UK & European Trade Reporting Requirements (EMIR / MiFID / MiFID II)

Europe

  1. European Market Infrastructure Regulation (EMIR)  All counterparties are required to report details of any derivative contract they have concluded, or which the counterparty has modified or terminated to a registered Trade Repository.
  2. Markets in Financial Instruments Directive (MiFID)  Currently MiFID transaction reporting only applies to financial instruments admitted for trading on a regulated market (and to OTC derivative contracts linked to those instruments).
  3. Markets in Financial Instruments Directive (MiFID II)  MiFID II is set to come into effect in January 2018 and will govern all aspects of the financial markets, including derivatives trading and reporting. MiFID II will expand derivative transaction reporting obligations.

MiFID II and MiFIR Reporting Obligations

From 3 January 2018, the scope of transaction reporting will be greatly expanded.  Under the new regime, all investment firms will need to report OTC derivative transactions where the underlying instrument is traded on an EU trading venue, on a T+1 basis.

Some of the key issues of which firms need to be aware are described on our page covering MiFID II reporting obligations.

EMIR Reporting Obligations

The European Market Infrastructure Regulation (EU) No 648/2012 (EMIR) is European legislation for the regulation of over-the-counter (OTC) derivatives.

The new Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) are a revision of the existing applicable standards. They will apply from 1 November 2017.

Read more on our EMIR reporting page.

Shekel Reporting

Brokers that deal in the Israeli Shekel derivative have reporting obligations to the Bank of Israel. All non-Israeli firms who hold a position above the threshold (USD15m in aggregate gross notional) are required to report all OTC Derivative on Shekel FX and rates.

For Further information on your Shekel reporting obligations, visit our Israeli Shekel page.


MiFID

MiFID requires banks, trading firms and asset managers to report securities and derivatives trades. Read More


MiFID II

MiFID II extends the derivative transaction reporting obligations of MiFID to a larger group of businesses. Read More


EMIR

EMIR requires all market participants to report details of all derivative contracts (interest rate swaps, FX, credit, equity and commodity) to Trade Repositories. Read More