Market data reporting and MDP

Read more about our new Market Data Processor (MDP) system, which will help manage the large changes in the volumes and range of data that entities with an obligation to report any of the market data types need to submit to us under MiFiD II.

MiFID II involves large changes in the volumes and range of data that entities with an obligation to report any of the market data types need to submit to us. We are developing a new Market Data Processor (MDP) system to help manage this. Entities that need to submit data should follow our on-boarding process and timetable to be ready for when the new regime comes into application in January 2018. The current Zen system will be replaced by the MDP system.

MDP on-boarding

Our new MDP system will receive MiFID II market data from the UK financial industry and also market data, where applicable, from non-UK EEA financial market participants. This includes commodity derivatives position reports, incoming data reporting services providers, and other EEA competent authorities. The MDP system will also provide the interface to ESMA’s new Financial Instrument Reference Data System (FIRDS), including Transparency Calculations and Double Volume Cap, and the existing Transaction Reporting Exchange Mechanism (TREM).

We will support industry testing with a dedicated Industry Test Environment (ITE) during 1 July 2017 to 31 December 2017. In this period all submitting entities seeking to demonstrate conformance and compliance with the FCA’s technical specification from 3 January 2018 will be on-boarded on to the MDP. The successful on-boarding will form part of our Authorisation and Supervisory process for submitting entities. The ITE will continue to be available beyond the MiFID II implementation date of 3 January 2018 to support new entrants wishing to connect to our MDP and other change projects.

We have selected Sopra Steria to develop, maintain and support the MDP system, including the support for on-boarding submitting entities during the industry testing.

Types of data that need to be submitted

The following are the MiFID II market data types that will be submitted to our MDP system:

  • transaction reports
  • instrument reference data
  • transparency reports
  • double volume cap reports
  • commodity derivative position reports

Who this applies to

Submitting entities can be any of the following:

  • approved reporting mechanisms (ARMs)
  • consolidated tape providers (CTPs)
  • approved publication arrangement (APAs)
  • regulated markets (RMs)
  • operators of multilateral trading facilities (MTFs)
  • operators of organised trading facilities (OTFs)
  • Systematic Internalisers (SIs)
  • other UK MiFID investment firms (IFs)
  • UK branch of third country investment firms
  • EEA data reporting service providers (DRSPs) / trading venues / investment firms

What you need to do: on-boarding process

Entities wishing to become submitting entities under MiFID II need to complete a confidentiality agreement (see details below) to request a copy of the Market Interface Specification (MIS). This provides the submitting entity with the technical details required to format and submit MiFID II market data to us.

Following receipt of the MIS, complete the MDP on-boarding application form (see details below) to advise us what MiFID II data types the entity will be submitting. At this time we would also expect submitting entities to advise when they will be ready to start industry testing.

MDP on-boarding fees, as consulted on in a consultation paper from July 2016 (CP16/19), will only be requested once the rules are finalised.

An MDP on-boarding pack, outlining the onboarding process and test conditions, will be issued to the applicant entities before industry testing.

MIS confidentiality agreement

To request a copy of the MIS:

  • download the MIS confidentiality agreement (DOCX)
  • complete the company detail information in section 2 (only one section 2 is required depending where the application company is based)
  • complete the company name of the receiving party, name and title for the signatory at the end of the document
  • print and sign the completed document

Scan and return it to us at [email protected]

The MIS will be sent to applicants upon receipt and validation of a completed confidentiality agreement.

Schemas and associated documents in use in the MDP industry test environment

Transaction Reporting - Schema files, reporting instructions and validation rules (ZIP)

Instrument Reference Data - Schema files, reporting instructions and validation rules (ZIP)

Transparency Reporting - Schema files, reporting instructions and conditional completeness table for non-equity transparency reference data (ZIP)

Double Volume Cap Reporting - Schema files and reporting instructions (ZIP)

Commodity Derivative Position Reporting - Schema (XSD) and reporting instructions (PDF)

Note: For Transaction Reporting our schema differs from the files currently published by ESMA:

We will let firms know before we move to the current ESMA version of the schema.

MDP on-boarding application form

To submit an application:

  • you must have already received the MIS
  • if you are a new entity applying for authorisation or recognition you must submit a relevant MiFID II application in order to receive a case reference number for inclusion in the MDP on-boarding application form
  • download the MDP on-boarding application form (DOC)
  • read our notes for completing the application form (PDF) and refer to part A
  • complete all the relevant sections
  • print and sign the declaration as per the instructions within the form

Scan and return it to us at [email protected].

Addition of new submitting entity, trading venue, market data type or asset class

Where an application has been approved and an addition is required, you should submit an application form with the relevant application type noted in section 1.1. 

Scan and return it to us at [email protected].

 

Next steps

  Next steps When
1 MIS confidentiality agreement available on fca.org.uk Now available
2

Market Interface Specification sent to applicants upon receipt and validation of completed MIS confidentiality agreement

a) For Transaction Reports, Instrument Reference Data, Transparency Reports and Double Volume Cap Reports

 

 

Now available

b) Revised version to include Commodity Position Reports Now available
3

Email [email protected] available for MIS requests and on-boarding queries only

Now available
4 On-boarding application form available on the FCA website Now available
5 FCA receipt of completed on-boarding application forms Now available
6 On-boarding pack issued to applicant entities Now available
7 Industry testing starts 3 July 2017
8 MiFID II regime comes into application 3 January 2018

*Final timing to be confirmed.