Derivatives Trade Reporting in Europe Starts Today(2)

Originally published on Building Better Markets

Reporting obligations under the European Markets Infrastructure Regulation (EMIR) started today.

Under the rules, all European-based entities that trade derivatives, including interest rate swaps, credit default swaps and equity derivatives, are required to report their transactions to a trade repository.

Electronic execution workflow

To help our clients meet this reporting requirement, Tradeweb is following the workflow best practice outlined by ISDA. This paper recommends that both counterparties to a trade carried out on an electronic platform should use the unique trade identifier (UTI) generated by that venue to report the trade.

For all relevant trades, Tradeweb will generate a UTI immediately upon trade execution for both block trades and for each allocation entered on the platform. The UTI(s) will be sent to both counterparties to be used for reporting in Europe. Trades that require reporting under both Dodd-Frank in the US and EMIR will also be supported on Tradeweb.