UnaVista Trade Repository fees

UnaVista Trade Repository fees

2020 EMIR TR pricing

Please note that after the transitional arrangements relating to the United Kingdom’s withdrawal from the European Union comes to an end, UnaVista Ltd will provide only UK trade repository services under UK MIR and UK SFTR, under supervision of the FCA, and UnaVista TRADEcho B.V. will provide only EU trade repository services under EMIR and SFTR, under supervision of ESMA. At no time will any other LSEG entity provide trade repository services. For more details, see here

All prices labelled in GBP (£) will apply to the volume reported to UnaVista Ltd until 31/12/2020 included. These prices converted in EUR (€) will apply to the volume reported to UnaVista TRADEcho BV from 01/01/2021.

A fixed rate of 1.2 EUR/GBP will apply initially, but UnaVista reserve the right to adjust published EUR prices in consideration of market fluctuations.

Standard EMIR pricing

Volume bands

#

Lower band

Upper band

UTIs per band

Price per UTI

Price per band

1

0

2,000

2,000

Included in the licence fee

2

2,001

100,000

97,999

£ 0.0675

£ 6,614.93

3

100,001

2,000,000

1,899,999

£ 0.0405

£ 76,949.96

4

2,000,001

50,000,000

47,999,999

£ 0.00675

£ 323,999.99

5

50,000,001

200,000,000

149,999,999

£ 0.00108

£ 162,000

6

200,000,001

1,000,000,000

799,999,999

£ 0.000108

£ 86,400

Per annum licence fee and caps

Description

Price

UTIs included

Fixed licence fee per account

£ 3,000

2,000

Cap per reporting firm LEI

£ 200,000

Unlimited

Cap multiple reporting firm LEIs

£ 350,000

Unlimited

 

Direct Reporting

Direct reporting services are offered to firms who wish to contract directly with UnaVista and are party to the transactions submitted. These firms have access the UnaVista support model and will have full access to UnaVista resources to facilitate their reporting.

Firms own reporting

Single entity or group

TR participants contracting with UnaVista for the purpose of reporting their own legal entity’s reports (one reporting firm LEI) or multiple legal entities of a same parent entity or group (multiple reporting firm LEI) will be charged standard EMIR pricing.

A fixed licence fee of £ 3,000 per annum will be charged per account.

Caps of £ 200,000 and £ 350,000 per annum apply per reporting firm LEI and per account.

HFTs / ETPs

High-frequency traders (HFTs) and electronic trading participants (ETPs) contracting with UnaVista as TR participants will be charged a fixed licence fee per account, per annum, based on the volume bands below. Should the volume of UTIs exceed the volume band paid for, an additional charge will apply.

A cap of £ 200,000 will apply.

Retail flow

To qualify for retail flow, a HFT’s / ETP’s clients must be retail clients.

Retail UTIs submitted will be charged per the below tariff bands for the retail reporting firm LEIs configured in their LEI control table.

The license fee (Retail price) is based on predicted volumes. The minimum license fee is £ 50,000. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with retail clients, predicts their volume per annum is 20,000,000. The HFT is charged £100,000. If actual volume is 26,000,000, there will be an additional £2,500 (1,000,000 x 0.0025) charge.

 

#

Volume p.a. (UTIs)

Retail price

Price per additional UTI

1

Up to 10,000,000

£50,000

£ 0.005

2

More than 10,000,000 and up to 15,000,000

£ 75,000

£ 0.005

3

More than 15,000,000 and up to 25,000,000

£ 100,000

£ 0.004

4

More than 25,000,000 and up to 50,000,000

£ 125,000

£ 0.0025

5

More than 50,000,000 and up to 75,000,000

£ 150,000

£ 0.002

6

More than 75,000,000 and up to 100,000,000

£ 175,000

£ 0.00175

7

More than 100,000,000

£ 200,000 cap

£ 0.0016

Wholesale flow

The wholesale flow is for HFTs / ETPs with institutional clients.

Wholesale UTIs submitted will be charged per the below tariff bands for the wholesale reporting firm LEIs configured in their LEI control table.

