Recalls ESMA published Final Report Technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT in Dec. 2020.
Go live date is Apr. 29, 2024; UK FCA issued joint FCA/BoE Policy Statement (PS 23/2) alongside final amendments to Technical Standards, new rules for Trade Repositories (TRs) in relation to changes to derivatives reporting under UK EMIR, on Feb. 24, 2022.
Go live date is Sep. 30, 2024; changes to LME Clear member reports and feeds, will be required to facilitate members’ individual reporting, document focused on these.
UK LME encourages all members to use these reports to inform their EMIR reporting.
To provide further advice to members wanting to access data from alternative sources.
Key Changes Apr. 2024
Additional data will be provided by creating 3 additional end of day reports with suffix of _REG; members can choose to use additional data provided at appropriate time dependent upon their reporting obligations; reports will be available in .csv format.
Existing end of day reports will remain the same; ad hoc reports generated by members in LMEmercury will remain the same as they are today.
3 new end of day reports with suffix of _REG will be provided in Clearing SFTP area with relevant extra fields to assist member conducting EMIR reporting post EMIR Refit.
Harmonized Position File will continue to be provided to members, supplied in updated format from Apr. 2024 per industry consensus with additional fields re EMIR Refit.
A full specification document will be provided in due course; new UTI formats for trades and positions will not change until Sep. 2024.
Key Changes Sep. 2024
Existing end of day reports and ad hoc reports generated by members in LMEmercury will be enhanced to include the updated UTI formats; further details are provided.
Other Aspects
Technical specifications documents for new Trades Data, Open Positions and Cover Distribution files will be provided to members in due course.
LMEsmart, LMEmercury FIX API feeds do not change re data provided in Apr. or Sep.
LME Clear to provide support for member testing by providing sample copies of report.
For member reporting to ESMA, wishing to test, asks to provide list of test scenarios (including instruments, products, trading venues etc) and LME Clear will capture these trades and generate applicable reporting output for members.
Initial member testing to support ESMA regulated members scheduled for Mar. 2024.
Further information concerning member testing for UK domiciled members reporting to UK FCA, and whose go-live date is Sep. 2024, will be provided at a later date.
Effectiveness
Changes take place on Apr. 29, 2024 or Sep. 30, 2024 as described above.
Dec. 2023 Revision to Technical Notice 23-052
On Dec. 22, 2023, UK LME issued revised notice with corrected information regarding points from notice 23-052, including for point 8, new fields in new cover distribution file (COD_REG) amended after finalized approach to collateral reporting per EMIR Refit.
This file will now contain the 3 additional fields detailed in point 9 of revised notice.
For point 9, information provided concerning harmonized position file updated to reflect that existing version and new version of the file will be produced concurrently between Apr. 2024 and Sept. 2024 between ESMA EMIR and FCA EMIR go-live dates.
For point 11, information provided concerning Trade UTI updated to clarify that new Trade UTI format will always be 47 characters in length and not up to this figure.
For point 12, information provided concerning Position UTI updated to clarify that account name element of new Position UTI format is separate from Member Mnemonic and Type of Position Account elements, as detailed in point 16 of the revised notice.
For point 15, information provided concerning mirror files updated to reflect that UK LME will be providing 4 separate mirror files, including a valuations file, to members.
Regulators
UK LME Clear
Entity Types
B/D; Depo; Exch; OTC
Reference
Nt 23-056, 12/22/2023; Nt 23-052, 11/23/2023; EMIR Refit 2019/834; EMIR Reg 648/2012
