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.
EMIR Refit has been receiving a lot of press recently with its upcoming changes to the format of reporting and additional data elements. Alongside this, ESMA has been working on changes to MiFIR given that the regime commenced over five years ago.
As part of MiFIR/UK MiFIR, Investment Firms should have arrangements in place to regularly reconcile their front office transactions against data samples provided by their National Competent Authority (NCA).
There are certain fields within EMIR, MiFIR and SFTR which require populating with an LEI or specifically ‘ISO 17442 Legal Entity Identifier (LEI) 20 alphanumerical character code’
