Since 12 February 2014, counterparties are obliged to report derivative transactions to a trade repository according to EMIR Article 9. For ECC’s members, these requirements comprise trade and position reporting, as well as reporting of data on collateral and valuations for financial counterparties.
All contracts that are derivatives under EMIR have to be reported. Due to the principal-to-principal model, the Clearing Member (CM) concludes a transaction with ECC as well as, in the case of Non-Clearing Member (NCM) or client business, a back-to-back transaction with its NCM or client. For any derivatives transaction, up to four trades have to be reported by the respective counterparties double-sided.
ECC offers Clearing Members and Non-Clearing Members a service whereby they can delegate their reporting obligations to ECC. This means that members can significantly reduce their reporting efforts for all derivatives trades cleared by ECC and can benefit from aligned processes with transaction reporting under REMIT.
Members can directly access their reported data via a new web-based solution and download it from a ftp in the way it is reported to Regis-TR, an approved trade repository under the European Market Infrastructure Regulation.
The data access via the new web-interface allows delegating customers to:
- track the status of the reporting process
- monitor the successful completion of the reporting process at the end of the day following the conclusion of a transaction at any of ECC’s partner exchanges
- look into any of the reported data sets for further details.
Beyond the provision of the XML files reported to Regis-TR, ECC will also deliver Regis-TR’s data acknowledgements onto the ftp for further download.
For the purpose of members’ full flexibility ECC splits the service into 2 parts.
|Basic Service||Additional Service|
|Provision of EMIR data files for individual download||Transfer of EMIR data files to Regis-TR|
The Basic Service covers the provision of the EMIR data files which allows members to adjust them according to own needs (i.e. for sending them to a different trade repository). ECC does not report the file to Regis-TR as part of the Basic Service. In addition to the Basic Service members can also subscribe to the Additional Service which includes the direct dispatch of the EMIR data files to Regis-TR including the provision of the respective acknowledgement on the ftp without any additional fee. Please note that the Additional Service can be only used by Non-Clearing Members if the respective Clearing Member delegates the EMIR reporting to ECC.
Additionally, ECC offers the Harmonised File, which simplifies the reconciliation and matching process between the CCP and the CM according to Article 9 EMIR (European Market Infrastructure Regulation).
The advantages of our EMIR Harmonized File are:
- Easy access via FTPS server
- Individual download of Harmonised Files
- Provision on the working day following the conclusion of a contract
- Improving data quality and reducing discrepancies between the ECC and the Clearing Members with regard to UTI use and filling of some matching-relevant fields
- The Harmonised File is free of charge
The Harmonised File does not contain all EMIR-relevant reporting data and therefore cannot be sent to the Trade Repository as an EMIR report according to Article 9 EMIR.
For questions relating to trade reporting under EMIR and the ECC offering for delegating the reporting please contact our team Reporting Services.
Legal Entity Identifier
"ECC's Legal Entity Identifier for Trade Reporting according to EMIR Article 9: 529900M6JY6PUZ9NTA71."
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