HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 352/20
EN
Official Journal of the European Union
21.12.2012
COMMISSION IMPLEMENTING REGULATION (EU) No 1247/2012
of 19 December 2012
laying down implementing technical standards with regard to the format and frequency of trade
reports to trade repositories according to Regulation (EU) No 648/2012 of the European Parliament
and of the Council on OTC derivatives, central counterparties and trade repositories
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
(4) To
ensure
consistency,
all
parties
to
a
derivatives
contract
should be identified by a unique code. A global legal
entity identifier or an interim entity identifier, to be
defined under a governance framework which is
Having regard to the Treaty on the Functioning of the European
compatible with the FSB recommendations on data
Union,
requirements and is adopted for use in the Union,
should be used to identify all financial and non-
financial counterparties, brokers, central counterparties,
Having regard to the opinion of the European Central Bank (
and beneficiaries once available, in particular to ensure

1 ),
consistency with the Committee on Payment and
Settlement Systems (CPSS) and International Organisation
of Securities Commissions (IOSCO) report on OTC
Having regard to Regulation (EU) No 648/2012 of the
Derivatives Data Reporting and Aggregation
European Parliament and of the Council of 4 July 2012 on
Requirements that describes legal entity identifiers as a
OTC derivatives, central counterparties and trade repositories ( 2 )
tool for data aggregation. In the case of agency trades,
and in particular Article 9(6) thereof,
the beneficiaries should be identified as the individual or
entity on whose behalf the contract was concluded.
Whereas:
(5) The
approach
used
in
third
countries
and
also
taken
by
(1) To
avoid
inconsistencies,
all
data
sent
to
trade
reposi
trade repositories themselves as they start their businesses
tories under Article 9 of Regulation (EU) No 648/2012
should be taken into account. Therefore, to ensure a
should follow the same rules, standards and formats for
cost-effective solution for counterparties and to mitigate
all trade repositories, all counterparties and all types of
operational risk for trade repositories, the reporting start
derivatives. A unique data set should therefore be used
date should include phase-in dates for different derivative
for describing a derivatives trade.
classes, beginning with the most standardised classes and
subsequently extending to the other classes. The
derivative contracts which were entered into before, on
or after the date of entry into force of Regulation (EU)
(2) Since
OTC
derivatives
are
typically
neither
uniquely
iden
tifiable by existing codes which are widely used in
No 648/2012, that are not outstanding on or after the
financial markets, such as the International Securities
reporting start date, are not of major relevance for regu
Identification Numbers (ISIN), nor describable by using
latory purposes. They must however be reported under
the ISO Classification of Financial Instruments (CFI) code,
Article 9(1)(a) of Regulation (EU) No 648/2012. To
a new and universal method of identification has to be
ensure an efficient and proportionate reporting regime
developed. If a unique product identifier is available and
in those cases and taking into account the difficulties
follows the principles of uniqueness, neutrality, reliability,
in reconstructing data of terminated contracts, a longer
open source, scalability, accessibility, has a reasonable
deadline should be provided for such reporting.
cost basis, is offered under an appropriate governance
framework and is adopted for use in the Union, it
should be used. If a unique product identifier meeting
these requirements is not available, an interim taxonomy
should be used.
(6) This
Regulation
is
based
on
draft
implementing
technical
standards submitted by the European Securities and
Markets Authority (hereinafter ESMA) to the
Commission.
(3) The
underlying
should
be
identified
by
using
a
single
identifier, however there is currently no market wide
standardised code to identify the underlying within a
basket. Counterparties should therefore be required to
indicate at least that the underlying is a basket and use
ISINs for standardised indices where possible.
(7) In
accordance
with
Article
15
of
Regulation
(EU)
No
1095/2010 of the European Parliament and of the
( 1 ) Not yet published in the Official Journal.
Council of 24 November 2010 establishing a European
( 2 ) OJ L 201, 27.7.2012.
Supervisory Authority (European Securities and Markets

