Reporting for ICAVs and SICAVs
What is an ICAV and a SICAV? ICAVs ICAV stands for Irish Collective Asset-Management Vehicle. ICAVs are a corporate structure created especially for the Irish funds industry – it may be listed on a stock exchange. It provides managers and promoters with a corporate structure that is designed specifically for investment funds and which is […]
Are products traded with a SI considered OTC?
A Systematic Internaliser (SI) is an investment firm that, when executing client orders over-the-counter (OTC), multilateral trading facility (MTF), or organised trading facility (OTF), deals on its own account in an organised, frequent, systematic and substantial manner without operating a multilateral system (see Article 4(1)(20) of MiFID II). Summary The question of whether an International […]
SFTR comes to the US: SEC’s Rule 10c-1a – Rules for securities loans
Rule 10c-1a’s purpose is to increase transparency and for the securities lending market to be more efficient. This is the US equivalent to the European SFTR regulation which requires the reporting of Securities Financing Transactions (SFTs) to trades repositories. The final rules have been effective since 2 January 2024 (Effective Date), however, of the various phases of […]
Derivative based on crypto-assets – UK EMIR
Can I use overseas MICs instead of an ISIN or UPI for EMIR?
When do I use an overseas MIC instead of an ISIN or UPI under EMIR? Under EMIR regulations (both EU and UK versions), there are very specific validation rules which sometimes require an ISIN, sometimes a UPI and sometimes neither. We have made the flow chart below to help you ascertain which rules will apply […]
TRAction’s Processing and Handback Timeline
How does TRAction simplify your trade reporting? Regulatory trade and transaction reporting can be complex and unwieldy, but that’s why TRAction is here to help! We do all the heavy lifting for you, which allows more capacity for your firm to focus on the delivery of your products and services. Take a look at our […]
How do I report Novations of OTC derivatives?
What is a Novation? A ‘novation’ is where an existing agreement is replaced with a new agreement to which all contracting parties agree. Generally, novations occur by either: (i) an assignment or transfer of a transaction in which the terms to the original transaction are varied or added, resulting in a new contract and the […]
Need to update Pre-EMIR Refit trades?
Under the Refit regulations which commenced on 29 April 2024 in the EU, a 180 day (6 month) transition period was provided to allow for reporting entities to update their non-compliant trades entered into before the Implementation Date. This means the EMIR Refit old format (for open trades) window closes on 26 October 2024 (for […]
EMIR Required for Cleared Trades, Agency or Give-up models?
Background: Clearing, Prime brokers and bilateral arrangements When financial firms want to trade with each other there are several risks involved, one of which is credit risk. This is the risk where a firm might not be able to ‘pay up’ for losses on a bilateral trade. This risk may be mitigated or resolved by […]
Unique product identifier (UPI) – UK EMIR
