REGIS-TR鈥檚 head of business development Nick Bruce, as data cannot be ported after 31 December.
Moreover, as of 2021, the European 网爆吃瓜 and Markets Authority (ESMA) and the UK鈥檚 Financial Conduct Authority (FCA) require data related to the other鈥檚 universe to be terminated meaning anything not successfully ported will be lost.
TRs operating in both markets are engaging in a form of mitosis meaning the European and UK versions are entirely segregated entities with no access to either other鈥檚 data, other than during the data migration process.
鈥淭he UK environment is a replica of our tried-and-tested EU one so we are confident the platform works, so the test migration is the next big milestone for us,鈥� Bruce explains. 鈥淚f that runs smoothly then we know we鈥檝e checked the pipes and the process works.
鈥淭he biggest concern is that all the clients are ready and open their accounts in good time. Ultimately, we can鈥檛 simply transfer all the UK data we have on our system, we need a client instruction and an open account with the UK TR to send it to.鈥�
A quirk in the calendar means TRs will have a few days to validate their new data silos before trading begins in earnest on 4 January.
From 1 January regulations such as the European Markets Infrastructure Regulation (EMIR) or the 网爆吃瓜 Financing Transactions Regulation (SFTR) will also need to be identified as either EU EMIR/SFTR or UK EMIR/SFTR, which are, legally speaking, entirely separate frameworks.
On the surface, these reporting rules are mirror images of either other but distinguishing features are already beginning to emerge, with more separation expected as EMIR Refit continues to be rolled out in the EU. SFTR phase four, which brings non-financial entities into its orbit, will only apply in the EU, for example.
The matter is complicated further by the fact the UK鈥檚 exchequer and the European Commission are unlikely to agree to a mutual recognition agreement for SFTR, meaning as of January, neither regulator will have rights to the other鈥檚 reported data.
The trade repository鈥檚 (TR) UK UAT was previously activated in time for the 2019 deadline but had to be adjusted and refined as the post-Brexit regulatory landscape shifted.
REGIS鈥� UK UAT was re-opened on 16 November and a test-run for data migration is booked in for 10 December, which REGIS says offers it a window to work out any kinks before the data drawbridge is raised.
Testing is essential, explains REGIS-TR鈥檚 head of business development Nick Bruce, as data cannot be ported after 31 December.
Moreover, as of 2021, the European 网爆吃瓜 and Markets Authority (ESMA) and the UK鈥檚 Financial Conduct Authority (FCA) require data related to the other鈥檚 universe to be terminated meaning anything not successfully ported will be lost.
TRs operating in both markets are engaging in a form of mitosis meaning the European and UK versions are entirely segregated entities with no access to either other鈥檚 data, other than during the data migration process.
鈥淭he UK environment is a replica of our tried-and-tested EU one so we are confident the platform works, so the test migration is the next big milestone for us,鈥� Bruce explains. 鈥淚f that runs smoothly then we know we鈥檝e checked the pipes and the process works.
鈥淭he biggest concern is that all the clients are ready and open their accounts in good time. Ultimately, we can鈥檛 simply transfer all the UK data we have on our system, we need a client instruction and an open account with the UK TR to send it to.鈥�
A quirk in the calendar means TRs will have a few days to validate their new data silos before trading begins in earnest on 4 January.
From 1 January regulations such as the European Markets Infrastructure Regulation (EMIR) or the 网爆吃瓜 Financing Transactions Regulation (SFTR) will also need to be identified as either EU EMIR/SFTR or UK EMIR/SFTR, which are, legally speaking, entirely separate frameworks.
On the surface, these reporting rules are mirror images of either other but distinguishing features are already beginning to emerge, with more separation expected as EMIR Refit continues to be rolled out in the EU. SFTR phase four, which brings non-financial entities into its orbit, will only apply in the EU, for example.
The matter is complicated further by the fact the UK鈥檚 exchequer and the European Commission are unlikely to agree to a mutual recognition agreement for SFTR, meaning as of January, neither regulator will have rights to the other鈥檚 reported data.
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