DRSPs need to be authorised to provide data reporting services (DRS).
The types of DRS are:
- 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. They then consolidate these reports into a continuous electronic live data stream providing price and volume information per financial instrument.
Further information on DRSPs: