MiFID II Transaction Reporting

MiFID II Transaction Reporting requires investment firms to report complete and accurate details of their transactions to their competent authorities, no later than the close of the following working day.

How can firms achieve accurate and complete transaction reporting? Former regulator Simon Appleton explains.

What is MiFID II Transaction Reporting post-Brexit?

While Brexit has introduced some slight divergence between the UK and EU MiFIR transaction reporting requirements, most notably in the reportable instrument set, the regimes are almost identical and serve the same purpose: to help regulators detect and prosecute market abuse.

Complying with the MiFIR transaction reporting regime has proved to be an onerous and complicated task for firms. In part, this is because of the sheer volume of regulation and guidance relating to the reporting requirement. Reports are required for all asset classes and comprise of up to 65 XML fields.

To meet the requirement of complete and accurate reports mandated by MiFIR, firms have to understand not just the regulation, but also the Regulatory Technical Standards (RTS), Guidelines and the continually evolving Q&A documentation from ESMA. This is not an easy task and the regulators are not noted for their tolerance of firms failing to comply.

How we can help

Accuracy Testing and Reconciliations are mandated under RTS 22, Article 15 of MiFIR. Our ReportShield™ quality assurance services are designed to specifically address Article 15’s requirements and include the following:

Accuracy Testing

The testing gold standard, providing the maximum level of protection against regulatory challenge. Learn more

Advanced Regulatory Reconciliation

Our end-to-end reconciliation service tests for the completeness of regulatory reporting. Learn more

Control Framework

Together with data quality, a robust control framework is a key expectation of regulators. Learn more

MiFIR Reporting Core Training

Training is an integral part of the systems and controls required for accurate reporting. Learn more

“Investment firms shall have arrangements to ensure their transaction reports are complete and accurate. Those arrangements shall include testing of their reporting process and regular reconciliation of their front office trading records against data provided to them by their competent authorities.”

MiFIR – RTS 22, Article 15

Is your MiFID II Transaction Reporting accurate and complete?

For a free healthcheck or conversation with one of our regulatory specialists, please get in touch.

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