ING Bank N.V. has started reporting under the Bank of Israel’s mandatory derivative reporting requirement on over-the-counter derivatives on FX and rates where they are shekel-denominated, involve shekel, or reference a shekel yield or interest rate.
The Bank of Israel reporting regime is unique in the following ways:
- Extra-territoriality – it requires any foreign firm over the volume threshold to report, with financial sanctions possible for firms that do not report.
- Reportable asset classes – The reporting obligation also includes FX spot – which is typically not considered a derivative.
If you seek any further information on the implementation, please contact EMIRG20-Reporting@ing.com.