ARTICLE · 01 JUNE 2025

What to do when the derivative instrument's underlier has no ISIN under EMIR

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This article discuss how to populate the ISIN.

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A commonly asked question by many trade reporting entities is what value to use when the underlier to the relevant instrument has no ISIN under EMIR. (An ISIN is an international securities identification number which is a product identifier code often required by trade reporting regimes – EMIR and MiFIR).

Where no ISIN is available for equity trades or for the identifier of the relevant derivative's basket's constituents, then ESMA's stated best practice is to use the ISIN for the European Financial Stability Facility. We discuss how to populate the ISIN in detail below.

The EMIR fields concerned are:

Field No.	Field name	What to do if there is no ISIN?
2.14

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