Version date: 11 February 2014 - onwards
TR Question 27: Reporting to TRs: 'Leg 1' and 'Leg 2' fields [last update 11 February 2014]
Article 9 of EMIR - 'Leg 1’ and 'Leg 2’ fields
Which leg of the transaction should be assigned to the 'Leg 1’ field and which one to the "Leg 2"?
TR Answer 27
As these fields are included in the Table 2 as Common data, counterparties are expected to agree a consistent approach to assigning each leg to the respective field in the report. Lack of agreement would lead to reconciliation problems at the TR level.
The obligation to agree the reports content stems from the requirement of Article 9(1) of EMIR, 'counterparties and CCPs shall ensure that the details of their derivative contracts are reported without duplication’ and is specified in the European Commission’s Frequently Asked Questions document Section II Question 5.