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21.12.2012 Official
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European
Union L
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Authority) ( 1 ) ESMA has conducted open public consul
3. Where
neither
a
legal
entity
identifier
nor
an
interim
tations on such draft implementing technical standards,
entity identifier is available, a report shall use a Business
analysed the potential related costs and benefits and
Identifier Code in accordance with ISO 9362 where available.
requested the opinion of the ESMA Securities and
Markets Stakeholder Group established in accordance
Article 4
with Article 37 of that Regulation,
Identification of Derivatives
HAS ADOPTED THIS REGULATION:
1. A report shall identify a derivative contract using a unique
product identifier which is:
Article 1
Format of derivative contract reports
(a) unique;
The information contained in a report under Article 9 of Regu
(b) neutral;
lation (EU) No 648/2012 shall be provided in the format
specified in the Annex to this Regulation.
(c) reliable
Article 2
(d) open source;
Frequency of derivative contract reports
(e) scalable;
Where provided for in Article 11(2) of Regulation (EU) No
(f) accessible;
648/2012, mark to market or mark to model valuations of
contracts reported to a trade repository shall be done on a
(g) available at a reasonable cost basis;
daily basis. Any other reporting elements as provided for in
the Annex to this Regulation and the Annex to the delegated
(h) subject to an appropriate governance framework.
act with regard to regulatory technical standards specifying the
2. Where a unique product identifier does not exist, a report
minimum details of the data to be reported to trade repositories
shall identify a derivative contract by using the combination of
pursuant to Article 9(5) of Regulation (EU) No 648/2012 shall
the assigned ISO 6166 ISIN code or Alternative Instrument
be reported as they occur and taking into account the time limit
Identifier code with the corresponding ISO 10962 CFI code.
foreseen under Article 9 of Regulation (EU) No 648/2012,
notably as regards the conclusion, modification or termination
3. Where
the
combination
referred
to
in
paragraph
2
is
not
of a contract.
available, the type of derivative shall be identified on the
following basis:
Article 3
Identification of counterparties and other entities
(a) the derivative class shall be identified as one of the
following:
1. A
report
shall
use
a
legal
entity
identifier
to
identify:
(i) commodities;
(a) a beneficiary which is a legal person;
(ii) credit;
(b) a broking entity;
(iii) foreign exchange;
(c) a CCP;
(iv) equity;
(d) a clearing member which is a legal person;
(v) interest rate;
(e) a counterparty which is a legal entity;
(vi) other.
(f) a submitting entity.
(b) the derivative type shall be identified as one of the
2. Where a legal entity identifier is not available, the report
following:
shall include an interim entity identifier as defined at the Union
level which is:
(i) contracts for difference;
(a) unique;
(ii) forward rate agreements
(b) neutral;
(iii) forwards;
(c) reliable;
(iv) futures;
(d) open source;
(v) options;
(e) scalable;
(vi) swaps;
(f) accessible;
(vii) other.
(g) available at a reasonable cost basis;
(c) in the case of derivatives not falling into a specific derivative
class or derivative type, the report shall be made on the
(h) subject to an appropriate governance framework.
basis of the derivative class or derivative type that the
counterparties agree the derivative contract most closely
( 1 ) OJ L 331, 15.12.2010, p.84.
resembles.

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EN
Official Journal of the European Union
21.12.2012
Article 5
(c) by 1 July 2015, where there is no trade repository registered
for that particular derivative class under Article 55 of Regu
Reporting start date
lation (EU) No 648/2012 by 1 July 2015. The reporting
1.
Credit derivative and interest rate derivative contracts shall
obligation shall commence on this date and contracts shall
be reported:
be reported to ESMA in accordance with Article 9(3) of that
Regulation until a trade repository is registered for that
particular derivative class.
(a) by 1 July 2013, where a trade repository for that particular
derivative class has been registered under Article 55 of
Regulation (EU) No 648/2012 before 1 April 2013;
3. Those
derivative
contracts
which
were
outstanding
on
16 August 2012 and are still outstanding on the reporting
start date shall be reported to a trade repository within 90
(b) 90 days after the registration of a trade repository for a
days of the reporting start date for a particular derivative class.
particular derivative class under Article 55 of Regulation
(EU) No 648/2012, where there is no trade repository
registered for that particular derivative class before or on
4. Those
derivative
contracts
which:
1 April 2013,;
(a) were entered into before 16 August 2012 and are still
(c) by 1 July 2015, where there is no trade repository registered
outstanding on 16 August 2012: or
for that particular derivative class under Article 55 of Regu
lation (EU) No 648/2012 by 1 July 2015. The reporting
(b) were entered into on or after 16 August 2012,
obligation shall commence on this date and contracts shall
be reported to ESMA in accordance with Article 9(3) of that
and that are not outstanding on or after the reporting start date
Regulation until a trade repository is registered for that
shall be reported to a trade repository within 3 years of the
particular derivative class.
reporting start date for a particular derivative class.
2. Derivative
contracts
not
referred
to
in
paragraph
1
shall 5. The reporting start date shall be extended by 180 days for
be reported:
the reporting of information referred to in Article 3 of the
delegated act with regard to regulatory technical standards spec
(a) by 1 January 2014, where a trade repository for that
ifying the minimum details of the data to be reported to trade
particular derivative class has been registered under
repositories pursuant to Article 9(5) of Regulation (EU) No
Article 55 of Regulation (EU) No 648/2012 before
648/2012.
1 October 2013;
Article 6
(b) 90 days after the registration of a trade repository for a
Entry into force
particular derivative class under Article 55 of Regulation
(EU) No 648/2012, where there is no trade repository
This Regulation shall enter into force on the twentieth day
registered for that particular derivative class before or on
following that of its publication in the Official Journal of the
1 October 2013;
European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 19 December 2012.
For the Commission
The President
José Manuel BARROSO

