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Author: Admin | 2025-04-28
Trade Reporting Regimes TRAction Fintech was founded to reduce the compliance burden by taking care of your trade reporting. The requirements vary by jurisdiction and the following information may need to be reported: The type of financial instrument The counterparties to a trade Any intra-day modifications A legal entity (LEI) Transaction and product identifiers The Objectives of Trade Reporting Requirements The overarching objectives of the regulatory trade reporting regimes for financial products are to:enhance the transparency of trade information available to relevant authorities and the public;promote financial stability; andsupport the detection and prevention of market abuse. Europe EMIR, MiFID II/MiFIR, SFTR EMIR, MiFIR/MiFID II and SFTR are separate regulatory regimes in Europe. Who do they apply to?Investment firms can find more detail here. EMIR EMIR Refit will commence in the UK on 30 September 2024. The existing EMIR was onshored into UK legislation as UK EMIR upon Brexit. The UK legislation requires entities entering into derivative contracts to report transactions to an FCA registered trade repository (TR), clear via a central counterparty (CCP) if subject to a mandatory clearing obligation and implement risk mitigation for OTC derivatives that are not cleared by a CCP. MiFID II/MiFIR Imposes transaction reporting obligations in respect of specified transactions in financial instruments where the underlying instrument is traded on a European Economic Area (EEA) trading venue. SFTR Only Financial Counterparties have the reporting obligations, including all UK based entities and third country branches of UK based entities. Non-financial counterparties don’t have the reporting obligations. United Kingdom EMIR, MiFID II/MiFIR, SFTR EMIR, MiFIR/MiFID II and SFTR have been onshored to the United Kingdom (UK) and are separate regulatory regimes in the UK. Who do they apply to?Investment firms can find more detail here. EMIR EMIR Refit will commence in the UK on 30 September 2024. The existing EMIR was onshored into UK legislation as UK EMIR upon Brexit. The UK legislation requires entities entering into derivative contracts to report transactions to an FCA registered trade repository (TR), clear via a central counterparty (CCP) if subject to a mandatory clearing obligation and implement risk mitigation for OTC derivatives that are not cleared by a CCP. MiFID II/MiFIR MiFIR/MiFID II reporting obligations in the UK are the same as the EU as they have been adopted locally by the UK parliament. It is important to note that UK entities will now have a dual-reporting obligation if the
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