Reporting by Eurex Clearing according to Article 9 EMIR and 17 CFR Part 45: Change of Unique Transaction Identifier

1.  Introduction   

As of 5 December 2022, Eurex Clearing will adopt global requirements for Unique Transaction Identifiers (“UTIs”) according to Article 17 CFR Part 45 (paragraph 45.5) and pursuant to the CPMI-IOSCO Technical Guidance (Harmonisation of the Unique Transaction Identifier) in ECAG’s Part 45 and EMIR reporting. For Part 45 reporting, the Unique Swap Identifier (“USI”) will be replaced by the UTI. 

ECAG’s prefix for UTI Issuer “1050000007” will be substituted by ECAG’s Legal Entity Identifier (“LEI”) “529900LN3S50JPU47S06”. This change will apply to new trades cleared in the EurexOTC system 
out of a bilateral trade novation or out of a PTE action like Trade Transfer, Account Transfer, Termination, Clearer Change, Netting or Compression triggered on an existing trade in VERIFIED status. The value of the UTI Issuer will remain unchanged for the legacy trades as no conversion or migration is planned.

The effective date of the new UTI is Monday, 5 December 2022 in EurexOTC Clear Production environment.

• Simulation start: 12 October 2022
• Production start: 5 December 2022

For more information on Eurex Clearing's regulatory reporting please visit our dedicated Support page on www.eurex.com/ec-en/ under the following link: Support > Regulation > Regulatory Reporting. Documentation, circulars, timelines and more is available there for you.

2.  Required action

Clearing Members are asked to read paragraph “4. Unique Trade Identifier” of the new version 2.8 of the Member Information. Members need to adopt their UTI logic for EurexOTC Clear trades EMIR and Dodd Frank or consume UTI generated by ECAG. The UTI for Exchange Traded Derivatives will remain unchanged.

3.  Details of the initiative

Article 17 CFR Part 45 final rule amends Section 45.5 to adopt requirements for UTIs pursuant to CPMI/IOSCO, the globally accepted transaction identifier, that are replacing USIs in Part 45 reporting as of 5 December 2022. In general, the final rule amends existing Section 45.5(a)-(f) to require each swap to be identified with an UTI in all recordkeeping and all swap data reporting, and to require the UTI be comprised of the LEI of the generating entity and a unique alphanumeric code that is generated for all swaps novated and cleared by Central Counterparty. 

As per the regulatory requirement the UTI prefix/issuer will be changed from 10 ('1050000007') to 20 characters '529900LN3S50JPU47S06'. The new UTI prefix '529900LN3S50JPU47S06' will be visible in all trade notification messages, Gross trade notification messages, Netted Trade Notification messages and member reports of novated trades and Post PTE trades created out of a PTE action. 

All legacy trades with current UTI Prefix for the Issuer '1050000007' remain unchanged. As soon as a legacy trade experiences a post trade event, it will receive a new UTI but keeps old UTI/USI in the field priorUTI/priorUSI to track connection.

The attachment “Member Information - Reporting by Eurex Clearing according to EMIR Article 9”, version 2.8 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.

The updated version highlights the changes to the prior version which are:

• Some user document enhancements
• Decommissioning of OTC FX
• New UTI for EurexOTC Clear trades. 

The updated version 2.8 has also been made available for download in the Member Section of Deutsche Börse Group under the following path: 

Member Section > Resources > Eurex Clearing > Documentation & Files > Reporting Basel III_CCR, EMIR, SFTR > EMIR Reporting

This circular is for information purposes only and does not purport to define any legal requirements.

If you have any questions or require further information, please write to the ECAG regulatory team at ECAGRegulatoryReporting@eurex.com.

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 or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
 

Attachment:

• Member Information - Reporting by Eurex Clearing according to EMIR Article 9”, version 2.8

Further information