The fixed license fee (Wholesale price) is based on predicted volumes. The minimum license fee is £ 100,000. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with institutional clients, predicts their volume per annum is 25,000,000. The HFT is charged £120,000. If actual volume is 26,000,000, there will be an additional £4,800 (1,000,000 x 0.0048) charge.

 

#

Volume p.a. (UTIs)

Wholesale price

Price per additional UTI

1

Up to 21,000,000

£ 100,000

£ 0.0048

2

More than 21,000,000 and up to 25,000,000

£ 120,000

£ 0.0048

3

More than 25,000,000

£ 200,000 cap

£ 0.0048

Delegated reporting

Report submitting entities

TR participants contracting with UnaVista for the purpose of submitting their counterparties reports will be charged standard EMIR pricing as “delegated service provider” and will require explicit permission to submit transaction reports on behalf of each reporting firm LEI configured in their LEI control table.

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of £ 5,000 per annum. Above 50,000 UTIs a year, standard EMIR pricing will apply starting from £ 0.0675 per UTI.

If a report submitting firm submits above 221,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of £ 50,000 per annum and standard EMIR pricing will apply starting from £ 0.0405 per UTI.

A cap of £ 350,000 per annum applies per delegated service provider.

Reporting firms

Reporting firms which have delegated their reporting to a counterparty/clearer submitting to UnaVista on their behalf, can be granted a view-only access to their reports. These firms will be required to contract with UnaVista and will be charged a fixed fee of £ 2,000 p.a.

Collaborative reporting

Collaborative reporting services are offered to firms who wish to contract with UnaVista but are not party to the transactions submitted (third parties).

Technical routers

Technical routers are third-party firms contracting with UnaVista as ISV partners for the purpose of assisting their Clients in submitting reports. Technical routers will be charged £ 2,000 per annum. UnaVista will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard EMIR pricing.

Technical routers clients grant their technical router access their secure file transfer protocol account (incl. SSH key) to route their reports to UnaVista. Technical routers may leverage access to their Clients data to offer additional services outside of UnaVista’s remit. It is worth noting that a technical router client can only submit data via a single technical router contracted with UnaVista.

Technical router clients have access to the UnaVista support model, rules engine services and will have full access to UnaVista resources to facilitate their reporting. This includes future analytics services providing unique insights to assist them in raising the quality of their reporting.

Aggregators

Aggregators are high-volume third-party firms contracting with UnaVista as TR participants for the purpose of submitting their clients reports. Aggregators submit their client’s transaction reports in UnaVista’s standard format and own the relationship with their clients, including the right to amend data.

Aggregators will be charged a dedicated EMIR pricing in accordance to the UTI volume submitted by their retail or wholesale clients.

Aggregator clients must grant their aggregator explicit permission to report on their behalf. Aggregator clients can be granted a view-only access to their reports by contracting with UnaVista and will be charged a fixed fee of £ 2,000 per annum. Aggregators may leverage access to their client’s data to offer additional services outside of UnaVista’s remit.

Aggregator clients will however not have access to UnaVista support model and rules engine services. This includes not having access to future analytics services.

Retail flow

To qualify for retail flow, the majority (90% or more) of UTI’s submitted by an aggregator must be in respect of trades executed on behalf of the aggregator’s non-professional investor clients (“Retail Clients”).

A fixed license fee of £ 100,000 per annum will be charged. This license fee includes 1,623,092 retail UTIs per annum.

Additional UTIs submitted by an aggregator will be charged per the below tariff for the retail reporting firm LEIs configured in their LEI control table. *

#

Lower band

Upper band

UTIs per band

Price per UTI

Price per band

1

0

1,623,092

1,623,092

included in the license fee

2

1,623,093

2,000,000

376,907

£ 0.055

£ 20,730

3

2,000,001

20,000,000

17,999,999

£ 0.0055

£ 99,000

4

20,000,001

100,000,000

79,999,999

£ 0.0003

£ 24,000

5

100,000,001

unlimited

unlimited

£ 0.0002

No cap

* Aggregators that sign up before 1 January 2021 for their reporting obligations in UK and EU with total UTI volumes greater than 75m can benefit from the following pricing:

From 1 January 2021 until 31 December 2021, aggregators will be charged separately by UnaVista Limited and UnaVista TRADEcho B.V. for their UK an EU reporting respectively, based on which trade repository they will send a higher UTI volume to (the “Higher Volume TR”) and which trade repository they will send a lower UTI volume to (the “Lower Volume TR”) as follows:

  • the Higher Volume TR will charge the aggregator the fixed license fee and in accordance with the retail flow tariff; and
  • the Lower Volume TR will charge the aggregator in accordance with the standard tariff but the fixed license fee shall not apply and UTIs shall be charged at a price per UTI starting with price band 3 (for 0 – 20,000,000 UTIs) instead of band 1.

