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Consultation paper - Draft Guidelines for Reporting under EMIR (ESMA74-362-1893)Responding to this paper1 Legislative references, abbreviations and definitions2 Executive Summary3 Scope4 Purpose5 General Principles5.1 Transition to reporting under the draft RTS and ITS on reporting5.2 Determining the number of reportable derivatives5.2.1 Reportable products5.2.2 Reporting obligation with regards to the parties involved in the trade5.2.3 Reportability in specific scenarios5.3 Intragroup exemption from reporting5.4 Allocation of responsibility for reporting5.4.1 General clarifications5.4.2 FC trading with NFC5.4.3 CCP5.4.4 Funds (UCITS, AIF and IORP that, in accordance with national law, does not have legal personality)5.5 Delegation of reporting5.6 Reporting of lifecycle events5.6.1 Action types5.6.2 Sequences of action types5.6.3 Action types and event types combinations5.6.4 Lifecycle events and use of linking IDs (Prior UTI, PTRR ID, Subsequent position UTI)5.7 Reporting at position level5.8 Reporting of on-venue derivatives5.9 Timely reporting of conclusion, modification and termination of a derivative5.10 Mapping business events to action types and levels5.11 UTI generation5.12 Determining counterparty side5.13 Identification of counterparties5.14 Procedure when a counterparty undergoes a corporate action5.15 Identification of products5.16 Identification of underlying5.17 Price, notional and quantity fields5.18 Reporting of valuations5.19 Reporting of margins5.20 Identification of the trading venue5.21 Fields related to clearing5.22 Fields related to confirmation5.23 Fields related to settlement5.24 Reporting of regular payments5.25 Reporting of other payments5.26 Dates and timestamps fields5.27 Reporting of derivatives on crypto assets5.28 Reporting of complex products5.29 Ensuring data quality by counterparties6 Reporting per product type6.1 Reporting of IRS6.2 Reporting of swaptions6.3 Reporting of other IR products6.4 Reporting of FX swaps and forwards6.4.1 Additional considerations on the reporting of currencies6.5 Reporting of NDFs6.6 Reporting of CFDs6.7 Reporting of equity derivatives6.8 Reporting of credit derivatives6.9 Reporting of commodity derivatives7 EMIR Tables of fields7.1 Table 1 Counterparty data7.1.1 Cleared Option between FCs7.1.2 Cleared Option between FCs with voluntary delegation agreement7.1.3 Non-Cleared Option between FCs7.1.4 OTC Option between NFC - and FC7.1.5 OTC Option between NFC - and NFC +7.1.6 OTC Contract type which requires the population of fields Direction of Leg 1 and Direction of Leg 2 between FCs7.2 Table 2 Common data7.2.1 Reporting of action types at trade and position level7.2.2 Other reportable details7.3 Margin data8 Guidelines on derivatives data management8.1 Trade State Report8.1.1 Introduction8.1.2 Treatment of event date8.1.3 Uniqueness of derivatives and special fields8.1.4 Treatment of action type "Revive".8.1.5 Reporting with action type"EROR"8.1.6 Inclusion in the TSR of notional schedules and other payments8.1.7 Dead derivatives8.2 Reconciliation8.2.1 Scope of data subject to reconciliation8.2.2 Position-level vs trade-level reconciliation8.2.3 Reconciliation of valuation8.2.4 Derivatives with two legs8.2.5 Reconciliation of notional schedules and other payments8.2.6 Derivatives between two Systematic internalisers8.3 Data Quality feedback8.3.1 Rejection feedback8.3.2 Warnings feedback8.3.3 Reconciliation feedback8.3.4 Revive8.4 Data access8.4.1 Operational aspects8.4.2 Template form for data access9 Annex List of questions
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Version date: 8 July 2021 - onwards

5.20 Identification of the trading venue

Closed
30 September 2021

304. Field Trading venue should be used to report the venue where the derivative was executed.

305. Where a derivative was concluded OTC and the respective instrument is not admitted to trading or traded on a trading venue, MIC code 'XXXX' should be used.

306. Where a derivative was concluded OTC and the respective instrument is admitted to trading ortraded on a trading venue inside of the Union, MIC code 'XOFF' should be used.

307. The 'BILT' value proposed in the CDE guidance should be used when the reporting counterparty cannot determine whether the instrument is listed or not, as per jurisdictional requirements. Nethertheless, this situation should not arise in the EU since all instruments admitted to trading or traded on a trading venue are made publicly available in the Financial Instruments Reference Data System (FIRDS) on ESMA's website, therefore the counterparties are expected to be able to determine whether they should report 'XOFF' or 'XXXX' and the value 'BILT' is not allowed in the reporting under EMIR.

308. For MTFs, OTFs, SIs and organized trading platforms outside of the Union, the specific MIC code will be required even if the derivatives concluded on these venues are OTC derivatives under the definition set out in EMIR.

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