Topic
Completeness and accuracy of instrument reference data (IRD) under RTS 23.
Date:
09 April 2024
Level of significance of change
Minor
Main points
UK trading venue operators and systematic internalisers are required to provide the FCA with details of the financial instruments traded on their platforms.
IRD enables the FCA to understand the nature and characteristics of products traded by market participants.
These changes directly impact the following firms:
- Recognised Investment Exchanges (RIEs)
- Multilateral Trading Facilities (MTFs)
- Organised Trading Facilities (OTFs)
- Systematic Internalisers (Sis)
This change may also interest Investment Firms, credit institutions, approved publication arrangements (APAs) and approved reporting mechanisms (ARMs).
How does this change my reporting?
This market watch doesn’t directly affect transaction reporting procedures but will help to ensure less rejections due to missing or incorrect reference data.
What do I need to do?
IRD Submitting entities must have methods and arrangements to identify incomplete or inaccurate data and report data in a timely manner, consistent with RTS 23 Articles 2 and 6.
If an entity submits IRD in error, they should cancel it.
Trading venues and systematic internalisers are required to notify the FCA promptly when they identify IRD that is incomplete or inaccurate.
