Workshop on OTC derivatives identifier

Under the review of the Markets in Financial Instruments Regulation (MiFIR), which is expected to be published in the first quarter of 2024, all trading venues that offer trading in over-the-counter (OTC) derivatives that are subject to pre- and post-trade transparency requirements (‘in-scope OTC derivatives’) will be obliged to provide ESMA with identifying reference data that are globally agreed for the purpose of public transparency reporting under MiFIR. The MiFIR review requires the Commission to adopt a delegated act, within three months after the date of entry into force of the Regulation amending MiFIR, to specify such identifying reference data, including a unique product identifier and any additional identifying reference data.

On 29 November, the Commission launched a targeted consultation covering two issues

1. what is the most suitable unique product identifier to be used for compliance with the transparency requirements applicable to in-scope OTC derivatives
    
2. whether there any “additional identifying reference data” to be considered in addition to the unique product identifier

This workshop accompanied the targeted consultation and aimed at collecting views on the options set out on the consultation document. The workshop was organised around a panel discussion followed by an exchange with the audience.

This workshop attracted participants in the in-scope OTC Derivatives value-chain, such as a) companies that use interest rate and credit derivatives to hedge interest rate and credit risk that arises in the course of their business; b) investment firms and asset managers that use interest rate and credit derivatives to hedge investment portfolios; c) investment firms that act as counterparties to the two categories above; d) trading venues that offer trading in interest rate and credit derivatives, trade reconciliation service providers as well as CCPs that clear interest rate and credit derivatives.

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Programme

Related links

Targeted consultation on OTC derivatives identifier for public transparency purposes - European Commission (europa.eu)