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Transaction Reporting: MiFID II/MiFIR Data Challenges

"Transaction Reporting: MiFID II/MiFIR Data Challenges"

Transaction Reporting – what’s changing?

White Paper: AutoRek

Transaction Reporting is one of the key priorities for regulators. Some are already warning that there will be no latitude for non-compliance, including late reporting. The aim of Transaction Reporting is to assist EU regulators in the detection and investigation of suspected market abuse.

By implementing a robust, automated financial control regime, investments firms will ensure readiness for the significant changes MiFID II/MiFIR will have in respect of Transaction Reporting requirements.

Currently there is divergence across Europe and the member states, in respect of the application of existing transaction reporting obligations. MiFID II is seeking to harmonise Transaction Reporting so that there is a more consistent approach.

This whitepaper focuses on Transaction Reporting and how a robust, automated financial control regime can overcome often manual and complex reporting processes, hence ensuring on-going compliance, including:

  • MiFID II Timeline and the need to prepare now

  • Changes from the existing MiFID I requirements

  • AutoRek's 5 step approach to Transaction Reporting

Transaction Reporting – what’s changing?
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What is

What is MiFID II ?

Markets in Financial Instruments Directive II (MiFID II) are the nucleus of European securities market legislation. The aim of MiFID II is to make financial markets more stable, efficient, and transparent facilitating protection of investors. The European Commission implemented MiFID II, in early January 2018, with a set of improvised rules for the structure of markets and the trading of financial tools.Embarking on its central theme of transparency

What is MiFIR ?

Markets in Financial Instruments Regulation or MiFIR, is a European law which demands its member states to comply with its regulations. As a result of the last financial crisis, the need for a European Union wide regulation called for the emergence of MiFIR. This regulation was formed with the intent to not only protect the markets, but also the investors.

What is Transaction Reporting ?

A transaction report is a data set submitted to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) which contains information relating to a transaction. Every transaction report contains relevant data about the financial instrument dealt with, the firm commissioning the trade, the person on whose behalf the firm has dealt (where applicable), the trade counter party and the time and date of the trade.

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