According to Article 9 EMIR, both EUREX Clear and its clearing members are obliged to report transactions and positions in exchange-traded and OTC derivatives contracts.
Collateral and valuation reports must also be submitted; since both counterparties of a derivatives trade must report and common data must be identical, important that CCP and its clearing members use the same methodology to populate common data fields.
EMIR REFIT
With EMIR REFIT, from Apr. 29, 2024 there will be major changes to EMIR reporting.
The preliminary version of ECAG’s Member Information is available here, which sets out reporting information considering changed requirements coming with EMIR REFIT.
The document reflects EUREX Clear's understanding of the changed rules.
Required Action
Members should read preliminary version of member information, take part in simulation, and in particular, look at the structure of the provided reports.
Effectiveness
Simulation starts on Nov. 29, 2023; production starts on Apr. 29, 2024.
Simulation allows for end-to-end testing to the greatest extent possible prior to production introduction; EMIR REFIT reporting simulation follows the simulation calendar for Eurex derivatives trading and clearing, defined using guiding principles.
Latest version of the simulation calendar for derivatives trading & clearing is here.
Mar. 2024 EMIR REFIT Member Update
On Mar. 7, 2024, EUREX Clear reminded members there will be major changes to the existing EMIR reporting with EMIR REFIT as of Apr. 29, 2024, outlined here.
That document outlines reporting information considering changed requirements coming with EMIR REFIT, reflects EUREX Clear’s understanding of the changed rules.
Members should read the preliminary Version of the member information above and participate in simulation; members are also encouraged to look at the structure of the reports provided to ensure their consumption with the go-live of EMIR REFIT.
The scheduled production start date of Apr. 29, 2024 remains the same.
Apr. 2024 EMIR REFIT Reporting Guidance
On Apr. 16, 2024, EUREX Clear issued circular on report transactions and positions in exchange-traded and OTC derivatives contracts, according to article 9 EMIR.
Under art. 9, EUREX Clear and clearing members must report exchange-traded, OTC derivatives contract transactions, positions, and submit collateral, valuation reports.
As both counterparties of a derivatives trade must report, and common data must be identical, important CCP and clearing members use same methodology in data fields.
From Apr. 29, 2024, there will be major changes to existing EMIR reporting with EMIR REFIT; EUREX Clear published go-live version of member information for EMIR REFIT.
Outlines reporting information considering changed requirements with EMIR REFIT.
Reflects RUREX Clear's understanding of changed rules, which clearing members should read and participate in simulation; members encouraged to look at structure of the reports provided to ensure their consumption with the go-live of EMIR REFIT.
EUREX Clear updated member information with version 1.2 in chapters 3, timeline for member files changed to Apr. 29, 2024; 6.3.2 CFI code of FRA from SRMCSC to JRIXFC Jun. 2024; 7.1.1 calculation of valuation amount [2.21] for futures, options with future style margining; 8.2.3 Description of LSOCMaster and LSOCsub pools.
9.1.1 introduction of barrier for initial margin pre-haircut reporting; 10.2.1 transaction type 115 CLRG HOUSE TRANSFER becomes reportable; 11.2.13 execution timestamp [2.42] for legacy, new ETD positions; 12 harmonized file for days with no reportable position will not be sent to clearing members; 16.1 reportability of off-setting LCEs.
