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Transaction reporting

Swedbank EMIR data

Legal Entity

Legal entity name: Swedbank AB

Legal Entity identifier (LEI)

LEI Code: M312WZV08Y7LYUC71685

EMIR Counterparty categorisation

Financial counterparty (FC)

Corporate Sector

CDTI – Credit institution authorised in accordance with directive 2013/36/EU

Reporting obligation

'TRUE'

Clearing Threshold

'TRUE'

Swedbank has notified Finansinspektionen and acts as a systematic internaliser (SI) for the following instrument classes, with the exception for shares:

  • Securitized derivatives
  • Depositary receipts
  • Derivatives
  • Bonds
  • Shares (Swedbank do not currently act as a SI)

Swedbank SI MIC: SWBI

According to EMIR, all derivative transactions that a company does, including those traded on an exchange, must be reported to an approved trade repository. Either one counterparty or both parties to a derivative transaction have a reporting obligation, but both parties must always have registered and received a Legal Entity Identifier (LEI) number, as this is required in order to report the transaction.
 
  • FC, FC- and NFC+ have a reporting obligation for OTC derivatives.
  • FC, FC-, NFC+ and NFC- have a reporting obligation for ETD.

LEI

The LEI is a global ID number that can be obtained through a number of independent web services. All LEIs are searchable on the gleif.org page and certified LEI issuers can be found there. Obtaining an LEI entails certain costs, which must be paid directly to the LEI administrator. The LEI must also be active, which means that it must be valid and have been renewed with an approved LEI administrator.

Help with reporting

NFC

Under EMIR, financial counterparties are responsible for reporting OTC derivative contracts entered into with a counterparty classified as NFC-. Swedbank is responsible and obliged to report these transactions for all NFC- customers. According to EMIR, you as a customer are obliged to provide or disclose information to Swedbank for the purpose of fulfilling the reporting obligation.

  • Your active LEI
  • LEI of your broker/s
  • LEI of your clearing member/s
  • If your trade is linked to your to commercial activity.

You may have to provide this information to Swedbank.

However, as an NFC, you are obliged to report your ETD transactions. Swedbank and the Savings Banks offer assistance with this reporting, so-called delegated reporting, for ETD transactions made with or via Swedbank. In order to receive the service, you will need:

  • Reporting agreement with Swedbank
  • Valid and active LEI number

FC, FC- and NFC+

As a client classified as FC, FC- and NFC+, you are under EMIR obliged to report your OTC derivatives and ETD transactions. Swedbank and the Savings Banks offer assistance with this reporting, so-called delegated reporting, for derivative transactions made with or via Swedbank. In order to receive the service, you will need:

  • Reporting agreement with Swedbank
  • Valid and active LEI number
 

News under EMIR Refit effective 29 April 2024

Reporting of data quality errors for reported transactions to the supervisory authority

Counterparties, FC, FC- and NFC+, who have delegated their reporting to Swedbank will be informed of the number of transactions with identified errors in data quality in transactions reported by Swedbank. It is your responsibility as a counterparty to consolidate your total number of derivative transactions and assess whether your total number of incorrect transactions exceeds the thresholds set by the regulations. In the event that the threshold is exceeded, you must notify the supervisory authority in your country.

UTI

UTI is not a new occurrence for EMIR and is a central part of being able to report transactions. Given this, UTI generation and sharing has been tightened in the regulatory framework. The regulations clarify, depending on how the transaction is carried out, who is to create the UTI. It also states that UTI must be shared with the counterparty no later than 10:00 a.m. on the day after the transaction in order to ensure transaction reporting.