Esma: Both OTC identifiers will not be required in Emir reporting

Market participants will not have to use both the UPI and the Isin in their submissions to trade repositories, policy officer says.

Market participants won’t have to use two different codes to identify derivatives in regulatory reporting under the European Market Infrastructure Regulation (Emir), according to Joanna Lednicka, policy officer at the European Securities and Markets Authority (Esma).

Lednicka says the regulator is not in favor of requiring reporting counterparties to use both the unique product identifier (UPI) and the International Securities Identification Number (Isin) for over-the-counter (OTC) derivatives

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