Trade Repository (TR) Data Collections

Why does the Bank collect trade repository data?

One of the shortcomings of the regulatory regime identified following the 2008/9 financial crisis was the lack of visibility authorities had on what was happening in key financial markets and the interconnectedness of firms. In response to this, transaction level data collections have been put in place to enable authorities to support their financial stability objectives and to promote the safety and soundness of regulated firms. More broadly, the data helps us understand better how markets function and counterparties interact. 

Given the volume of data involved, trade repositories are used to collect data from reporting firms. The trade repositories then collate the data and send it on to the financial authorities.

What do we do with the data?

The data we collect provides important insights to our committees: the Financial Policy Committee (FPC) and the Prudential Regulation Committee (PRC) and the Monetary Policy Committee (MPC). The data is also regularly used in the Financial Stability Report, research papers and speeches.

Which markets do we collect data on?

• Derivatives markets. Data are collected under the UK European Market Infrastructure Regulation (UK EMIR)
• Securities financing transactions. Data are collected under the UK Securities Financing Transactions Regulation (UK SFTR)

Together, they are known as the TR data collections.

UK EMIR Trade Repository Data

Under Article 9 of UK EMIR the Bank of England and the Financial Conduct Authority (FCA) share responsibilities for the derivatives reporting obligation.

The Bank is responsible for the framework for derivatives reporting as they apply to central counterparties (CCPs). The FCA is responsible for the reporting framework for all other counterparties. Our objective is to keep the reporting framework identical for all UK reporting counterparties.

On a daily basis relevant UK firms report details of any derivatives transactions they have entered into. These cover five asset classes: 

• interest rates
• foreign exchange
• commodities
• credit default swaps
• equities 

These can be transacted bilaterally or through futures exchanges.

Information for reporting counterparties:

UK EMIR Breach notification form

CCPs can use the UK EMIR breach notification form to notify us about any errors or omissions in their reports under Article 9 of UK EMIR.

Any enquiries relating to UK EMIR should be sent to emirreporting@bankofengland.co.uk.  

Reporting Regime

The formal reporting requirements are set out in The Bank’s Standards Instrument.

To support CCPs meeting the requirements, we have technical specification documents and guidance in the form of questions and answers (Q&As) to support implementation:

XML schemas under UK EMIR  

Incoming messages (ZIP 4.4MB)
Outgoing messages (ZIP 8.3MB)

UK EMIR Validation Rules (XLSX 0.1MB)

• UK EMIR Reporting Q&A Guidance

Latest news

September 2024 - New UK EMIR reporting regime comes into force

On 30 September 2024 the revised derivate reporting regime came into force. These changes align the UK derivatives reporting framework with CPMI-IOSCO Technical Guidance on the Harmonisation of critical OTC derivatives data elements, where appropriate, to ensure a more globally consistent dataset.  For more information see the joint Bank/FCA Policy Statement.

July 2024 - UK EMIR reporting Q&As: Finalisation of second consultation and publication of finalised guidance

On 26 July 2024, alongside the FCA, we published an update to the UK EMIR Validation Rules (applicable from 30 September 2024) to ensure consistency with the finalised guidance on UK EMIR Reporting, which was published on 12 July 2024. We do not intend to make any further changes to the validation rules (or schemas) ahead of 30 September 2024. Today, we also published an additional finalised Q&A under topic 10 (Q&A 10.9) of the finalised guidance, following a joint consultation with the FCA.

On 12 July 2024, alongside the FCA, we published finalised guidance and a summary of feedback from the second consultation on guidance to support implementation of the amended UK EMIR reporting requirements that will go-live on 30 September 2024. The guidance is in the form of Questions and Answers (Q&As), grouped into relevant topics. Today we also published updated Schemas and finalised changes to the UK EMIR Validation Rules (applicable from 30 September 2024).

May 2024 - UK EMIR reporting Q&As: Finalisation of first consultation and publication of second consultation

On 2 May 2024, alongside the FCA, we published finalised guidance and a summary of feedback from the first consultation on guidance to support implementation of the amended UK EMIR reporting requirements that will go-live on 30 September 2024. The guidance is in the form of Questions and Answers (Q&As), grouped into relevant topics. Today we also published a second consultation on the remaining topics. In certain circumstances, the draft Q&As also require a corresponding change to the UK EMIR Validation Rules (applicable from 30 September 2024), which we are also seeking feedback on.

