Derivative reporting requirements under UK EMIR: Additional draft Q&As

We are seeking feedback alongside the Bank of England (the Bank) on our additional draft guidance for counterparties reporting under the revised UK EMIR Article 9 reporting requirements.

Why are we consulting?

The derivatives data reported under Article 9 of the UK version of the European Market Infrastructure Regulation (UK EMIR) provides transparency to us and the Bank of England (the Bank) of the UK derivatives market for systemic risk and financial stability monitoring purposes. It is important the data to which we have access is complete, accurate, reported consistently and on time to ensure we can fulfil our financial stability objectives and to promote the safety and soundness of regulated firms.

To support firms’ reporting, the FCA and the Bank have shared guidance in the form of Q&As[1].

We are now seeking feedback, alongside the Bank, on two additional draft Q&As. These have been developed in response to issues identified by market participants.

Background

Under Article 9 of UK EMIR, the FCA and the Bank (together, 'the Authorities’) share supervisory responsibilities for the derivatives reporting obligation. The FCA is responsible for the reporting framework for counterparties in addition to trade repositories (TRs). The Bank is responsible for the framework for derivatives reporting as it applies to central counterparties (CCPs). Any subsequent references to ‘we’, ‘us’ and ‘our’ in this document should be read in this context and based on this split of responsibilities.

The draft Q&As should be read in conjunction with the FCA/Bank of England Policy Statement (PS 23/2)[2] and the supporting documentation below (which are collectively referred to as 'the requirements'):

EMIR Technical Standards on the Minimum Details of the Data to be Reported to Trade Repositories 2023[3]
EMIR Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting 2023[4]
The technical specification documents:
- XML schemas under UK EMIR, together 'the XML Schemas'
  - Incoming messages[5]
  - Outgoing messages[6]
- UK EMIR Validation rules[7]
- European Market Infrastructure Regulation Rules (EMIRR) for TRs[8]
UK EMIR reporting questions and answers[9]

Draft Q&As

The draft Q&As subject to this consultation have been informed by discussions with trade associations, reporting counterparties, TRs and CCPs via the UK EMIR Reporting Industry Engagement Group. This group, co-chaired by us and the Bank, provides a forum for discussing UK EMIR reporting issues with industry to ensure consistent reporting.

In developing these Q&As, the FCA has considered our strategic objective, our operational objectives and the secondary international competitiveness and growth objective. We are satisfied that the proposed guidance is compatible with our objectives and other legal obligations. The FCA have considered the equality and diversity issues that may arise from the proposed guidance. We have not identified any adverse impact that the proposals would have on any of the groups with protected characteristics under the Equality Act 2010.

These Q&As are in draft form and should be treated as indicative only. They may be subject to change and should not be interpreted as final or as reflecting a definitive policy position. We anticipate the finalised Q&As will be published in October 2025, following the conclusion of this consultation process, and will be appended to the relevant topic to which they relate, as indicated by the numbering below.

4. Derivatives Identifiers

4.14: When is it acceptable to report with a technical ISIN?

The technical ISIN [TBC] can be used to populate the following fields in the specified scenarios only:

1. Underlying identification field (Table 2, item 14):

If a single stock equity that is the underlying of a reportable derivative transaction is issued in a region that does not mandate the use of an ISIN, and no ISIN is available.
If a pre-IPO single stock equity is the underlying of a reportable derivative transaction. This field should be updated with the relevant ISIN as soon as it becomes available, post-IPO.

2. Identifier of the basket’s constituents field (Table 2, item 18)

If a custom basket of a reportable derivative transaction is composed entirely of constituents that are either not traded on a trading venue or do not have an available ISIN (for the reasons mentioned in 1. above).

For the avoidance of doubt, the technical ISIN should not be used to report the ISIN field (Table 2, item 7) in any scenario. For reference, a product identifier is not required for derivatives executed on a third-country organised trading platform if neither an ISIN nor a UPI is available, as set out in question 4.5.

Please note that we have held initial discussions with the London Stock Exchange (the UK NNA) regarding the use of a technical ISIN within UK reporting in line with the proposed question 4.14. For reference, the suggested characteristics of the technical ISIN are as follows, although these will be determined by the UK NNA and are not subject to this consultation:

Issuer Name: FINANCIAL CONDUCT AUTHORITY (THE)
ISIN: GB ISIN prefix
CFI Code: TMXXXX
OPOL: No Country – XXXX – Unlisted
LEI: 2138003EUVPJRRBEPW94

11. Asset Class and Product Specific

11.7: How should a 'FX swap' be reported?

The term 'FX swap' is used interchangeably within industry, either to describe a combination of two FX Forward contracts (near and far legs) or a single FX Swap contract.

The reporting of a 'FX swap' will therefore depend on how it has been concluded by counterparties:

where concluded as a combination of two FX Forward contracts (near and far legs) that have been negotiated together as the product of a single economic agreement, it should be reported in two separate reports, with the relevant Package transaction fields populated e.g. the Package identifier field (Table 2 Item 6); or
where concluded as a FX Swap contract, it should be reported within a single report.

In the case of i., as set out in question 11.1, only contracts within the Package transaction that are subject to the UK EMIR reporting obligations should be reported:

where both the near and far legs are FX Forward contracts, reports for both legs should be submitted;
where the near leg is a FX Spot contract and the far leg is a FX Forward contract, only a report for the FX Forward should be submitted; and
where both the near and far legs are FX Spot contracts, no reports should be submitted.

As set out in Article 3 of the EMIR Technical Standards on the Minimum Details of the Data to be Reported to Trade Repositories 2023[3], counterparties to a derivative contract composed of a combination of derivative contracts should agree on the number of separate reports to be submitted in relation to that derivative contract. In this regard, counterparties may consider the manner in which the contracts are executed, confirmed and settled.

Next Steps

We welcome feedback on the draft Q&As by Friday 12 September 2025. The consultation period reflects we are consulting over the August holiday period.

CCPs should submit their feedback to [email protected]
All other reporting counterparties and Trade Repositories should submit their feedback to [email protected]
Other respondents may submit responses to either the Bank or the FCA

All feedback received will be shared between the Authorities.

After considering responses, the final Q&As will be published on our respective websites.

First published: 08/08/2025 Last updated: 08/08/2025