Bank of Israel mandatory derivatives reporting went live on the 1st of October 2020

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.

BoI mandatory derivatives reporting went live

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