EMIR mandates reporting of all derivatives to Trade Repositories (TRs). TRs centrally collect and maintain the records of all derivative contracts. They play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability.
Rules and guidance on implementing EMIR provisions
ESMA has developed detailed rules and guidance on reporting, registering, and accessing data.
What needs to be reported to TRs:
- Regulatory technical standards
- Implementing technical standards
- revised Regulatory technical standards (applicable from 1 November 2017)
- revised Implementing technical standards (applicable from 1 November 2017)
Legal entity identifier (LEI) codes should be used to identify counterparties which are legal entities. LEI can be issued by any of the Local Operating Units (LOU) of the global entity identifier system (GLEIS).
TRs should apply validation rules to ensure that reporting is performed according to the EMIR regime,
including the specifications of the Technical Standards. Please see EMIR TRQ&A 20 for more details.
- Validation rules under revised EMIR standards (last updated 9 August 2018. Updates applicable from 5 November 2018)
Regulatory technical standards on publicly available data and data available to authorities