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Journal
of
the
European
Union L
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ANNEX
Table 1
Counterparty Data
Field Format
Parties to the contract
1 Reporting
timestamp
ISO 8601 date format / UTC time format.
Legal Entity Identifier (LEI) (20 alphanumerical digits), interim entity
2 Counterparty
ID
identifier (20 alphanumerical digits), BIC (11 alphanumerical digits) or
a client code (50 alphanumerical digits).
Legal Entity Identifier (LEI) (20 alphanumerical digits),
interim entity identifier (20 alphanumerical digits),
3 ID
of
the
other
Counterparty
BIC (11 alphanumerical digits) or a
client code (50 alphanumerical digits).
100 alphanumerical digits or blank in case of coverage by Legal Entity
4 Name
of
the
counterparty
Identifier (LEI).
500 alphanumerical digits or blank in case of coverage by Legal Entity
5 Domicile
of
the
counterparty
Identifier (LEI).
Taxonomy:
A = Assurance undertaking authorised in accordance with Directive
2002/83/EC;
C = Credit institution authorised in accordance with Directive
2006/48/EC;
F = Investment firm in accordance with Directive 2004/39/EC;
I = Insurance undertaking authorised in accordance with Directive
73/239/EEC;
6 Corporate
sector
of
the
counterparty
L = Alternative investment fund managed by AIFMs authorised or
registered in accordance with Directive 2011/61/EU;
O = Institution for occupational retirement provision within the
meaning of Article 6(a) of Directive 2003/41/EC;
R = Reinsurance undertaking authorised in accordance with Directive
2005/68/EC;
U = UCITS and its management company, authorised in accordance
with Directive 2009/65/EC; or
blank in case of coverage by Legal Entity Identifier (LEI) or in case of
non-financial counterparties.
F=Financial Counterparty, N=Non-Financial Counterparty.
7
Financial or non-financial nature of the
counterparty
Legal Entity Identifier (LEI) (20 alphanumerical digits),
interim entity identifier (20 alphanumerical digits),
8 Broker
ID
BIC (11 alphanumerical digits) or a client code (50 alphanumerical
digits).

