Trade Reporting under EMIR Refit
EMIR Trade Reporting
About EMIR
EMIR, the European Market Infrastructure Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, specifies reporting obligations for counterparties and central counterparties (CCPs).
Who needs to report?
- Counterparties / Non-Clearing Members and Clearing Members based in the EU & active on the derivatives markets
- Central Counterparties (CCPs)
What needs to be reported?
- Details of any derivative contract concluded
- Any modification or termination of the contract
- Duplication is to be avoided
Where do I have to report to?
-
Trade repository (REGIS-TR)
When do I have to report?
-
No later than the working day following the conclusion, modification or termination of the contract (t+1)
Where do I find the concrete text of the regulation?
The complete text of EMIR is available here (REGULATION (EU) No 648/2012).
Please pay special attention to Article 9.
ECC EMIR Data Services
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.
Members can directly access their reported data via a web-based solution and download it from a SFTP in the way it is reported to Regis-TR, an approved trade repository under the European Market Infrastructure Regulation.
The data access via the Web Client 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 SFTP for further download.
Our EMIR Data Services include:
- Trade and position reporting for Financial (FC) and Non-Financial Counterparties (NFC)
- Exposure reporting for Clearing Members
- Provision of data files for individual downloading
- Reporting to the trade repository REGIS-TR
- Web Clients to monitor status of reported data
Counterparties can choose between a basic service that provides data files and additional service (full delegation service) that includes the data submission to REGIS-TR.
| Member Status | EMIR Harmonized File | EMIR Basic Service (NCM) / EMIR Basic Service Files (CM) | EMIR Additional Service |
| Clearing Member (CM) |
Provision of some report-relevant EMIR data fields for individual download (free of charge) | Provision of complete EMIR data files for individual download (free of charge) |
Transfer of complete EMIR data files to Regis-TR |
| Non-Clearing Member (NCM) | Provision of complete EMIR data files for individual download |
Our EMIR Data Services include:
- Trade and position reporting for Financial (FC) and Non-Financial Counterparties (NFC)
- Exposure reporting for Clearing Members
- Provision of data files for individual downloading
- Reporting to the trade repository REGIS-TR (Additional Service)
- Web Clients to monitor status of reported data (Additional Service)
ECC EMIR Basic Service
Through the EMIR Basic Service, ECC’s Clearing and Non-Clearing Members can easily access, and check their data. Counterparties can easily download the data files and forward them to REGIS-TR or any other trade repository.
The advantages of our EMIR Basic Service are:
- Easy access via SFTP
- EMIR data files for individual download
- Provision on the working day following the conclusion of a contract
- Opportunity to adapt files to fulfill individual reporting requirements
- Files can be used as input data for reporting to a trade repository of your choice
EMIR Basic Service Files for CMs
As with the Non-Clearing Members ECC EMIR Basic Service, the Clearing Members' own EMIR messages are generated and stored on the SFTP server. These reports include the transactions, positions, valuation updates and collateral updates of the respective Clearing Member for the trades cleared by ECC.
As with the EMIR Basic Service, these reports are created from the perspective of the Clearing Member, so that direct forwarding to the Trade Repository Regis-TR is possible. To use another trade repository, the reports must be supplemented with the other trade repository details.
These Basic Service Files for Clearing Members are free of charge and are intended to be used for direct reporting to the Trade Repository or for comparing and adapting the own EMIR reports so that there are no deviations at the regulatory level. This is intended to avoid a high level of reconciliation effort on both sides (CCP & CM).
EMIR Additional Service
Counterparties who wish to benefit from the highest standard of automation favour the EMIR Additional Service. This service is an add-on to the EMIR Basic Service. All data is not only available as downloadable files, but is additionally reported directly to REGIS-TR.
The ECC EMIR Additional Service for Non-Clearing Member is only available when their Clearing Member also uses the ECC EMIR Additional Service.
Clearing Members can only use the ECC EMIR Additional Service in combination with an own account at our Trade Repository Regis-TR.
The advantages of our EMIR Additional Service are:
EMIR Harmonized File
In addition to the complete EMIR data files ECC offers the Harmonized File, which simplifies the reconciliation and matching process between the CCP and the CM according to Article 9 EMIR.
The advantages of our EMIR Harmonized File are:
- Easy access via SFTP server
- Individual download of Harmonized 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 Harmonized File is free of charge
The Harmonized 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.
Fees
| EMIR Harmonized File | Basic Service | Additional Service | |
| Provision of EMIR Harmonized File1 | Data provision to the Market Participant | Reporting to Regis-TR | |
|
All exchanges ECC provides Clearing Services for |
Free of charge | Non-Clearing Members: 300 Euro/month | Non-Clearing Members2: 100 Euro/month |
| Institution Clearing Members: Free of charge | Institution Clearing Members: 400 Euro/month3 |
1The EMIR Harmonized File will be provided in csv format and will be made available to the Reporting Participant on an SFTP server. The Reporting Participant can individually download the file on the business day following the reportable event.
2 For NCMs: can only be selected by NCMs if their CM delegates reporting to ECC
3 Institution Clearing Members are required to hold an own Regis-TR Reporting Participant account.
* Please note: The mentioned price is for information purposes only. The currently binding price list is available at Trading > Price List.
Why use ECC EMIR Data Services?
Tailored to Customer needs
European Commodity Clearing‘s Clearing and Non-Clearing Members using our regulatory reporting services meet the requirements of EMIR and the regulators. Our EMIR Data Services help customers save resources so that they can focus on their daily business. EMIR Data Services at ECC (part of EEX Group) is both straightforward and simple. Registered Clearing Members and Non-Clearing Members benefit from:
- Automatic updates of our regulatory reporting solution upon latest regulatory requirements, inclusion of new products offered for trading and changes in data provision
- Reporting reliably at all times – even on public holidays (T2 calendar applies)
- Increased data consistency for EEX Group members through standardised processes for EMIR, REMIT and MiFID II / MiFIR reporting
- Easy access via SFTP server and Web Client
- Choice between basic service and additional service (full delegation service)
How to connect to EMIR Data Services
To use the EMIR Data Services, please fill in the form titled “EMIR Data Services Agreement as of 05_2024” and send it to the Reporting Services team.
After receiving the completed forms, we will contact you to start the setup process, which involves several steps to ensure that you have secure access to your reported data.
| Title | Type | Category | Publishing date | File |
|---|---|---|---|---|
| EMIR Data Service Agreement as of 05/2024 | Reports | EMIR | 2024-04-04 | pdf (530 KB) |
| EMIR Termination Form | Reports | EMIR | 2024-04-04 | pdf (132 KB) |
| Harmonized File Q/A | Reports | EMIR | 2024-03-12 | (0 B) |
EMIR Data Services under EMIR Refit
With the extensive adjustment of the EMIR reporting system under EMIR Refit, the previous reporting system will be restructured and supplemented with further information. The goal of uniform reporting by the counterparties is also the claim that ECC represents.
By making the EMIR Basic Service Files available to the Clearing Members free of charge and the EMIR Harmonized Files, we are getting closer to this goal.
We also provide further information about the implementation of EMIR Refit in the download section.
| Title | Type | Category | Publishing date | File |
|---|---|---|---|---|
| Derivatives Product Overview | Reports | EMIR | 2024-12-10 | xlsx (173 KB) |
| Preliminary Sample xmls | Reports | EMIR | 2024-04-04 | zip (4 KB) |
| Preliminary Common Data Fields | Reports | EMIR | 2024-03-12 | pdf (103 KB) |
| Preliminary Member Info | Reports | EMIR | 2024-03-12 | pdf (2 MB) |