Entities that are subject to the reporting requirement, namely both financial counterparties pursuant to Article 2(8) EMIR as well as non-financial counterparties pursuant to Article 2(9) EMIR (regardless of whether the clearing threshold was exceeded or not), shall, pursuant to Article 9 EMIR, report the details of concluded derivative trades and of any modification or termination of the derivative contracts to a trade repository no later than the working day following the conclusion of the trade. In addition, financial and non-financial counterparties exceeding the clearing threshold are required to report updates about collateral and valuation of the derivative contract. This latter reporting requirement does not apply to non-financial counterparties below the clearing threshold.
Derivative contracts required to be reported
Derivative contracts that are required to be reported are all instruments listed in Annex I Section C nos. 4 to 10 MiFID, regardless of whether the contract was concluded at a trading venue or not.
- DTCC Data Repository (Ireland) Plc (IRL): part of DTCC group (US)
- Krajowy Depozyt Papierów Wartościowych Spółka Akcyjna – KDPW (PL): part of the Polish CSD / owners of the Polish CCP
- REGIS-TR (LUX): joint venture of Iberclear (Spanish CSD) and Clearstream (Deutsche Börse group)
- UnaVista TRADEcho B.V. (NL): part of the London Stock Exchange Group (LSEG)
Submission of the report
The submission of the report may be outsourced to a third party, although responsibility for the correctness of the report always however remains with the entity that is required to make the report.
The details of the reporting pursuant to Article 9 EMIR are defined in a Regulatory Technical Standard (RTS) – Commission Delegated Regulation (EU) No 148/2013 and an Implementing Technical Standard (ITS) Commission Delegated Regulation (EU) No 1247/2012, which are currently being reviewed.
Pursuant to Article 3 of the ITS, the reporting to one of the trade repositories shall include a Legal Entity Identifier (LEI) in accordance with ISO 17442 by both parties involved, i.e. the reporting party as well as by any legal person mentioned in the reporting.
A list of all the Local Operating Units (LOUs) active on a cross-border basis can be found here.