RiskTech Forum

ESMA Issues Briefing on MiFID II Trade Reporting Requirements

Posted: 17 January 2017  |  Source: ESMA


Following the publication of ESMA’s final guidelines regarding transaction reporting under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR), ESMA issued, on 26 October 2016, technical requirements and templates further detailing the reporting of:

Instrument reference data (MAR Art 4, MiFIR Art 27, RTS 23)

Under MAR/MiFIR, trading venues and systematic internalisers will have to report financial instruments reference data. The technical reporting instructions (ESMA-2016-1522) provide details on how to report the data. Annexed to reporting instructions are XML schemas to be used for reporting the data. In order to allow a smooth transition from the MiFID I reporting regime, ESMA plans to start data collection by July 2017.

Data reporting for transparency and double volume cap (MiFIR Art 22, RTS 1,2,3)

Under MiFIR, trading venues, approved publication arrangements (APAs), and consolidated tape providers (CTPs) will have to report data required for the purposes of transparency and double volume cap calculations. The technical reporting instructions (ESMA-2016-1523 and ESMA-2016-1524) provide details on how to report the corresponding data. Annexed to reporting instructions are XML schemas to be used for reporting the data. In order to allow a smooth transition from the MiFID I reporting regime, ESMA plans to start data collection by September 2017.

Transaction reporting (MiFIR Art 26, RTS 22)

Under MiFIR, investment firms have to report their transactions. The technical reporting instructions (ESMA-2016-1521) provide details on how to report the data. Annexed to reporting instructions are XML schemas to be used for reporting the data and the description of data validation rules.

National competent authorities (NCAs) plan to start transaction data collection by 3 Jan 2018. The data will be collected directly by the NCAs which may issue additional reporting instructions on the technical aspects of the data submission process that are specific for them and are not covered by the document published by ESMA.

Additional information

ESMA developed its technical reporting instructions and XML schemas on the basis of candidate ISO 20022 messages. Updates may be published at a later stage in light of the registration process and final ISO 20022 messages.

Further documentation on the ISO 20022 messages is available on SWIFT’s MyStandards web portal.