EMIR Reporting Important Information on Self-Reporting

This is only effective after EMIR Refit goes live on April 29, 2024 for EEA and after September 30, 2024 for UK.

About EMIR reporting

The European Market Infrastructure Regulation (EMIR) lays down the requirement for derivatives trade reporting by European entities. EMIR requires counterparties (FC/NFC) entering into derivative trades to report specific information on each such transaction. EMIR is a two-sided reporting requirement, generally both counterparties involved in a trade are required to report their side (leg) of the said trade.

If you choose not to take advantage of IB's delegated EMIR reporting service, and you fall into the categories of entities that are required to report, then you will need to carry out EMIR reporting yourself. It is important that reporting is carried out in a timely and correct manner, as EMIR Trade Repositories are performing reconciliations in which they attempt to pair and match the two legs of each trade. If reconciliation fails, National Competent Authorities are made aware and may take action.

UTI Generation Methodology

One of the required details is the Unique Trade Identifier ("UTI") agreed by the counterparties to identify a reportable record. For the transactions between IB and its clients, IB will generate the UTIs following a specific logic.

All counterparties (except NFC- for OTC instruments) who do not delegate their EMIR reporting obligation to IB will be required to report on their own behalf to a Trade Repository using the UTIs generated by IB.

Non-delegating counterparties can derive the IB UTI by following the below UTI generation logic and structure

For Exchange Trades

LEI of carrying IB Entity + First Three Parts of Execution ID1 + Client Account ID

  • SAMPLE 5493001B9LDFCQUY9273000130D4653A61BA01U1234567

For Non-Exchange Trades: Cross System Transfers and Future Deliverables of Exercises

LEI of carrying IB Entity + Trade Type2 + TradeID3 + Client Account ID

  • SAMPLE 5493001B9LDFCQUY9273XSYS00012345678910U12345

For Positions

LEI of carrying IB Entity + Position Creation Date4 + ContractID5 + Client Account ID

  • SAMPLE 5493001B9LDFCQUY927320240429659625747U1234567

 

1 IB Execution ID consists of four parts separated by dots and is available on Flex Statements. In UTI, dots must be omitted and the alphabetical characters must be capitalized

2 Trade Type is four characters long and is either XSYS (Cross System Trade) or EXER (Exercise)

3 TradeID is numeric and available on Flex Statements: total of 14 digits, left padded with zeros

4 Position Creation Date is always 8 digits in the format YYYYMMDD. It's a date a position was first established. If a position is re-opened, a new UTI is created using a date a position was re-opened.

5 ContractID is numeric and available on the Flex statements, no padding.

Report Tracking Number

For derivative trades executed on regulated markets, MTFs or OTFs, counterparties are required to provide a Report Tracking Number (RTN). The RTN is a unique identifier that is consistent across all reports related to the same execution. This means that all parties involved should report the same RTN for a given execution. IB obtains the RTN for relevant trades from CCPs/clearing members and makes it available for clients via the RTN field in clients' Flex statements. Clients should make sure to pull the RTN for each relevant execution from their Flex statements.

In order to add the RTN to your Flex statement go to Performance & Reports > Activity Flex Query and choose Trades section > Execution level > and select RTN field. For further information on Flex statements please visit this guide:

https://www.ibkrguides.com/clientportal/performanceandstatements/flex.htm

Trade and Position Level Reporting

The European Market Infrastructure Regulation ("EMIR") requires counterparties (FC/NFC) of a financial transaction to report specific information on each of their transactions. A transaction can be of a Trade Level or a Position Level.

Each Exchange Traded Derivative trade is reported with POSC action type to indicate that these trades are included into a corresponding position record. A Book Trade which is a deliverable of an Option on Future (OOF) is reported on a Trade Level using two records:

  1. Action type: NEWT; Event type: EXER

  2. Action type: TERM; Event type: INCP

Prior UTI field of the item 1 above should point to the Position Level record of the OOF which was exercised. That OOF Position Level record should have Event type EXER as well.

Custom Basket Code Generation Methodology

IBLLC LEI + x + Basket ContractID

  • SAMPLE 50OBSE5T5521O6SMZR28x676766752

IBLLC LEI is always the same: 50OBSE5T5521O6SMZR28

Basket ContractID is an IB identifier of a derivative underlying, it's numeric and available on Flex Statements, no padding.

Find out more information on EMIR & LEI with steps and screenshots.