Reporting by Eurex Clearing according to Article 9 EMIR – Member Information for EMIR REFIT

1.  Introduction   

According to Article 9 EMIR (European Market Infrastructure Regulation), both Eurex Clearing and its Clearing Members are obliged to report transactions and positions in exchange-traded and OTC derivatives contracts. In addition, collateral and valuation reports must be submitted.

Since both counterparties of a derivatives trade must report and since common data must be identical, it is important that the CCP and its Clearing Members use the same methodology to populate common data fields.

With EMIR REFIT as of 29 April 2024, there will be major changes to the existing EMIR reporting. Please find attached to this circular the Preliminary Version of ECAG’s Member Information. The document lines out the reporting information considering the changed requirements coming with EMIR REFIT. It reflects Eurex Clearing’s understanding of the changed rules.

This is the second circular in the context of EMIR REFIT in order to give market participants a certain guidance of how Eurex Clearing will implement the new reporting requirements. While reasonable care has been taken in the preparation of this document to provide details that are accurate and not misleading at the time of publication, Eurex Clearing shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances or for any errors or omissions contained in this publication.

Simulation start: 29 November 2023
Production start: 29 April 2024

Simulation allows for End-to-End testing to the greatest extent possible prior to Production introduction. 

The EMIR REFIT Reporting simulation follows the simulation calendar for Eurex Derivatives Trading and Clearing, which has been defined using the following guiding principles:

• Eurex Clearing generally runs three batches a week – (mainly on Tuesday, Wednesday, and Thursday).
• The latest version of the “Simulation Calendar for Derivatives Trading & Clearing” is available on the Eurex Clearing website www.eurex.com/ec-en/ under the respective Support page under the following path:

Support > Initiatives & Releases > Simulation calendar

2.  Required action

Members are asked to read the Preliminary Version of the member information attached and participate in  simulation. In particular, please have a look at the structure of the provided reports in order to ensure their consumption with Go-live of EMIR REFIT. 

3.  Details of the initiative

Mirror Files per Clearing Member

Eurex Clearing will provide mirror files per Clearing Member via Common Report Engine (CRE) in standard ISO 20022 XML format. They will include all reported records and all values from Eurex Clearing’s perspective, e.g., Counterparty 1 (Reporting counterparty) = Eurex Clearing, Counterparty 2 = Clearing Member.

Harmonized Position Report per Clearing Member:

Eurex Clearing is also providing Clearing Members a daily report of positions reportable under EMIR including the Eurex Clearing generated position UTI and other EMIR fields agreed for the purpose of Clearing Members consumption, matching to their own position records, and reporting the CCP generated position UTIs in members’ EMIR reporting. 

The EMIR Position Report of Eurex Clearing meets the harmonized structure agreed among European CCPs and it is generated in csv format from the clearing house reporting perspective. The file is also distributed via the CRE. In case there is no reportable position for a certain trading day, the EMIR Position Report will be generated empty.

The path and naming convention of the csv file for Simulation is: 
Member / S /eurex / Business day/
01RPTPOSEM<ClearingMemberCode><COBdate>.CSV.ZIP

Information for Simulation:

For simulation start on 29 November 2023, simulation will contain files for ETD transactions, ETD positions, OTC transactions as well as the harmonized position report. 

Latest by February 2024, valuation files for ETD and OTC transactions as well as the collateral file will be completed and included in simulation.

For EMIR REFIT, ECAG offers a Free-style simulation. Customers are welcome to use the reports provided for their reconciliation purposes.

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 - Preliminary Version EMIR REFIT

Further information