Our collective term for transaction reporting systems is Approved Reporting Mechanisms (ARMs). Find out about applying to become an Approved Reporting Mechanism and how to use them.
Under the Markets in Financial Instruments Directive (MiFID), all reportable transactions are to be reported through systems which comply with specific requirements detailed in Article 12 of the MiFID Level 2 Regulation.
There is an application fee of £100,000 for firms seeking to become an ARM. This helps us meet the costs of approving systems and makes a proportionate contribution to the costs of linking with our transaction monitoring systems. For further details on this, please see FEES 3 in the Handbook.
There are also periodic fees associated with the operation of an ARM which specifically relate to entities that directly submit transaction reports to us. For more information, see FEES 4 in the Handbook.
The non-refundable fee (payable via cheque made out to the Financial Conduct Authority) should be submitted with the formal application. We are unable to progress an application without this fee.
Applying for ARM status
If your organisation is considering applying for ARM status, please express your interest by email to the Markets Reporting Team.
We will ask you to sign a non-disclosure agreement and send you a copy of the ARM technical specification and an application form. Please review these before applying.
We will assess all applicants against the requirements of Article 12 of the MiFID Level 2 Regulations. The application form is structured so you can show us how you propose to satisfy the requirements.
If you do not want to proceed once you have reviewed the specification document and the form, please let us know.
We will not grant approval to connect to our transaction monitoring system until these conditions have been met:
- we are confident that the requirements have been fully met
- we have successfully completed testing and integration processes with our technology.
Before issuing final approval, we will also need written confirmation that the requirements, including the technical specifications, have been fully met and that there are no further issues that we should be aware of in your firm’s systems or business.
The creation, production and delivery of an ARM’s systems remain the responsibility of the applicant, and we do not accept legal responsibility for any losses or damages arising from the failure of these systems.
In particular, our high-level review of the business continuity and network security policies of each applicant does not imply any endorsement, guarantee of quality or acceptance of responsibility for the adequacy of any applicant's business continuity or network security systems.
This table shows the approved ARMs. Please note that 'restricted approval' applies to all potential ARMs who are able to submit transaction reports only for certain types of products/instruments.
|Euroclear UK & Ireland (EUI)||CREST||Approved (Restricted)2|
|London Stock Exchange||UNAVISTA||Approved||Approved||Approved|
|Getco Europe Limited||GETCO||Approved||Approved||Approved|
|Abide Financial Limited||TransacPort||Approved||Approved||Approved|
|Bloomberg Finance L.P.||Bloomberg TOMS||Approved||Approved|
1 Only certain ARMs can provide us with over-the-counter (OTC) data. You can review further details of OTC reporting in Market Watch 29.
2 You cannot submit transaction reports for (i) non-exchange instruments (OTC) and (ii) instruments identified using the Alternative Instrument Identifier (Aii) codes.
Regulated markets and MTFs
MiFID prescribes that, as well as reporting through ARMs, transaction reports can be sent to us by the regulated markets or multilateral trading facilities (MTFs) through whose systems the transaction was completed.
MiFID requires that all transactions reported through the methods described in Article 25(5) shall satisfy the specific requirements detailed in Article 12 of the MiFID Level 2 Regulation.
To ensure compliance with these requirements, regulated markets and MTFs must submit transaction reports in the format provided by our defined technical specification.