How Does a Regulator or ARM Ascertain MiFIR Reportability?
The current application of MiFIR requires both the regulators and ARMs to filter through vast quantities of data to determine which transactions should be reported. Trading venues and systematic internalisers (SIs) are obliged to submit reference data for financial instruments to ESMA to be published in FIRDs. This is outlined in Article 27 of MiFIR and Article 4 of Market Abuse Regulation (MAR).
Are You Making Regular Enquiries Into Your Trade Reporting?
Accuracy of Reporting and Delegate Oversight – ASIC ASIC’s OTC derivative transaction reporting rules allow reporting entities to delegate their reporting obligations to a third party. In doing so, reporting entities are required to take all reasonable steps to ensure the completeness, accuracy and currency of the information reported (Rule 2.2.6 of the ASIC Trade Reporting […]
Partnership: ACM Europe Limited x TRAction
ACM Europe Limited has partnered with TRAction to streamline its MiFIR trade reporting obligations. ACM Europe Limited, a global asset management company, has engaged TRAction, a well-known regulatory reporting specialist, to enhance the accuracy and compliance of its MiFIR (Markets in Financial Instruments Regulation) trade reporting processes. The objective of this partnership is to support […]
Derivatives’ Global Impact: Why Trade Reporting Matters
Derivatives are among the most widely used financial instruments in the world today. They are integral to the global financial system, serving as essential tools for risk management, speculation, and investment strategies and supporting everything from corporate balance sheets to pension fund stability. Derivatives are embedded in the financial infrastructure and used by banks, asset […]
The Anatomy of a Regulation
Trade reporting regulations such as EMIR, SFTR and MiFIR articulate key requirements which aim to reduce systemic risk and market misconduct. The architecture of these regulations is not merely a single piece of regulation but contain other layered components, together working as an interconnected framework. EMIR and SFTR (for both EU & UK) essentially have […]
When Are Bonds Reportable Under MiFIR & EMIR?
Bonds are a common debt instrument traded by financial firms. Are they EMIR reportable as a derivative, or are they traded on a trading venue and MiFIR reportable, or even both? Background Bonds are essentially an IOU and have been around since around 2400 BC in Mesopotamia, originally as grain debt guarantees. Bonds are often […]
Liquidity Provider Agreements and Trade Reporting
Collaboration with your liquidity providers and other counterparties is key to ensuring your regulatory transaction reporting is accurate. The implementation of EU EMIR Refit, UK EMIR Refit and the ASIC and MAS Rewrites means that there are a number of extra items relating to transaction reporting which should now be taken into account when putting […]
Meet the team: Ilham Benzina
Ilham’s responsibilities in her role… In her role, Ilham delivers reliable, compliant regulatory reporting, giving clients confidence in their data while meeting regulatory expectations. She oversees internal teams and collaborates closely to identify root causes, improve processes, and strengthen controls, helping reduce regulatory risk and support ongoing compliance. “My goal is to give clients confidence […]
What is an execution agent and what scenarios does it cover?
Summary Under UK EMIR reporting, there is a field “execution agent” that is currently optional. After 26 January 2026, this execution agent field will become conditional. This means that if an execution agent is involved in a transaction, the LEI of the execution agent needs to be reported. What is an Execution Agent? “Agent” […]
Do fund managers in the EU have to report for their foreign domiciled funds?
Summary When there is a fund and fund manager involved in derivatives trades, the fund manager is generally responsible for trade reporting for the transactions entered into by the fund. But what happens if one is inside the European Union and the other one outside the EU? For instance, if a fund is registered in […]