Eurex Clearing
1. Introduction
According to Article 9 EMIR (European Market Infrastructure Regulation), both Eurex Clearing and its Clearing Members are obliged to report transactions in exchange-traded (“ETD”) and OTC derivatives since 12 February 2014. Since 12 August 2014, also collateral and valuation reports have to be submitted.
Since both counterparties of a derivatives trade have to report and since common data must be identical, it is important that the CCP and its Clearing Members use the same methods to populate common data fields. After consultation with the financial industry and in accordance with the regulatory framework, Eurex Clearing will amend some category 1 fields with effect from 30 March 2020 to improve matching rates.
Production start: 30 March 2020.
2. Required action
Please read through the Member Information, new version 2.5, which contains, besides some clarifications and report updates, mainly changes due to the optimisation of the reconciliation process. Please amend your reporting accordingly, if necessary.
3. Details of the initiative
The updated “Member Information – Reporting by Eurex Clearing according to EMIR Article 9”, version 2.5, is adjusted according to ESMA’s Q&A from 7 January 2020 (available on the ESMA website under this link: Q&A) and after consultation and discussion with the Financial Industry Association. Eurex Clearing is aiming to achieve better results for reconciliation by implementing these changes to the current population method.
The go-live will take place on 30 March 2020, i.e. the reporting for 30 March 2020 will be conducted with the new logic.
The following EMIR common data fields will be amended in our reporting logic:
For ETD (see Member Information, chapter 13.2):
For OTC Derivatives (see Member Information, chapter 13.3):
In addition to the above, the following updates have been made to the Member Information:
- The source for variation margin changed from report CD010 to CD710 | |||||
- The source for the initial margin changed from CC060 to CC760 |
The updated version 2.5 of the Member Information is attached and has also been made available for download in the Member Section of the Eurex Clearing website www.eurexclearing.com under the following path:
Member Section > Clearing Resources > EMIR Reporting
The document describes how Eurex Clearing reports derivative transactions according to EMIR in order to enable Clearing Members and other reporting participants to align the reporting. Changes to the prior version are highlighted. EMIR reporting is still subject to further guidance by ESMA. In case of changes to the proposed EMIR reporting methods, Eurex Clearing will provide updated documentation via further Eurex Clearing circulars.
This circular is for information purposes only and does not purport to define any legal requirements.
Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions of Eurex Clearing AG.
Attachment:
Further information
Recipients: | All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors |
Target groups: | Middle + Back Office, IT/System Administration |
Contact: | tremir@deutsche-boerse.com |
Web: | www.eurexclearing.com |
Related circulars: | Eurex Clearing circulars 111/18, 077/19 |
Authorised by: | Heike Eckert |