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MiFIR reporting instructions

MiFIR reporting instructions and XML Schema

The Financial Instruments Reference Data System (FIRDS) covers the Markets in Financial Instruments Regulation (MiFIR) and Market Abuse Regulation (MAR) requirements for reference data collection and publication, collection and processing of additional data to support the MiFIR transparency regime and suspensions’ coordination.

MiFIR/ MAR reference data

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 national competent authorities (NCAs) who will subsequently transmit it to ESMA for publication on its website.

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;
  • Validations based on the CFI ISO 10962:2015; and
  • Schemas.

XML Schema v1.1.0 - As part of upcoming system updates, ESMA will update the XML Schema used for reporting and publishing data. These XML Schema are published in advance so that to provide implementation lead time for reporting entities and entities using the data published by ESMA.

ESMA plans to open testing with version 1.1.0 of the XML Schema in November 2018 in an environment dedicated to testing, separate from the production environment.

ESMA plans to go live with the version 1.1.0 of the XML Schema in February 2019 in the production environment.

Until the go live, the current XML Schema 1.0.0 should continue to be used to report data to ESMA in the production environment.

Version 1.1.0 of the XML Schema can be found here.

In case of any question, please contact ESMA Support.

MiFIR transparency requirements

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 - As part of upcoming system updates, ESMA will update the XML Schema used for reporting and publishing data. These XML Schema are published in advance so that to provide implementation lead time for reporting entities and entities using the data published by ESMA.

ESMA plans to open testing with version 1.1.0 of the XML Schema in January 2019 in an environment dedicated to testing, separate from the production environment.

ESMA plans to go live with the version 1.1.0 of the XML Schema in March 2019 in the production environment.

Until the go live, the current XML Schema 1.0.1 should continue to be used to report data to ESMA in the production environment.

Version 1.1.0 of the XML Schema can be found here.

In case of any question, please contact ESMA Support.

MIFIR’s Double Volume Cap mechanism

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 aim to 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 v1.1.0 - As part of upcoming system updates, ESMA will update the XML Schema used for reporting data. These XML Schema are published in advance so that to provide implementation lead time for entities reporting data to ESMA.

ESMA plans to open testing with version 1.1.0 of the XML Schema in January 2019 in an environment dedicated to testing, separate from the production environment.

ESMA plans to go live with the version 1.1.0 of the XML Schema in March 2019 in the production environment.

Until the go live, the current XML Schema 1.0.0 should continue to be used to report data to ESMA in the production environment.

Version 1.1.0 of the XML Schema can be found here.

In case of any question, please contact ESMA Support.

Transaction Reporting Guidelines and Transaction Reporting Exchange Mechanism (TREM)

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 - As part of upcoming system updates, ESMA will update the XML Schema used for reporting transaction data as well as the reporting instructions and the validation rules. These XML Schema are published in advance so that to provide implementation lead time for reporting entities.

ESMA plans to go live with the version 1.1.0 of the XML Schema in February 2019 in the production environment.

Until the go live, the current XML Schema 1.0.3 should continue to be used to report data to NCAs in the production environment.

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.

Timeframe

  • 3 January 2018

    MiFID II and MiFIR apply within Member States

  • 30 November 2017

    Transparency calculations, suspensions and restoration

  • 31 July 2017

    Transparency data collection, interface to support double volume cap

  • 01 June 2017

    Instrument reference data collection, provisions to NCAs and publication