What is Post-Trade Reporting?
Articles 14–23 of MiFIR outline the transparency requirements and obligations for investment firms across asset classes as defined in Regulatory Technical Standards (RTS) 1 and 2. These include:
- Near to real-time reporting to the market via FIX (Financial Information eXchange)
- One minute for equity and equity-like products
- Five minutes for non-equity products
- Reports are sent to an Approved Publication Arrangement (APA) for publication to the market
- Field requirements are limited to the trade financials (less than 15-20 fields)
- Anonymised and aggregated reporting to avoid reverse engineering.