MiFID II Transaction Reporting

MiFID II Transaction Reporting requires investment firms to report complete and accurate details of their transactions to their competent authority, no later than the close of the following working day.

Our Senior Regulatory Reporting Specialist David Nowell on what on the regulator expects for MiFID II reporting

What is MiFID II Transaction Reporting?

Transaction reports are a key tool for regulators to detect and prosecute market abuse.

The revamped version of the Markets in Financial Instruments Directive (MiFID), is designed to offer greater protection for investors and inject more transparency into all asset classes. The reporting obligation went live in January 2018.

Some of the differences between MiFID I and II transaction reporting are:

MiFID II captures all asset classes – MiFID I only caught equity and debt related instruments
FX, commodity and interest rate derivatives are now potentially reportable under MiFID II
Number of data fields has increased from 23/24 to 65 XML fields
EEA new reference data standards – eg. Legal Entity Identifiers (LEIs) replace BICs and FRNs
Change in the definition of entities brought within scope.

How we can help

Testing and reconciliations are mandatory under RTS 22, Article 15 of MiFIR. Our ReportShield™ quality assurance services are designed to specifically address Article 15’s requirements and include the following: