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FAQs on transaction reporting – Question II.3.2.2

Data field (11)

Frequently Asked Questions (FAQs) on REMIT transaction reporting – II.2. Questions related to standard contracts Question 2.1.26

The question addresses the issue of assigning a UTI for back loaded standard contracts and states that as the field is mandatory that a UTI is required, but that this doesn’t have to match with the other market participant.

Under the obligation to report non-standard contracts, there is the same issue with regards to the Contract ID for contracts that are subject to back loading; as such the same logic should apply.

Party A and Party B have to report a non-standard contract that is subject to the back loading requirement. As this contract was in existence prior to the obligation to report, a Contract ID will not have been allocated to the contract.


Answer:

Non-standard contracts that are subject to the back loading requirement under REMIT should be reported with a Contract ID, but there would be no expectation that the Contract ID used will match between the two market participants for back loaded contracts.

The Contract ID is required because otherwise the market participant will not be able to link the executions to the contract. The Contract ID can be anything the market participant would like to submit as long as it is unique to the market participant and does not need to match the Contract ID of the other market participant.

Last update: 24/03/2016   RSS_Icon Subscribe to this Page’s RSS