TR Question 7: Reporting to TRs: Avoidance of duplication [last update 15 July 2019]
Article 9 of EMIR - Reporting to TRs: Avoidance of duplication
(a) In order to avoid the duplication of reported details (according to Article 9(1e) of EMIR), could the CCP impose on its clearing members (and, consequently, on counterparties represented by the clearing members in clearing) that transactions accepted by the CCP for clearing are reported only by the CCP to the TR selected by the CCP?
(b) Does reporting without duplication mean that only one of the counterparties may report or must both counterparties report the trade from their point of view?
TR Answer 7
(a) Article 9 provides that counterparties and CCPs should ensure reporting, not only CCPs. Counterparties and CCPs should ensure that there is no duplication of the reporting details by way of agreeing on the most efficient reporting method, to avoid duplication. In the scenario where the CCP and counterparties use different TRs, it is possible that the CCP reports that the contract has been cleared in a TR different from the TR in which the contract has been originally reported by the counterparties. CCPs and counterparties should then do so with consistent data, including the same trade ID and the same valuation information to be provided by the CCP to the counterparties.