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Under EMIR Refit, the reporting framework has been updated to include additional fields, such as Unique Product Identifiers (UPIs) and identifiers for crypto-related assets, increasing the number of reportable fields from 129 to 203.
Unique Trade Identifiers (UTI): The responsibility for generating UTIs has shifted to a more structured approach, with a new waterfall methodology determining which counterparty is responsible for UTI generation, thereby improving clarity and reducing errors in reporting
Unique Product Identifier (UPI): The introduction of UPIs is a significant change under EMIR Refit. Reporting parties must now utilize UPIs issued by a centralized operator, ensuring consistent identification of derivative products across the market. This requirement is part of a broader effort to standardize reporting practices and enhance data quality.
EMIR Refit mandates that trade repositories perform double-sided matching of reported data, which includes new valuation-related fields. This reconciliation process is designed to ensure that both parties to a trade report the same information, thereby enhancing data integrity and reducing discrepancies.
Event Type Field: A new “Event Type” field has been introduced to provide greater transparency regarding the lifecycle of trades, allowing for better tracking and management of derivatives transactions
Transition to ISO 20022 XML
A major technical change is the requirement to adopt the ISO 20022 XML standard for all EMIR-related reporting.
Finmatek Ltd can assist you in navigating the complexities of EMIR Refit by utilizing its regulatory expertise and offering comprehensive implementation support.