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).
Public holidays and bank holidays can have a major impact on trade and transaction reporting requirements; especially if you are an entity operating under multiple regimes.
When there is a public holiday where the regulatory body (or regulated entity) is located, it is likely that the timing of report submissions will be extended commensurately.
Daylight saving time (DST) is coming to an end for most European countries on 31 October 2021. You will need to ensure the time settings in your trade/transaction reporting are correct.
PFOF is a form of compensation that a brokerage firm receives for directing orders for trade execution to a particular market maker or exchange. Wholesale market makers have leveraged the almost exclusive use of electronic trading by retail investors to pay brokerages for the right to execute orders coming from their clients.
Wondering what you need to populate in the Trading Date Time field for MiFIR transaction reports? Check out TRAction’s latest Trade Reporting Field of the Week.
For this week’s Trade Reporting Field of the Week, TRAction reviews the Buyer/ Seller Transmitter ID MiFIR field.
The aim of FCA Market Watch 74 is to improve the quality and accuracy of transaction reporting and financial instrument reference data used by firms they regulate.
A Systematic Internaliser (SI) is an investment firm which is a counterparty dealing with its proprietary capital and is not a trading venue.