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L 352/24
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Official Journal of the European Union
21.12.2012
Field Format
Parties to the contract
Legal Entity Identifier (LEI) (20 alphanumerical digits),
interim entity identifier (20 alphanumerical digits),
9 Reporting
entity
ID
BIC (11 alphanumerical digits) or a
client code (50 alphanumerical digits).
Legal Entity Identifier (LEI) (20 alphanumerical digits),
interim entity identifier (20 alphanumerical digits),
10 Clearing
member
ID
BIC (11 alphanumerical digits) or a
client code (50 alphanumerical digits).
Legal Entity Identifier (LEI) (20 alphanumerical digits),
interim entity identifier (20 alphanumerical digits),
11 Beneficiary
ID
BIC (11 alphanumerical digits) or a
client code (50 alphanumerical digits).
12 Trading
capacity
P=Principal, A=Agent.
13 Counterparty
side
B=Buyer, S=Seller.
14 Trade
with
non-EEA
counterparty
Y=Yes, N=No.
Y=Yes, N=No.
15
Directly linked to commercial activity or
treasury financing
16 Clearing
threshold
Y=Above, N=Below.
17 Mark
to
market
value
of
contract
Up to 20 numerical digits in the format xxxx,yyyyy.
ISO 4217 Currency Code, 3 alphabetical digits.
18
Currency of mark to market value of
the contract
19 Valuation
date
ISO 8601 date format.
20 Valuation
time
UTC time format.
21 Valuation
type
M=mark to market / O=mark to model.
U=uncollateralised, PC= partially collateralised, OC=one way collat
22 Collateralisation
eralised or FC=fully collateralised.
23 Collateral
portfolio
Y=Yes, N=No.
24 Collateral
portfolio
code
Up to 10 numerical digits.
Specify the value the total amount of collateral posted; up to 20
25 Value
of
the
collateral
numerical digits in the format xxxx,yyyyy.

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Field Format
Parties to the contract
Specify the currency of field 25; ISO 4217 Currency Code, 3 alpha
26 Currency
of
the
collateral
value
betical digits.
Table 2
Common Data
Field Format
Applicable types of
derivative contract
Section 2a - Contract type
All contracts
Identify the taxonomy used:
U = Product Identifier [endorsed in Europe]
1 Taxonomy
used
I = ISIN/AII + CFI
E = Interim taxonomy
For taxonomy = U:
Product Identifier (UPI), to be defined
For taxonomy = I:
ISIN or AII,
12 digits alphanumerical code
For taxonomy = E:
2 Product
ID
1
Derivative class:
CO = Commodity
CR = Credit
CU = Currency
EQ = Equity
IR = Interest Rate
OT = Other
For taxonomy = U
Blank
For taxonomy = I
CFI, 6 characters alphabetical code
For taxonomy = E:
Derivative type:
3 Product
ID
2
CD = Contracts for difference
FR = Forward rate agreements
FU = Futures
FW = Forwards
OP = Option
SW = Swap
OT = Other

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L 352/26
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Official Journal of the European Union
21.12.2012
Field Format
Applicable types of
derivative contract
ISIN (12 alphanumerical digits);
LEI (20 alphanumerical digits);
Interim entity identifier (20 alphanumerical digits);
4 Underlying
UPI (to be defined);
B = Basket;
I = Index.
5 Notional
currency
1
ISO 4217 Currency Code, 3 alphabetical digits.
6 Notional
currency
2
ISO 4217 Currency Code, 3 alphabetical digits.
7 Deliverable
currency
ISO 4217 Currency Code, 3 alphabetical digits.
Section 2b - Details on the trans
All contracts
action
8 Trade
ID
Up to 52 alphanumerical digits.
9 Transaction
reference
number
An alphanumeric field up to 40 characters
ISO 10383 Market Identifier Code (MIC), 4 digits
alphabetical.
10 Venue
of
execution
Where relevant, XOFF for listed derivatives that are
traded off-exchange or XXXX for OTC derivatives.
Y = if the contract results from compression; N= if
11 Compression
the contract does not result from compression.
12 Price
/
rate
Up to 20 numerical digits in the format xxxx,yyyyy.
E.g. ISO 4217 Currency Code, 3 alphabetical digits,
13 Price
notation
percentage.
14 Notional
amount
Up to 20 numerical digits in the format xxxx,yyyyy.
15 Price
multiplier
Up to 10 numerical digits.
16 Quantity
Up to 10 numerical digits.
Up to 10 numerical digits in the format xxxx,yyyyy
for payments made by the reporting counterparty and
17 Up-front
payment
in the format xxxx,yyyyy for payments received by the
reporting counterparty.
18 Delivery
type
C=Cash, P=Physical, O=Optional for counterparty.
19 Execution
timestamp
ISO 8601 date format / UTC time format.
20 Effective
date
ISO 8601 date format.
21 Maturity
date
ISO 8601 date format.

