To comply with ESMA’s Level 2 Validations for reporting under EMIR Article 9, Nasdaq Clearing will implement a number of changes to its reporting regime. These changes are further described below. The new validation rules are set to take effect on November 2, 2015.
Taxonomy
All OTC markets, all markets with Common Data Field 10 (Venue of Execution) reported with value “XXXX”, will be changed to report Common Data Field 1 (Taxonomy) with value “E”. This will also affect reporting of Common Data Field 2 (Product ID 1), and Common Data Field 3 (Product ID 2) who will be populated according to taxonomy “E”.
Underlying
All Commodities contracts where the underlying is not an index will be changed to report Common Data Field 4 (Underlying) with value “NA”. For contracts where the underlying is an index, Common Data Field 4 (Underlying) will be reported as “I”. For all other markets the reporting for this field will stay as is.
Timestamps
All timestamps will be changed to be reported in UTC format. This will affect reporting of Common Data Field 19 (Execution Timestamp), Common Data Field 26 (Confirmation Timestamp), and Common Data Field 30 (Clearing Timestamp).
This message describes how Nasdaq Clearing reports derivative transactions according to EMIR and is aimed at clearing members and other reporting participants to enable them to align their reporting. Documentation on Nasdaq Clearing’s website will be updated to reflect the above changes.
Reporting under EMIR Article 9 is still subject to further guidance from the regulators and updated documentation will be provided in case of further changes to the EMIR Trade Reporting for Nasdaq Clearing.
For questions on the above or other enquiries regarding EMIR Trade Reporting for markets cleared by Nasdaq Clearing, please contact clearing@nasdaq.com or +46 8 405 6880.