Before entities may provide a Data Reporting Service (DRS) in the UK, they must be authorised or verified by us. Find out what this means for your firm.
An entity that provides a DRS is called a Data Reporting Services Provider (DRSP).
There are 3 types of DRS:
- Approved reporting mechanisms (ARMs) – the service of reporting details of transactions to competent authorities on behalf of investment firms.
- Approved publication arrangements (APAs) – the service of publishing post-trade transparency reports on behalf of investment firms.
- Consolidated tape providers (CTPs) – the service of collecting post-trade transparency reports of specific financial instruments from regulated markets, multilateral trading facilities, organised trading facilities and APAs. The CTP then consolidates these reports into a continuous electronic live data stream providing price and volume information per financial instrument.
DRSPs connect to our Market Data Processor (MDP) system to submit market data to us, access market data files and comply with the regulatory reporting requirements of the UK MiFID framework.
In May 2022, we published a letter to all DRSPs in our portfolio setting out what we expect of them to minimise risks to consumers, market integrity or competition from failures to meet their regulatory requirements.