MiFIR Reporting

The requirements of Article 27 of MiFIR, Article 4 of MAR and related technical standards oblige trading venues and systematic internalisers to submit reference data for the relevant financial instruments to ESMA for publication on its website.

As part of its on-going application improvement ESMA has updated, as of 22 June 2022, the XML Schema used for publishing data, to support the updated Swift’s MIC data set structure and format (v2.0). A new XML Schema for published DATMIC files has been introduced.

XML Schema v1.2.1, should be used to exchange data with ESMA’s Financial Instruments Reference Data System (FIRDS).

ESMA’s reporting instructions aim to specify the exchange of Reference Data information (RDI) between national competent authorities (NCAs), trading venues, systematic internalisers and the FIRDS.

• Reporting Instructions can be found here
• Validations based on the CFI ISO 10962:2015
• Schemas

In case of any question, please contact ESMA Support.

MiFIR introduces rules with respect to transparency obligations that require the publication of transparency thresholds applicable to each financial instrument.

The reporting instructions specify the provision of data necessary to support the MiFIR transparency regime describing the characteristics of information required for the uploading interface between Trading Venue or NCAs systems and the FIRDS for transparency.

• Reporting Instructions; and
• Schemas.

XML Schema v1.1.0

Since 30 September 2019, the system is using XML Schema 1.1.0

Version 1.1.0 of the XML Schema can be found here.

XML Schema v1.2.0 

From 2 February 2022, ESMA has implemented an XML Schema in order to support distribution of sub-class level information within the non-equity results files: non-equity results files published by ESMA will make use of a new XML Schema (FULNCR). The new schema relates to the non-equity result files published on the Register of the Financial Instruments Transparency System (FITRS). The other XML Schema remain unchanged.

Version 1.2.0 of the XML Schema can be found here.

XML Schema v1.3.0 

As part of upcoming system updates, from 28 June 2024, ESMA will implement an updated version of the non-equity transparency reference data reporting message (auth.033) in order to enable the reporting in which minor changes were performed due to the RTS 2 review. 

The supporting documentation related to the updated message can be found here.

The other XML Schema/messages remain unchanged.

Version 1.3.0 of the XML Schema can be found here.

Classification of bonds issued by certain entities

ESMA provides guidance for the reporting to FITRS of the Bond type (Field 9 of Annex IV, Table 2 of RTS 2) for bonds issued by certain entities.

IT changes related to the RTS 1&2 review

Referring to the RTS 1&2 review and the previous announcement on the amended rules for transparency calculations, ESMA is performing some changes in the non-equity transparency reference data reporting usage guideline (auth.033) and in the FITRS system internal processing.  

The XML messages will be modified to allow the reporting of new codes (e.g. “OCTN” in RTS 2 Field 4 - Asset class of the underlying) and to ensure the correct reporting of others codes (e.g. the codes for the size related to the freight sub-type in RTS 2 Field 12 - Specification of the size related to the freight sub-type) foreseen by the amended RTS 2 (as per Annexes III and IV).

The IT changes will be implemented in two batches:

• Batch 1: developments related to the system internal processes (segmentation rules and calculations) – go-live: 11 March 2024;
• Batch 2: developments related to the reporting (XML message and validations updates) – go-live: 28 June 2024.

In order to ensure that the use of waivers from pre-trade transparency does not unduly harm price formation, MiFIR introduces, in Article 5, a mechanism that caps the amount of trading as measured by the volume, carried out under:

• systems matching orders based on a trading methodology by which the price is determined in accordance with a reference price; and
• negotiated transactions in liquid instruments carried out under limb (i) of Article 4(1)(b) of MiFIR.

The reporting instructions specify the mechanism for reporting entities to submit the Double Volume Cap data to the ESMA system for processing.

• Reporting Instructions; and
• Schemas.

XML Schema v1.2.0 

– Since 26 January 2022, the system is using XML Schema 1.2.0. 

From February 2022, ESMA will start publishing the double volume cap results file in XML format (DVCRES file) on the ESMA registers.

Version 1.2.0 of the XML Schema can be found here.

Download instructions specify how to access the double volume cap results in XML format. Version 2.0 refer to the updated DVCRES XML Schema version 1.2.0.

The use of the XML format will concern the Double Volume Cap monthly results files currently published in spreadsheet format. The Double Volume Cap suspensions file will continue being maintained and published in spreadsheet format as it currently is on the following page.

In case of any question, please contact ESMA Support.

TREM covers the requirements for reporting of transactions to competent authorities under Article 26 of MiFIR and the related technical standards.

ESMA Guidelines specify the construction of transaction reports field by field for the various trading scenarios. Each of the scenarios is accompanied with an example of the XML text to be used to represent the specific reportable values.

• Guidelines

The Guidelines are supplemented by the relevant technical documents specifying the mechanism for reporting entities to submit transaction reports to NCAs and the mechanism to be used by them to exchange such reports among themselves (TREM), including:

• Validations;
• Schemas; and
• Technical Specifications.

XML Schema v1.1.0 

- Since 23 September 2019, the system is using XML Schema 1.1.0

Version 1.1.0 of the XML Schema can be found here. The updated reporting instructions are available here. The updated validation rules are available here.