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
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
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
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.
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:
- Schemas; and
- Technical Specifications.