Trade Repository reporting (Live)
• Reporting obligation
All derivatives counterparties have a responsibility to ensure that information about their derivatives transactions are reported to a licensed trade repository, which is essentially a database that regulators use to monitor the derivatives market. The EMIR reporting obligation started on 12th February 2014, and applies to any trade that has been outstanding after 15th August 2012. As with all EMIR requirements private individuals are excluded from the reporting obligation.
Both counterparties to a derivatives transaction are under a legal obligation to ensure that the transaction is reported, when entered into, modified or terminated, to a trade repository. The transaction has to be reported no later than the working day following such conclusion, modification or termination. The operational reporting (but not the legal responsibility) can be delegated to the transaction counterparty or to a third party, in which case the delegating counterparty is able to ensure that the reported trades and values are correct by getting a user-license to the specific trade repository.
• LEI code
When transactions are reported to a trade repository the counterparties to the transaction must be identified by a Legal Entity Identifier (LEI). LEI is a new identifier unique for each legal entity developed globally to identify counterparties to financial transactions as well as for other purposes.
Obtaining a LEI is the responsibility of each counterparty to a derivatives transaction. If the customer has not obtained a LEI, Nordea cannot guarantee that the transactions Nordea report on behalf of the customer to the trade repository can be reconciled and sent further on to the regulators.
Please visit the LEI section for more information.
• Nordea’s offering
To reduce the effort of customers and help ensure fulfilment of the reporting requirement, Nordea offers reporting to trade repositories on behalf of customers for all trades executed directly with Nordea. Nordea’s reporting is an operational service only and it is the responsibility of the customer that the reported information is correct and complete in compliance with the EMIR regulation (see above). Nordea reports to the following trade repositories:
Nordea has sent out letters with information and conditions for the reporting service to most existing customers. If you don’t have access to such information and conditions for the service, please contact TradeRepositoryTeam@nordea.com. For new customers the reporting to a trade repository needs to be agreed before the first trade is executed.
Please contact TradeRepositoryTeam@nordea.com if you have any questions about Trade repository reporting or Nordea's reporting service.