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ESMA Q&A 1705 — Q&A — Transaction reporting [Answer Published]

Financial servicesLevel 3Q&AMiFIRAnsweredOfficial source

Transaction reporting

Question

In the case of a transaction on an OTC derivative contract (MIC code-field 36 = “XXXX”. These are all derivatives falling under MiFIR Article 26(2)(b) and (c).), what is expected in the transaction report when any of the following characteristics of that contract is changed: fields 50 to 56 of annex 2 of CDR 2017/590?

Answer

[ESMA 70-1861941480-56 MiFIR data reporting Q&A, Q&A 24.5]

When any of those characteristics of the contract change, the transaction thereof should be considered as a new contract and therefore two transaction reports are expected:

One materializing the closing out of the initial derivative contract (swapping the buyer and the seller).

One for the opening of the new contract with the new characteristics.

Source: ESMA original document