Full EMIR solution is now available to binary options brands using the TRADOLOGIC platform
Binary options platform provider TRADOLOGIC, in a late Friday press release stated that they now offer fully compliant EMIR reporting solutions for binary option contracts under European Union law. This is welcome news to fully transparent and regulated EU FX brokers who are thinking about taking on a Binary platform to offer their client base as well as current brokers striving to maintain full compliance with evolving binary regulations. Brokers and their more demanding client base can rest assured knowing they will remain in complete compliance with new EMIR rules. The new rules are mostly based on reporting all transactions to one of the number of EU trade repositories.
Obligations to report OTC derivative contracts came into effect on February 12, 2014. According to EMIR, Binary options fall under this category. “At the moment, six registered Trade Repositories are located in the EU:
- DTCC Derivatives Repository Ltd. (DDRL), based in the United Kingdom;
- Regis-TR S.A., based in Luxembourg; and
- ICE Trade Vault Europe Ltd (ICE TVEL), based in the United Kingdom; and
- UnaVista Ltd, based in the United Kingdom.
- CME Trade Repository Ltd (CME TR), based in the United Kingdom.
- Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW), based in Poland.
These Trade Repositories cover all derivative asset classes –commodities, credit, foreign exchange, equity, interest rates and others – irrespective of whether the contracts are traded on or off exchange. From this date all new derivatives transactions and all transactions that have been entered into after 16 August 2012 have to be reported.” More information can be found on the EMIR overview website.
TRADOLOGIC states that “the company is proud to be one of the 1st Binary Options software providers to include this requirement as part of its ongoing efforts to strive for excellence.” We will continue to follow updates and trends in reporting and regulation in the evolving Binary option space.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.