Dodd-Frank and EMIR Reporting Requirements
intermediatePublished: 2026-01-01
Dodd-Frank and EMIR Reporting Requirements
Dodd-Frank (US) and EMIR (EU) require comprehensive reporting of OTC derivatives to trade repositories. These regulations increase market transparency, enable systemic risk monitoring, and support market abuse surveillance. Understanding reporting obligations is essential for compliance.
Definition and Key Concepts
Regulatory Framework
| Regulation | Jurisdiction | Regulator | Effective |
|---|---|---|---|
| Dodd-Frank Title VII | United States | CFTC, SEC | 2012-2013 |
| EMIR | European Union | ESMA, NCAs | 2014 (refit 2019) |
| UK EMIR | United Kingdom | FCA | Post-Brexit |
| SFTR | EU/UK | ESMA/FCA | 2020 |
What Must Be Reported
| Category | Products |
|---|---|
| Interest rate | Swaps, FRAs, swaptions |
| Credit | CDS, CDX, iTraxx |
| Equity | Total return swaps, options |
| FX | Forwards, swaps, options (>2 days) |
| Commodity | Swaps, forwards, options |
Trade Repositories
US (CFTC-registered):
| Repository | Asset Classes |
|---|---|
| DTCC SDR | All asset classes |
| ICE Trade Vault | Credit, rates |
| CME SDR | Rates, FX, commodities |
EU (ESMA-registered):
| Repository | Coverage |
|---|---|
| DTCC GTR | Multi-asset |
| Regis-TR | Multi-asset |
| UnaVista | Multi-asset |
| KDPW | Poland-focused |
How It Works in Practice
Dodd-Frank Reporting
Who reports:
- Swap dealers (SD) always report
- If no SD, major swap participant (MSP) reports
- If neither, parties agree who reports
Reporting timeline:
| Trade Type | Reporting Deadline |
|---|---|
| Platform executed | Real-time (as soon as technologically practicable) |
| Off-platform | 15 minutes for on-facility; 24 hours for off |
| Block trades | 15-minute delay, then public |
Data categories:
| Category | Examples |
|---|---|
| Primary economic terms | Notional, tenor, rate, currency |
| Confirmation data | Trade ID, counterparty IDs |
| Valuation data | Daily MTM, collateral |
| Event data | Amendments, terminations |
EMIR Reporting
Who reports: Both counterparties must report (dual-sided reporting).
Exception: Financial counterparty reports on behalf of non-financial counterparty (EMIR Refit 2019).
Reporting timeline:
| Event | Deadline |
|---|---|
| New trade | T+1 (working day after execution) |
| Modification | T+1 after modification |
| Valuation | Daily for financial counterparties |
| Collateral | Daily for financial counterparties |
| Termination | T+1 after termination |
Key data fields:
| Field | Description |
|---|---|
| UTI | Unique Transaction Identifier |
| LEI | Legal Entity Identifier (both parties) |
| Product classification | ISDA taxonomy or CFI code |
| Notional | Trade notional amount |
| Currency | Notional currency |
| Effective/maturity dates | Trade dates |
| Valuation | MTM and valuation type |
| Collateral | Collateralization status |
Worked Example
Trade details:
- Product: 5-year USD interest rate swap
- Notional: $100 million
- Party A: US bank (Swap Dealer)
- Party B: EU asset manager
US Reporting (Party A - Swap Dealer):
| Field | Value |
|---|---|
| Reporting party | Party A LEI |
| Counterparty | Party B LEI |
| Asset class | Interest Rate |
| Product type | Swap: FixedFloat |
| Notional | 100,000,000 |
| Currency | USD |
| Effective date | 2025-01-17 |
| Maturity date | 2030-01-17 |
| Fixed rate | 4.50% |
| Floating rate | SOFR |
| USI | [Unique Swap Identifier] |
Timeline:
- Trade executed: 10:00 AM ET
- Reported to SDR: 10:15 AM ET (real-time)
- Public dissemination: 10:30 AM ET (after 15-min delay)
EU Reporting (Party B - Asset Manager):
| Field | Value |
|---|---|
| Reporting entity | Party B LEI |
| Counterparty | Party A LEI |
| UTI | [Unique Transaction Identifier] |
| Product ID | IR:SWAP:IRSWAP |
| Notional 1 | 100,000,000 USD |
| Direction | Receiver (fixed) |
| Execution timestamp | 2025-01-15T15:00:00Z |
| Clearing status | Cleared |
| CCP | LCH Ltd LEI |
Timeline:
- Trade executed: January 15
- Report due: January 16 (T+1)
- Daily valuation: Every business day thereafter
Reconciliation Requirements
EMIR reconciliation: Trade repositories must reconcile dual-sided reports.
