MiFID II Post-Trade Reporting

It’s not just transaction reporting under MiFID II that firms need to be compliant with – compliance with real-time trade reporting is expected by regulators too.

Kaizen’s Chris Machin outlines the challenges firms face with MiFID II Post-Trade Reporting.

What is Post-Trade Reporting?

Articles 14–23 of MiFIR outline the transparency requirements and obligations for investment firms across asset classes as defined in Regulatory Technical Standards (RTS) 1 and 2. These include:

Near to real-time reporting to the market via FIX (Financial Information eXchange)
One minute for equity and equity-like products
Five minutes for non-equity products
Reports are sent to an Approved Publication Arrangement (APA) for publication to the market
Field requirements are limited to the trade financials
Anonymised and aggregated reporting to avoid reverse engineering.

Kaizen's services

Our multi-award winning Accuracy Testing has been adapted to fit the requirements of RTS 1 and 2, providing you with a service that:

Checks all reported data fields for accuracy, validity and timeliness
Tests published, non-published and rejected trade reports, so we can let you know whether you are over or under-reporting.
Provides full results including detailed management information following each test run.

We also provide a Post-Trade Reporting Core Training Course delivered by our MiFIR Reporting Director Chris Machin for front office, compliance and operations staff involved in the real-time reporting process.

Kaizen resources

External resources

“It’s only a matter of time before there is greater scrutiny from regulators on Post-Trade Reporting and potentially, the introduction of penalties or sanctions for incorrect reporting.”
Chris Machin - MiFIR Reporting Director – Kaizen

Is your MiFID II Post-Trade Reporting accurate and complete?

For a FREE healthcheck or conversation with one of our regulatory specialists, please get in touch.

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MiFID II Post-Trade Reporting

What is Post-Trade Reporting?

Kaizen's services

Kaizen resources

External resources

Is your MiFID II Post-Trade Reporting accurate and complete?

Further reading

FCA Market Watch 76 outlines market abuse risks concerning ‘flying’ and ‘printing’

EU legislators agree changes to MiFID II and MiFIR

Improving Equity Secondary Markets: A Debrief