• March 2024 - Publication of draft UK EMIR reporting Q&As for consultation  

We are consulting jointly with the FCA on guidance to support implementation of the amended UK EMIR reporting requirements that will go-live on 30 September 2024. The draft guidance is in the form of Questions and Answers (Q&As), grouped into relevant topics. In certain circumstances, the draft Q&As also require a corresponding change to the UK EMIR Validation Rules (applicable from 30 September 2024), which we are also seeking feedback on.

UK SFTR Trade Repository Data

The Bank of England and the Financial Conduct Authority share supervisory responsibilities for the UK SFTR. The Bank is responsible for UK CCPs and central securities depositories (CSDs) meeting their reporting obligation. The FCA is responsible for the reporting framework for all other counterparties. Our objective is to keep the reporting framework identical for all UK reporting counterparties. 
 
On a daily basis relevant UK firms report details of any securities financing transactions they have entered into. These include repo, reverse repo, securities and margin lending, across all currencies.

Information for reporting counterparties:

UK SFTR Breach notification form
CCPs can use the UK SFTR Breach notification form to notify us about any errors or omissions in their reports under Article 4 of UK SFTR. 

Any enquiries relating to UK SFTR should be sent to SFTRreporting@bankofengland.co.uk.  

Latest news

November 2023 - Final UK Validation Rules and XML Schemas 

On 3 November 2023, following feedback received from all relevant stakeholders on the draft UK SFTR Validation Rules and XML Schemas, we published the final versions of these documents that will go live on 25 November 2024. 

Final UK SFTR Validation rules

Final XML Schemas under UK SFTR 

• Incoming messages
• Outgoing messages

August 2023 - Updated UK Validation Rules and XML Schemas 

On 1 August 2023, we published draft amendments to the Validation Rules and XML schemas to support the ongoing reporting of securities financing transactions under the UK Securities Financing Transactions Regulation (UK SFTR). The amendments are in response to industry feedback and to address data quality issues.

We invited comments on both documents from all relevant stakeholders by 15 September 2023.  

October 2022 - Reporting Legal Entity Identifiers (LEIs) of third country issuers under UK SFTR.

In March 2022, we extended a period of forbearance for the reporting of LEIs of third country issuers under UK SFTR. This was put in place to reduce potential market disruption resulting from the large number of third country issuers without an LEI. This forbearance is due to expire on 13 October 2022. 

Industry has made some progress in wider LEI coverage; however, many third country issuers still have not acquired an LEI. This may impact reporting under UK SFTR after 13 October 2022. Our analysis of UK SFTR data shows that currently, where the security was issued in a third country jurisdiction, 29% of loaned security transaction records were not reported with an issuer LEI.

In recognition of this, we will not prioritise supervisory action in relation to the reporting of LEIs of third country issuers.  

We will continue to monitor the evolution of the issuance of LEIs for third country issuers, the population of the field ‘LEI of the issuer’ for third country issuers, and the structural evolution of SFT markets in the UK and abroad, to continually assess developments in the use of LEIs of third country issuers. We will provide at least six months’ notice to industry should our position change.  

We remain committed to the widespread adoption of LEIs. Those responsible should report an LEI for third country issuers where one is available and continue to engage with third country issuers to encourage them to acquire an LEI where one is not. 

March 2022 - End of Temporary Transitional Power (TTP)

The Temporary Transitional Power had been in effect since the end of the transition period and was applied in the case of the UK SFTR to securities financing transactions. For transactions where one of the counterparties is a member of the European System of Central Banks (ESCB), the status quo was retained, and financial counterparties did not need to report these transactions under UK SFTR for the duration of the TTP. 

Following the expiration of the TTP for these purposes on 31 March 2022, UK counterparties subject to UK SFTR requirements are required to report these transactions under UK SFTR. We expect firms to review their reporting systems and make the necessary changes to ensure that any new and outstanding SFTs with members of the ESCB are reported as soon as possible after 1 April 2022.