| Matching Field | Tolerance |
|---|---|
| UTI | Exact match |
| Notional | Exact match |
| LEIs | Exact match |
| Valuation | Within 10% |
Common breaks:
- UTI mismatch (different generation)
- LEI not refreshed (expired LEI)
- Valuation differences (timing, methodology)
Risks, Limitations, and Tradeoffs
Compliance Risks
| Risk | Description | Consequence |
|---|---|---|
| Late reporting | Missed deadline | Fines, regulatory action |
| Data errors | Incorrect fields | Regulatory scrutiny |
| Missing reports | Trade not reported | Material breach |
| LEI lapse | Counterparty LEI expired | Report rejection |
Penalties
CFTC (US):
- Up to $1 million per day per violation
- Enforcement actions published publicly
ESMA/NCAs (EU):
- Up to €5 million or 10% of annual turnover
- Public disclosure of violations
Operational Challenges
| Challenge | Impact |
|---|---|
| Dual-sided reporting (EMIR) | Reconciliation breaks |
| Real-time reporting (US) | System latency |
| Data quality | Resubmissions required |
| Cross-border complexity | Multiple regimes apply |
Common Pitfalls
| Pitfall | Description | Prevention |
|---|---|---|
| UTI coordination | Parties generate different UTIs | Agree UTI generation rules |
| LEI maintenance | LEI expires annually | Renew LEI proactively |
| Lifecycle events | Amendments not reported | Automate event detection |
| Valuation timing | Different valuation times | Align valuation process |
Cross-Border Considerations
Substituted compliance (US): CFTC may allow compliance with foreign regime to satisfy US requirements.
Equivalence (EU): ESMA determines which foreign regimes are equivalent.
| Country | US Substituted Compliance | EU Equivalence |
|---|---|---|
| UK | Yes (certain requirements) | Yes (certain requirements) |
| Japan | Yes | Yes |
| Switzerland | Yes | Yes |
| Australia | Yes | Yes |
Brexit Impact
Post-Brexit reporting:
- UK EMIR reporting to UK repositories
- EU EMIR reporting to EU repositories
- Dual reporting for UK/EU counterparties
EMIR Refit Changes (2019)
| Change | Impact |
|---|---|
| Single-sided for NFC- | Financial counterparty reports for non-financial below threshold |
| Smaller NFC exemption | NFC below all thresholds exempt from clearing |
| Simplified fields | Reduced data fields for certain trades |
| Proportionality | Requirements scaled to entity size |
Checklist and Next Steps
Reporting setup checklist:
- Obtain Legal Entity Identifier (LEI)
- Register with trade repository
- Establish connectivity (direct or via service provider)
- Map internal data to reporting fields
- Configure automated reporting
- Set up reconciliation process
- Establish exception handling procedures
- Train operations staff
Ongoing compliance checklist:
- Renew LEI annually
- Monitor reporting status daily
- Resolve reconciliation breaks promptly
- Report lifecycle events (amendments, terminations)
- Submit daily valuations (EMIR)
- Maintain audit trail of all reports
- Review for regulatory updates
Related articles:
- For hedge accounting, see Accounting Treatment for Hedging Swaps
- For fixed income hedging, see Hedging Fixed Income Portfolios with Swaps