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"A Practical Guide to MiFID II / MiFIR Transaction Reporting"

MiFID II / MiFIR Transaction Reporting: A Practical Guide

MiFID II / MiFIR Transaction Reporting: A Practical Guide

White Paper: Duco

One of the main criticisms of the original MiFID was that national regulators did not enforce the directive with the same zeal across Europe. The list of financial instruments covered has been extended to almost all instruments traded in European markets – with particular emphasis on the OTC derivatives market that was previously out of scope for MiFID I.

The issue with making this distinction across so many different instruments is one of the main reasons why the MiFID II and MiFIR implementation date has been delayed twice from its original start date of January 2015. While regulators have not specifically outlawed the use of spreadsheets and UDAs, it is commonly accepted that under MiFID II, organizations need a much more robust and scalable approach to data control.

What are the data problems that MiFIR transaction reporting requirements are likely to cause? What is the impact of the new regulations on firms? What is the cost of non-compliance?

Move ahead and read the following whitepaper that will address all your questions, including these:

  • How to identify traders or algorithms involved in the decision and execution process of a transaction?
  • Which general fields will require extra reconciliation steps?
  • What are the number of data fields required on transaction reports and the reporting requirements?
  • How to trade instruments on an approved venue?
  • Which legacy systems can be replaced and which ones are difficult to scale?

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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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