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
• 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 the 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 

From 28 June 2024, ESMA has implemented 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 other XML Schema/messages remained unchanged.)

Version 1.3.0 of the XML Schema can be found here.

IT changes related to the MiFIR review on RTS 1&2 

Referring to the Final reports on the proposed amendment of the RTS1 and RTS2 (on bonds, structured finance products and emission allowances), the Commission adopted the changes and announced them on its website: the Delegated Regulation amending RTS 1 and 2.

As a part of the upcoming system updates and to reduce the reporting burden of entities, the single volume cap calculations are based on transaction reporting data collected under Article 26 of MiFIR. Therefore, from April 2026, the dedicated FIRDS transparency equity and non-equity quantitative data reporting mechanism will be decommissioned as follows: 

• The last reporting day for which transparency quantitative data reporting files will be submitted: 31 March 2026
• The last submission day (when ESMA accepts quantitative files): 21 April 2026

In addition to the above, ESMA will implement the following changes from April 2026 in the reporting messages and result publications files:

• The DRAFT prefix will be removed from the non-equity transparency reference data reporting file. (auth.033 - DATNTR). However, to ensure the smooth transition for the reporting entities, and to allow them to decide the implementation of this change on their end, ESMA system will be prepared to accept the messages with and without the DRAFT prefix.
• Following revision of the technical standards (RTS 1), ESMA was required to add information on the application period of the equity transparency calculation result publication files (auth.045 -DATECR). This message has been updated to provide information on the application period of the calculation result. The updated message has been evaluated and registered by ISO 20022, the new message version is: auth.044.001.03_ESMAUG_DATECR_1.1.0. The new schema will be used for the equity result publication on the ESMA Register webpage (FITRS Register)

The updated XML schema set of the relevant messages is available here: XML Schema v1.4.0

ESMA will open its test environment for testing the updated messages in February 2026. 

The exact dates will be announced in January 2026.

In case of any questions, please contact ESMA Support.

To ensure that the use of the pre-trade transparency waiver 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.       

Volume Cap Reporting

Since 26 January 2022, the reporting entities have been submitting Double Volume Cap data to ESMA system. The following supporting documentation specifies the mechanism for reporting entities to submit the data for processing:

• Reporting Instructions; and
• Reporting Schemas: DVCap_xml_schema_v1.2.0

Considering the changes introduced by Regulation (EU) 2024/791 (the “MiFIR review”), ESMA updates its volume cap systems. According to the MiFIR review, the previous double volume cap mechanism (DVCM) is replaced by a “single” volume cap mechanism (SVCM).

To reduce the reporting burden of entities, the single volume cap calculations are based on transaction reporting data collected under Article 26 of MiFIR.

As a result, the dedicated DVC reporting mechanism will be decommissioned from January 2026 as follows: 

• The last reporting day for which DVCap reporting files will be submitted: 31 December 2025
• The last submission day: 14 January 2026

Volume Cap calculation results publication

1. Double Volume Cap (DVC) historic result files: 

• From August 2018, ESMA started to publish the double volume cap results on its website on a monthly basis. The first result files were published in Excel.
• From February 2022, ESMA started publishing the double volume cap results file in XML format (DVCRES file) on the ESMA Registers - Historic DVCap public result files.
• The last file on the DVCap results was published on 5 September 2025. 

The schema of the DVCRES file is included in the DVC XML schema version 1.2.0 here.

2. Single Volume Cap (SVC) results:

• From October 2025, ESMA have started to publish the single volume cap results and the suspensions on a quarterly basis according to the changes introduced by the MIFIR Review. The first result files have been published in Excel on its Volume Cap Mechanism webpage.
• From April 2026, ESMA plans to start the publication of the single volume cap results file in XML format (SVCRES file) and the suspension files (Excel file) on a dedicated webpage in the ESMA registers.

▸ Version 1.0.0 of the XML Schema

Please note: only the schema name and the name space in the file have been updated – no other change has been performed in the result file schema (The fields related to the DVC mechanism were optional fields in the original schema, therefore these fields will not be populated in the published SVC result files. 

The test environment will be open for testing these new result files from February 2026. The exact date will be announced on this page in January.

The Download instructions specify how to access the volume cap results (single volume cap results, suspensions and historic double volume cap results) on the register webpage.

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.