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WatersTechnology.com Esma: Both OTC identifiers will not be required in Emir reporting
Market participants will not have to use both the UPI and the Isin in their submissions to trade repositories, policy officer says. Print this page
Market participants won’t have to use two different codes to identify derivatives in regulatory reporting under the European Market Infrastructure Regulation (Emir), according to Joanna Lednicka, policy officer at the European Securities and Markets Authority (Esma).
Lednicka says the regulator is not in favor of requiring reporting counterparties to use both the unique product identifier (UPI) and the International Securities Identification Number (Isin) for over-the-counter (OTC) derivatives
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Recent regulatory developments of interest to financial institutions and markets. This edition reports on developments relating to EU EMIR and EU MiFID. Also check our Financial institutions general regulatory news of broader application in the Related Materials links.
Contents
EU MiFID: Council of EU adopts proposed amending Directive
EU MiFID: ESMA decision on non-controversial opinions on commodity derivatives position limits
MiFID research unbundling: ESMA working paper
EMIR: Delegated Regulations on clearing obligation and risk mitigation
The following Delegated Regulations made under the European Market Infrastructure Regulation (EMIR) have been published in the Official Journal of the European Union (OJ):
<p><span>In September 2009, it took just nine words – OTC derivative contracts should be reported to trade repositories – for the Group of 20 (G-20) to unleash one of the most ambitious and complex initiatives in the history of derivatives markets. Despite the obvious rationale for improving transparency to give regulators better insight into market activity and emerging risks, trade reporting has proven exceptionally challenging.</span></p>