Market data reporting and MDP

Our new Market Data Processor (MDP) System, 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.

The MDP system will receive MiFID II market data from the UK financial industry and also market data from non-UK EEA financial market participants. This includes:

  • commodity derivatives position reports
  • incoming data reporting services providers (DRSPs)
  • other EEA competent authorities

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

MDP on-boarding

Entities that 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. We have made available an Industry Test Environment (ITE) to support new entrants wishing to connect to our MDP system.

Types of data that need to be submitted

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

Who this applies to

  • 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

Anyone looking to become submitting entities under MiFID II needs to complete a confidentiality agreement 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 to advise us what MiFID II data types the entity will be submitting and pay the appropriate on-boarding fees.

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

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].

MDP Fees 

As outlined in FEES 3.2.7 R of the FCA Handbook, the associated MDP on-boarding fees are:

  • transaction reports £20,000
  • transparency calculation data £10,000
  • instrument reference data £10,000
  • double volume cap data £10,000
  • commodity position reports £10,000
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