Market data reporting and MDP

The Market Data Processor (MDP) system enables entities to submit market data to us, access market data files and comply with the regulatory reporting requirements of the UK MiFID framework.

The MDP system receives market data from the UK financial industry and provides the interface to the FCA Financial Instruments Reference Data System (FCA FIRDS) and the FCA Financial Instruments Transparency System (FCA FITRS).

MDP on-boarding

Your entity must demonstrate conformance with our technical specification to be on-boarded on to the MDP. This is part of our authorisation and supervisory process for submitting entities.

To help new entrants that wish to connect to the MDP system, we’ve created an Industry Test Environment (ITE).

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)
  • UK MiFID investment firms (IFs)
  • UK branch of investment firms established in third countries

Preparing for the on-boarding process

To submit market data, you need to complete a confidentiality agreement to request a copy of the Market Interface Specification (MIS). The MIS provides the technical details required to format and submit market data to us.

After you’ve completed the MIS, you will need to:

  • submit an MDP on-boarding application form to advise us what market data types your entity will be submitting
  • pay the appropriate on-boarding fees

Before you start industry testing, we’ll send you an MDP on-boarding pack outlining the onboarding process and test conditions.

Completing the MIS confidentiality agreement

  • 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

Submitting an 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].

Adding a 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 of the MDP on-boarding application form:

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