From 1 January 2022 our standard retail flow tariff and fixed license fee will apply separately for each trade repository.

Wholesale flow

The wholesale flow is for aggregators that do not qualify for retail flow.

A fixed license fee of £ 25,000 per annum will be charged. This license fee includes 300,000 wholesale UTIs per annum.

Additional UTIs submitted by wholesale aggregator clients will be charged to aggregators per the below tariff for the wholesale reporting firm LEIs configured in their LEI control table.

#

Lower band

Upper band

UTIs per band

Price per UTI

Price per band

1

0

300,000

300,000

Included in the licence fee

2

300,001

2,000,000

1,699,999

£ 0.06075

£ 103,275

3

2,000,001

20,000,000

17,999,999

£ 0.0072

£ 129,600

4

20,000,001

200,000,000

179,999,999

£ 0.0012

£ 216,000

5

200,000,001

unlimited

unlimited

£ 0.000162

No cap

 

Service providers

Service providers are very high-volume third-party firms contracting with the Trade Repository. Service providers own the relationship with their clients including the right to amend data, but service provider clients have access to the UnaVista system and support model including access to future analytics services.

The £525,000 annual fee consists of £350,000 base fee, and £175,000 for their clients to have access to the UnaVista system and the UnaVista Support team.

The total sum of UTIs submitted by all the Service Provider’s clients will be charged to the Service Provider per the below tariff.

#

Lower band

Upper band

UTIs per band

Price per UTI

Price per band

1

0

96,771,724

96,771,724

Included in the licence fee

4

96,771,725

200,000,000

103,228,275

£ 0.0012

£ 123,874

5

200,000,001

unlimited

unlimited

£ 0.000162

No cap

 

Portability

TR participants are able to seamlessly transfer their reporting to other TRs. Porting services are offered in accordance with ESMA’s guidelines on portability between TR to firms contracted with UnaVista and onboarded to production who wish to switch their live reporting to UnaVista or to another TR.

Voluntary porting from other TRs to UnaVista

When a TR participant firm requires onboarding from another TR, standard EMIR pricing applies for the latest state of outstanding derivatives ported to UnaVista. The volume of UTIs ported counts towards applicable capping.

Additional PS days will be charged on a T&M if the TR participant firms wants to transfer any other data to UnaVista.

Voluntary porting from UnaVista to other TRs

When a TR participant firm requires offboarding from UnaVista, billing will apply on a time and material basis at the applicable standard PS daily rate.

TR withdrawal

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to UnaVista will be charged to TR participants which selected UnaVista as their new TR.

In case of UnaVista withdrawing, no fees can be charged for ensuring the porting TR participant firms data to other TRs.

 

LEI changes

TR participants are able to request the update of LEIs of transactions they have reported to UnaVista. This service offers the update of an old LEI to a new LEI on historical TR records in accordance with ESMA’s QA on EMIR implementation (TR QA40), enabling seamless transition to reporting transactions with the new LEI.

A £ 3,200 fixed fee is charged to account for up to 100.000 transaction reports updated to cover Trade Repository costs related to administrative tasks, quality assurance and notifications to the relevant competent authorities.

A further £ 200 is charged for each subsequent batch of 100.000 transaction reports updated in the TR.

Standard EMIR pricing will apply after the change has taken place for any transaction reports submitted from activation date onwards.

In case of cancellation, the same pricing will apply.

Charge

Fee

Up to 100.000 transaction reports updated in the TR

£ 3,200

Each subsequent batch of 100.000 transaction reports updated in the TR

£ 200