Dear Santa…a MiFID II Christmas wish list


Dear Santa

I have been very good this year. I planned my MiFID II transaction reporting project early. I read Levels 1, 2 & 3 (well maybe not all of level 3…). I put enough money in the budget, identified my risks and spoke to my peers.  In short I think I have done everything possible but I still think I might be in a little bit of trouble. So this year for Christmas I have one or two wishes that I hope you can grant so I can start the new year with a cheery grin as big as yours.

Could you and Ruldolph please drop into my stocking this year:

  1. An LEI for all my clients who are refusing to get one even though I have offered to help many times in doing so.  I do want to keep talking to them next year!
  2. Help trading venues send the fields they need to for me to make my report.
  3. May my ARM be able to onward report to the FCA without any issues.
  4. A bright and sparkling new reconciliation that reconciles all my trades and not just the ones I sent
  5. Change ESMA’s mind and let them agree that the FIRDs list is a golden source of data
  6. Please just make ‘shortselling’ either go away or send me a new magical toy that will calculate it every day and correct it even  after I need to include a trade that was not captured the previous day
  7. Some really clever testing that identifies any of my mistakes so I can tell my Senior Manager Regime (SMR) manager all is well and he/she won’t lose their house
  8. Make all corporate actions involuntary even though they aren’t (our secret, Santa)
  9. Now I have lots of friends from different countries and I would like just one way of identifying them not several.
  10. An Xbox with the latest version of Overwatch

Now Santa I hope you don’t think me too greedy, but compared to my friends in America and Hong Kong I think I might be in more need for Christmas presents than them.

I’ll leave a mince pie for you and some carrots for Rudolph . Even if you can send me a few of the items I have asked for, I will be happy and I promise I’ll ask a lot less for next year.

Love from…
Little Johnny

P.S If you can’t do 4 and 7 then please drop this letter over to those lovely people at Kaizen Reporting, I am sure they will be able to help!