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.
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.
How we can help
Our multi-award winning Accuracy Testing has been adapted to fit the requirements of RTS 1 and 2, providing you with an automated, managed service that:
- Checks all reported data fields for accuracy, validity and timeliness
- Tests published, non-published and rejected trade reports, to identify 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 for front office, compliance and operations staff involved in the real-time reporting process.
External resources
- ESMA Q&A – MiFIR Transparency Topics
- New Manual on Post-Trade Transparency
- Updated MiFIR Text 600/2014
- European Commission’s Official Journal notification of changes of MiFIR and MiFID (Feb 2024)
- RTS 1-28
- RTS 1
- RTS 1 Annex
- RTS 2
- RTS 2 Annex
- PS23/4: Improving Equity Secondary Markets
- CP23/32: Improving Transparency for Bonds and Derivatives Markets
- ESMA MiFIR Review Consultation package (May 2024)
Is your MiFID II Post-Trade Reporting accurate and complete?
For a free healthcheck of your reporting or conversation with one of our regulatory specialists, please get in touch.
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