When do I use an overseas MIC instead of an ISIN or UPI under EMIR?

Under EMIR regulations (both EU and UK versions), there are very specific validation rules which sometimes require an ISIN, sometimes a UPI and sometimes neither.

We have made the flow chart below to help you ascertain which rules will apply to your specific trades.

First to recap on the 3 identifiers discussed above:

• ISIN is in accordance with ISO 6166, a 12 character alphanumeric code that identifies a product or instrument (if the product is admitted to trading or traded on a market that is regulated, a multi-trading platform or organised trading facility or through a systematic internaliser).
• UPI is a unique product identifier that represents an OTC derivative that has to be reported to a trade repository and is provided by ANNA DSB.
• MIC is in accordance with ISO 10383, a market identifier code of the trading venue where the instrument is traded, using 4 alphanumeric characters.

Flow chart - showing when a MIC is used

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