EMIR Refit | Navigating the Details

MIC Codes Used for Third Country Venues

20 June 2023

As preparation has started for EMIR Refit, many regulatory reporting teams are cross-functional and may be involved in implementation of various regimes including MiFIR and EMIR. Whilst familiarity of multiple reporting regimes may be of benefit in aiding understanding of the requirements, there are some distinct differences between seemingly similar fields and the expectations of the required data. Therefore, it is important to be aware of the differences when navigating the details.

Using MIC Codes for Third Country Venues Instead of XOFF

MIC Codes continue to be used to identify regulated markets, or third country venues considered as equivalent to a regulated market. However, it is important to be mindful that transactions executed on third-country equivalent venues should be considered OTC as opposed to ETD. This is important distinction as it affects the completion of other fields, such as Intragroup and Clearing Obligation.

Some market participants fall into the trap of identifying the transaction as OTC and placing XOFF into the Venue field to denote the OTC status. However, this is incorrect as the MIC Code continues to be included in the Venue field even though the rest of the fields are completed as though the transaction was conducted OTC.

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