Find out more about the requirements for reporting data by data reporting services providers, trading venues and investment firms when the MiFID II regime comes into effect, and information for entities that will need to submit data to our new Market Data Processor system.
MiFID II/MiFIR sets out, among other things, the following requirements:
- Transaction reporting: MiFID II authorised investment firms and credit institutions will be required to report complete and accurate details of transactions in financial instruments (Article 26 MiFIR) to the competent authorities directly or through ARMs or trading venues. Trading venues will also be required to submit transaction reports on behalf of non-MiFID member firms (Article 26(5) MiFIR) and they may submit transaction reports for MiFID member firms in relation to the market-side transaction report (Article 26(7) MiFIR) to the competent authorities. UK branches of third country investment firms and credit institutions are also required to submit transaction reports to the FCA, under FCA proposals in CP15/43.
- Instrument reference data (Article 27 MiFIR): trading venues and systematic internalisers will be required to submit relevant instrument reference data to the competent authorities.
- Transparency calculation data (Article 22 MiFIR): APAs, CTPs and trading venues will be required to submit relevant transparency calculation data to the competent authorities.
- Double volume cap data (Article 22 MiFIR): trading venues (with the exception of OTFs) CTPs and APAs will be required to submit double volume cap data to the competent authorities.
- Commodity derivatives position reports (Article 58): trading venues, investment firms and credit institutions trading in commodity derivatives where the FCA is the relevant competent authority for that commodity derivative will be required to submit commodity derivative position reports.
- Order record-keeping (Article 25(2) MiFIR): trading venues have to keep relevant records of orders in financial instruments.
Other relevant requirements:
- Clock synchronisation (Article 50 MiFID II): trading venues and their members or participants have to synchronise their business clocks.
ESMA has developed regulatory technical standards for the above which it has submitted to the European Commission for endorsement.
To complement the technical standards, ESMA is also developing guidelines on
- transaction reporting
- instrument reference data
- order record keeping
- clock synchronisation
Investment firms are also subject to record-keeping requirements under article 16 MiFID organisational requirements, as supplemented by delegated legislation and the subject of consultation in FCA CP16/19.
Summary of proposals of the Market Data Reporting Consultation Paper (ESMA, December 2014)