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.
About Qomply
Qomply empowers financial firms of all sizes to meet their regulatory transaction reporting requirements (MiFID, EMIR, SFTR, and ASIC) with best-in-class cloud-based technology solutions that are easy to use at affordable price points.
Our award-winning ReportAssure platform, powered by our proprietary assurance engine, delivers one of the most comprehensive arsenals of accuracy checks in the industry, ensuring our customers’ transaction reports are as complete and accurate as possible.
By offering affordable, modular subscriptions, we enable financial firms of all sizes to benefit from high-quality, regulatory reporting technology, choosing from a menu to suit all appetites.
For more information, please contact Qomply, on +44 (0) 20 8242 4789 or info@qomply.co.uk
Follow Qomply on social media on Twitter (https://twitter.com/QomplyRegTools) and LinkedIn (https://www.linkedin.com/company/qomply/)
Want to know more or just want to phone us up for a chat?
+44(0)20 8242 4789