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Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2018-09-26","question_submitted_on":"2018-09-26","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1695, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1695, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1695","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1695-fx-swaps-reporting.md","body_sha256":"d5b211a4e3c7b5a1adb7afea8bbd4f78643f85a4eb8b01a04b58ba4cd6192827"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1695 — Q&A — FX Swaps reporting [Answer Published]\"\nshortTitle: \"ESMA Q&A 1695 — Q&A — FX Swaps reporting [Answer Published]\"\nanswer_id: ESMA_QA_1695\ntopic: \"ESMA70-1861941480-56 Questions and Answers on MiFIR reporting\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 26 September 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1695\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 26 September 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1695\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1695: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2018-09-26\"\n  question_submitted_on: \"2018-09-26\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1695, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1695, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 26 Sep 2018 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 26 September 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1695)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1695 — Q&A — FX Swaps reporting \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1695 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 26 September 2018; question submitted 26 September 2018 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**FX Swaps reporting**\n\n### Question\n\nHow should a transaction in an FX swap admitted to trading on a trading venue or traded on a trading venue be reported under Article 26 and Article 27 of MiFIR?\n\n***\n\n### Answer\n\n\\[ESMA 70-1861941480-56 MiFIR data reporting Q&A, Q&A 15.1\\]\n\nIf the instrument executed on a trading venue was an FX swap, it should be reported as an executed FX swap based on the requirement of Article 26(1) and in accordance with this Q&A. The same principle will apply to trading carried out outside of the trading venue.\n\nIf the instrument executed on a trading venue was an FX forward, it should be reported as an executed FX forward based on the requirement of Article 26(1). The same principle will apply to trading carried out outside of the trading venue.\n\nIf the instrument admitted to trading or traded on a trading venue was an FX swap, it should be reported as an FX swap based on the requirement of Article 27(1) and in accordance with this Q&A.\n\nIf the instrument admitted to trading or traded on a trading venue was an FX forward, it should be reported as an FX forward based on the requirement of Article 27(1).\n\nExamples\n\nOn March 13th 2018, investment firms A and B enter in a EUR/GBP (the currency mentioned first is the ‘base’ currency. The other currency is the ‘terms’ or ‘quote’ currency) spot-forward swap or a forward starting swap instrument on a trading venue regardless of how the instrument has been subsequently confirmed or settled. The instrument has the following characteristics:\n\nnotional of the instrument: 1M€;\n\nmaturity date of the instrument: September 15th 2018;\n\nthe tenor of this instrument is 6 months\n\nISIN code of the financial instrument: EZ0123456789;\n\nthe price of the instrument is given in 5 swap points\\[1\\] expressed in units of terms currency per unit of base currency according to the market convention for the currency pair which is this example is 0.0001£ per 1€;\n\nThe EURGBP FX spot rate reference is 0.8200.\n\nThe counterparty\\[2\\] that for the far leg (which is closer to the maturity date) is delivering the currency which is first when sorted alphabetically by ISO 4217 standard should be identified as seller. Therefore, the party which, on the near leg, delivers the currency which is first when sorted alphabetically should be identified as buyer.\n\nIn our example, investment firm B who will (in 6 months) receive the GBP and deliver the EUR is the seller of the FX Swap. Investment firm A who will (in 6 months) deliver the GBP and receive the EUR is the buyer of the FX swap.\n\nThe relevant fields in the transaction reporting as per article 26 of MIFIR should look like:\n\nThe price should be populated with the swap points and the monetary value XML tag should be used\\[3\\].\n\nIn the quantity field #30 the executing entity (buyer and seller) should report the amount of the FX SWAP in the base currency for the front (near) leg.\n\nIn the quantity currency field #31, the executing entity (buyer and seller) should report the base currency of the FX SWAP.\n\nThe price currency field should be populated with the terms currency i.e. GBP in this example.\n\nThe below table shows how the transaction reports would change if the amount or currency of the notional differed. The fields 13 and 47 (see next page) in the reference data (RTS 23) will remain unchanged.\n\nThe quantity in field 30 in the transaction report is always shown as positive.\n\nThe examples show the reports of firm A but the reports of firm B would be identical.\n\nAs per article 27 of MiFIR, the trading venue or SI admitting to trade or trading this instrument shall report it in FIRDS. The following table shows the expected reporting of the instrument reference data by trading venues or SI (only the relevant fields are displayed):\n\nNotional currency 1 should be populated with the 1st currency when sorted alphabetically by ISO 4217 standard.\n\nNotional currency 2 should be populated with the second currency when sorted alphabetically by ISO 4217 standard.\n\n\\[1\\] The swap points are the difference between the rate for the near leg and the rate for the far leg\n\n\\[2\\] As per Article 9 EMIR, and Question 24 of the Q&A No 648/2012 on OTC derivatives\n\n\\[3\\] Notional currency 1 may not be the base currency of the contract.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1695)\n"}