9. What currency should Transactions be reported in?

9.1. Acceptable currencies

For transaction reporting purposes reference data must be synchronised between firms, ARMs, the FCA and ESMA to ensure validation is consistent across the interested parties.

For currencies only the following are valid: ISO 4217 currency list excluding metals (updated on the first Saturday of each month), and Legacy currencies (for long dated debt instruments issued pre-entry into the Euro), below:

  • Italian Lira (ITL)
  • French franc (FRF)
  • Greek Drachma (GRD)
  • German Deutsche Mark (DEM)
  • Spanish Peseta (ESP)
  • Portuguese Escudo (PTE)

9.2. Chinese currencies

Offshore renminbi (CNH) is not recognised within the ISO 4217 list. However a good many trades are now conducted in this currency but if reported using CNH it would be rejected by the ARMs and the FCA.

As a consequence, this currency must be switched to the onshore renminbi (CNY) which is a recognised ISO 4217 currency. The conversion to CNY from CNH must be carried out if a report is to be made.

Close monitoring of the ISO currency list is required because the CNH currency is expected to become an ISO currency at some point in the future.