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New EMIR Q+A published by ESMA

This morning ESMA published the latest Q+A on EMIR, which can be downloaded here.

Items of particular interest:

  • Notional Values – A few modifications here but still no complete clarity on how to handle commodity based instruments (OTC 9)
  • Back loading of trades with a counterparty that no longer exists – Use the LEI of the currently responsible party, or a client code (TR 4)
  • Buy/Sell Indication for FX Swaps – Use alphabetical order (TR 24)
  • Underlying for commodity derivatives – We are now allowed to put in an “NA” where the underlying code is not available (TR 28)
  • Commercial Activity field – Should be populated even for Exchange Traded Derivatives (TR 29)

Useful as this is, there are still a great number of outstanding issues to be resolved for those in the Energy and Commodities markets.

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