Last updated: 3 December 2019
Frequently Asked Questions
Query | Answer |
|---|---|
What is delegated reporting? | The European Markets and Infrastructure Regulation (EMIR) requires a party to a derivatives trade that is subject to EMIR to report to a Trade Repository approved by the European Securities and Markets Authority (ESMA). |
Does HSBC offer delegated reporting to its clients? | HSBC offers a delegated reporting service for EU clients of HSBC in Europe and EU Clients of HSBC Bank USA, NA. |
Which product categories are supported by the Delegated Reporting Service | The EMIR Delegated Reporting Service for clients trading with HSBC in Europe is available for all OTC products in-scope for EMIR for Rates, Credit, Equities, Commodities and FX |
How do I apply for the EMIR Delegated Reporting Service? | |
Which Unique Trade Identifier (UTI) should I use? | Counterparties must agree and use the same UTI. Where you are registered for HSBC EMIR Delegated Reporting Service, HSBC will generate, supply and report the UTI as part of the trade confirmation, except for trades not affirmed through third party platforms. For trades affirmed through third party platforms (MarkitWire or DS Match, for example), the platform will create the UTI and provide it to both sides. |
How can I view my reported trades? | You can view your reports in two ways:
To use the DTCC portal you must register with DTCC. |
Do I need to sign the HSBCnet agreement for the service if I am already an existing user? | Yes, although you may have a HSBCnet user account we still need this HSBCnet agreement signed for delegated reporting purposes. Please also add your existing user ID to the onboarding form. |
How do I sign up to get a HSBCnet User ID? | Please follow the step by step guide on the ePortal tab to sign up for a User ID- Please do not register for a new one if you already have an account set up. |
Query | Answer |
|---|---|
If I don’t want to use the Delegated Reporting Service, how do I agree the UTI approach with HSBC? | Under EMIR, counterparties to a derivatives transaction are required to generate and agree unique trade identifiers, also known as a UTI, in respect of the derivative contracts to be reported, to allow Trade Repositories to pair and reconcile trades. You should have received a communication outlining the approach in relation to UTI generation for your trades with HSBC. If you have not received anything, please email Regulatory.Business.Support.Europe@hsbc.com or contact your usual HSBC representative. |
If I want to take advantage of the Delegated Reporting Service, does HSBC always need to generate a UTI for each trade? | HSBC will always be the UTI generator for each trade reported via our Delegated Reporting Service. |
How will HSBC be notifying me of the UTIs for each trade? | Where HSBC is the UTI generator, we will notify you of such UTIs as per the usual trade confirmation process. If you are a subscriber to our Delegated Reporting Service, the UTI will also be included on the trade data within the Post Trade Portal when you have a reportable trade. |
Can I have a different approach to generating UTIs per asset class for my future trades? For example, I would like to generate the UTI for my Commodities trades but I would like HSBC to generate the UTI for my FX Forward trades. | Unfortunately this is not possible. You are only able to adopt one approach for your UTI generation and this applies across all asset classes. |
If I choose Delegated Reporting Service for one asset class, but not for others, will I be obliged to have HSBC generate the UTI for my non-platform trades? | Yes, you can only have one UTI preference across all asset classes, and Delegated Reporting Service obliges you to accept HSBC as the generator. |
Find out more about Delegated Reporting
Need help?
For more information, please contact your HSBC representative.