EMIR EU & UK

EMIR is the European Union’s cornerstone regulation for over-the-counter (OTC) derivatives markets, introduced in the aftermath of the 2008 financial crisis to increase transparency and reduce systemic risk across European financial markets.

Under EMIR, both financial and non-financial counterparties are required to report details of every derivative contract to an authorised Trade Repository (TR) no later than the working day following the execution, modification, or termination of a trade. This applies to all asset classes including interest rates, credit, equity, commodity, and foreign exchange derivatives.

Key Obligations

• Dual-sided reporting — both counterparties to a trade must submit a report, ensuring data consistency and completeness
• Unique Transaction Identifier (UTI) — every reported trade must carry a UTI to enable matching and reconciliation across counterparties
• Legal Entity Identifier (LEI) — all reporting entities must hold a valid, renewed LEI
• Daily valuation reporting — financial counterparties and non-financial counterparties above the clearing threshold must report mark-to-market or mark-to-model valuations
  and collateral
• Lifecycle event reporting — any modification, termination, compression, or novation must be reported with the appropriate action and event types

EMIR Refit

The EMIR Refit regulation, which went live on 29 April 2024, introduced significant changes to the reporting framework. The number of reportable fields expanded from 129 to 203, XML ISO 20022 became the mandatory reporting format, and new validation rules were introduced to improve data quality. Reconciliation tolerances were tightened and new fields around clearing, margins, and collateral were added to provide regulators with a more granular view of derivative exposures.

Point Nine’s platform is fully aligned with the latest EMIR Refit requirements, providing automated field mapping, pre-submission validation, and direct connectivity to major trade repositories.