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Standing for Unique Trade Identifier, a UTI is an alphanumeric identifier required for each trade transaction. For EMIR reporting, both counterparties to a transaction need to report the same UTI for their leg of the trade.
As MBSs are a US centric product, there isn’t a lot of discussion about them from ESMA and European regulators. They also don’t appear at all in the EMIR guidelines or report formats. As such, the decision whether they are under scope depends whether a firm believes they are a derivative or not. As they don’t exist in EMIR’s guidelines, firms that decide to report them will find that there are no perfect matches for Asset Class and Product Type for a MBS under EMIR. A possible solution is to use the Interest Rate (IR) asset class as there is more flexibility in available product types such as Bond Swap.
No, EMIR’s requirement for ISINs of the derivative’s underlying product is limited to cases where an EEA venue or XOFF is listed in the trading venue field.
You must report all ‘derivatives contracts’. EMIR takes its definition of ‘derivatives contract’ from MiFID, which includes:
- Exchange traded derivatives (ETDs)
- OTC derivatives
- lifecycle events, such as give-ups and partial terminations
- modifications to any reported items
- cancellations arising from errors
- terminations on a date other than the expected termination date
- compressions
valuation updates and updates to posted collateral (this obligation will be effective from 12th August 2014)
A Legal Entity Identifier or LEI is a unique code that identifies the parties in a derivatives transaction. You must have an LEI if you have a reporting obligation under EMIR, else you will not be able to submit reports. Eventually, all parties to derivatives transactions will need to have an LEI as all parties to derivatives transactions are detailed in the reports. As per today, many companies can generate for you an LEI, starting from the Trade Repositories, We have listed for you some