Reporting your trades with HSBC in Europe
The below service description is relevant for clients trading with HSBC entities in Europe:
|UK||HSBC UK Bank plc
HSBC Bank plc
|France||HSBC France SA|
|Czech Republic||HSBC France SA (branch)|
|Greece||HSBC France SA (branch)|
|Malta||HSBC Bank Malta plc|
|Poland||HSBC France SA (branch)|
|Spain||HSBC France SA (branch)|
What data is reported?
When subject to EMIR reporting requirements, an EEA counterparty to a trade is required to send data electronically to the Trade Repository of its choice:
- Counterparty data (seller or buyer data block): this block of data includes fields such as the counterparty's broker ID, beneficiary ID, or the 'directly linked to commercial activity or treasury financing' ('hedging') information. Further fields are in scope for the reporting of Collateral and Valuation data if your institution's classification is NFC+, SFC or FC.
You are required to provide HSBC with default values when you register for the service.
- Common data: this block of data includes fields such as the Unique Trade Identifier (UTI), Product ID, Notional amount, currency and other trade static and economic data. These data fields are identical for both counterparties.
HSBC offers a full delegation service
HSBC offers a full delegation model:
- HSBC will produce one report including your Counterparty data block, HSBC's Counterparty data block and the Common data block
- HSBC will generate a Unique Trading Identifier (UTI) for each trade
- HSBC will send the data to the Trade Repository (TR)
HSBC provides an online ePortal service via HSBCnet whereby clients can review their trade data real time
Benefits of HSBC Delegated Reporting Service
The Delegated Reporting Service from HSBC will report your in-scope trades with us to a trade repository on your behalf. HSBC currently does not directly charge for the Delegated Reporting Service. However, there are indirect costs, independent of HSBC, to be incurred before you can register for this service (obtaining a Legal Entity Identifier (LEI), for instance).
ESMA expects all entities covered by EMIR to obtain a Legal Entity Identifier (LEI). Several 'Local Operating Units' or 'LOUs' provides global LEIs, which means that they are able to generate LEIs for clients from any country. It is a mandatory requirement for all counterparts to register for an LEI if they wish to use the HSBC Delegated Reporting Service AND to maintain that LEI throughout the life of the reporting service.
Unique Trade Identifier (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 affirmed/executed through third party platforms. For trades affirmed/executed through third party platforms (MarkitWire or DS Match, for example), the platform will create the UTI and provide it to both sides.
What if you are using a middleware platform?
When you transact with us over a middleware platform (such as: MarkitWire, DS Match or ICELink), you are obliged to delegate reporting responsibility to the platform over which the trades are transacted. However, HSBC's Delegated Reporting Service includes a Gap Fill tool to provide collateral and valuation data fields for NFC+, SFC and FC clients that your middleware platform may not provide. This service is offered as long as your third party platform is reporting to DTCC, our chosen Trade Repository. Failure of the middleware platform to report trades however will mean HSBC will not be able to Gap Fill valuations or collateral information and hence it remains your obligation to ensure such trades are reported by the third party
Last updated: 22 November 2019