As we outlined above, under the EMIR regulations, all OTC derivatives must meet strict reporting requirements, which means that all derivatives’ transactions and contracts must be reported and submitted to their respective TRs.
Additionally, under the EMIR regulations, The European Securities and Markets Authority (ESMA) is appointed to oversee all TRs, requiring them to submit any and all transaction-related information for review, set and define technical standards, conduct investigations, and take measures as required for TRs that do not adhere to specific reporting requirements.
These reports must include the following information:
- A Unique Transaction Identifier (UTI)
- A legal entity identifier (LEI)
- Information on the trading capacity of the counterparty
- The marked-to-market valuation of the position
Additionally, part of ESMA’s role is to also serve as a resource for CCPs, TRs, and other entities. For example, in July 2019, ESMA updated their FAQs specifically related to EMIR.
Read More: EMIR: A Brief Guide