Overview of "EMIR" Reporting

This document will outline, in general terms, position and trade reporting requirements which fall under the European and Markets Infrastructure Regulation (“EMIR”). The new reporting requirement originates from the ESMA (European Securities and Markets Regulatory Authority), the European regulator’s need to create transparency in markets following the 2008 financial crisis.


What will need to be reported?

  • As of February 12, 2014 – trades and positions of derivatives (futures, options, options on futures, CFDs) will need to be reported to a recognized “repository” no later than trade date + 1. Reporting is required for both on-exchange and over the counter derivatives
  • As of August 16, 2014 – valuation and collateral reporting requirements for regulated financial firms and large organizations
  • Back reporting to August 16, 2012 will be required

 

Who will be impacted?

  • Regulated financial firms established in the European Union
  • Organizations established in the European Union


What customers will not be eligible to report through Interactive Brokers?

  • Individuals and joint accounts as they are not subject to reporting requirements
  • Execution only customers
  • Sub-accounts of Non-Disclosed Introducing Brokers
  • Advisor master accounts
  • Referrers
  • Money/Wealth managers
  • SIPP Administrators
  • Employee Trak master accounts
  • Fund Administrator accounts

 

If my fund is registered outside of the European Union, will IB report on my behalf?

In general, a fund which is registered or established outside of the European Union will not be required to report under EMIR. If however the fund manager is authorised under the Alternative Investment Fund Managers Directive ("AIFMD"), the fund may become subject to the requirements under EMIR.

Which repository will Interactive Brokers report through?


Interactive Brokers UK Limited will report trades and positions to the CME ETR, which is part of the CME Group.

It is important to note that while IB will report activity through CME ETR, the regulation places the responsibility of reporting on the customer, not the repository or IB.

What steps must I take to ensure my trades and positions are reported to CME ETR?


In order for IB to report on your behalf, you must obtain a Legal Entity Identifier (“LEI”). This is a unique identifier which will allow the regulator to identify a customer.

You may request that IB apply for an LEI on your behalf. In order to do so, you must log into Account Management and complete the steps to obtain an LEI and confirm that you wish for IB to carry out reporting on your behalf.

If you currently have an LEI, you may submit the LEI to IB through Account Management and confirm that you wish for IB to carry out reporting on your behalf.

 

Is more information available on EMIR reporting?

Yes, you may click here for additional information on EMIR reporting.