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Field Format
Applicable types of
derivative contract
22 Termination
date
ISO 8601 date format.
23 Settlement
date
ISO 8601 date format.
Free Text, field of up to 50 characters, identifying the
24 Master
Agreement
type
name of the Master Agreement used, if any.
25 Master
Agreement
version
Year, xxxx.
Section 2c - Risk mitigation /
All contracts
Reporting
26 Confirmation
timestamp
ISO 8601 date format, UTC time format.
Y=Non-electronically confirmed, N=Non-confirmed,
27 Confirmation
means
E=Electronically confirmed.
Section 2d - Clearing
All contracts
28 Clearing
obligation
Y=Yes, N=No.
29 Cleared
Y=Yes, N=No.
30 Clearing
timestamp
ISO 8601 date format / UTC time format.
Legal Entity Identifier (LEI) (20 alphanumerical digits)
or, if not available, interim entity identifier (20 alpha
31 CCP
ID
numerical digits) or, if not available, BIC (11 alpha
numerical digits).
32 Intragroup
Y=Yes, N=No.
Interest rate
Section 2e - Interest Rates
derivatives
33
Fixed rate of leg 1
Numerical digits in the format xxxx,yyyyy.
34
Fixed rate of leg 2
Numerical digits in the format xxxx,yyyyy.
35
Fixed rate day count
Actual/365, 30B/360 or Other.
An integer multiplier of a time period describing how
36 Fixed
leg
payment
frequency
often the counterparties exchange payments, e.g. 10D,
3M, 5Y.
An integer multiplier of a time period describing how
37 Floating
rate
payment
frequency often the counterparties exchange payments, e.g. 10D,
3M, 5Y.
D = An integer multiplier of a time period describing
38 Floating
rate
reset
frequency
how often the counterparties exchange payments, e.g.
10D, 3M, 5Y.
39 Floating
rate
of
leg
1
The name of the floating rate index, e.g. 3M Euribor.

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Official Journal of the European Union
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Field Format
Applicable types of
derivative contract
40 Floating
rate
of
leg
2
The name of the floating rate index, e.g. 3M Euribor.
Currency
Section 2f – Foreign Exchange
derivatives
41 Currency
2
ISO 4217 Currency Code, 3 alphabetical digits.
42 Exchange
rate
1
Up to 10 numerical digits in the format xxxx,yyyyy.
43 Forward
exchange
rate
Up to 10 numerical digits in the format xxxx,yyyyy.
44 Exchange
rate
basis
E.g. EUR/USD or USD/EUR.
If a UPI is reported and contains all the information Commodity deriva
Section 2g - Commodities
below, this is not required unless to be reported tives
according to Regulation (EU) No 1227/2011.
General
AG = Agricultural
EN = Energy
FR = Freights
45 Commodity
base
ME = Metals
IN = Index
EV = Environmental
EX = Exotic
Agricultural
GO = Grains oilseeds
DA = Dairy
LI = Livestock
FO = Forestry
SO = Softs
Energy
OI = Oil
NG = Natural gas
46 Commodity
details
CO = Coal
EL = Electricity
IE = Inter-energy
Metals
PR = Precious
NP = Non-precious
Environmental
WE = Weather
EM = Emissions

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Field Format
Applicable types of
derivative contract
Energy
47 Delivery
point
or
zone
EIC code, 16 character alphanumeric code.
48 Interconnection
Point
Free text, field of up to 50 characters.
Repeatable section of fields 50-54 to identify the
product delivery profile which correspond to the
delivery periods of a day;
BL = Base Load
49 Load
type
PL = Peak Load
OP = Off-Peak
BH = Block Hours
OT = Other
50 Delivery
start
date
and
time
ISO 8601 date format / UTC time format.
51 Delivery
end
date
and
time
ISO 8601 date format / UTC time format.
52 Contract
capacity
Free text, field of up to 50 characters.
53 Quantity
Unit
10 numerical digits in the format xxxx,yyyyy.
54 Price/time
interval
quantities
10 numerical digits in the format xxxx,yyyyy.
Contracts that
Section 2h - Options
contain an option
55 Option
type
P=Put, C=Call.
56 Option
style
(exercise)
A=American, B=Bermudan, E=European, S=Asian.
57 Strike
price
(cap/floor
rate)
Up to 10 Numerical digits in the format xxxx,yyyyy.
Section 2i - Modifications to the
All contracts
contract
N = New
M = Modify
E = Error,
58 Action
type
C = Cancel,
Z = Compression,
V = Valuation update,
O = Other.
59 Details
of
action
type
Free text, field of up to 50 characters.

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