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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 previously announced, ESMA will update the XML Schema used for reporting and publishing data on 23 September 2019. These XML Schema were published in 2018 so that to provide implementation lead time for reporting entities and entities using the data published by ESMA.

The go-live with the version 1.1.0 of the XML Schema in production environment is planned for 23 September 2019. A two-days maintenance window is scheduled on 21 and 22 September 2019 in order to transition from the old XML Schema to the new XML Schema and perform system upgrades.

Information regarding the maintenance window 21 – 22 September 2019

Friday, 20 September 2019

  • 20 September is the last day when data should be reported using the old XML Schema (FIRDS XSD 1.0.0).

Saturday – Sunday, 21 - 22 September 2019

  • FIRDS reporting entities should not report reference data files (DATINS) on 21 and 22 September 2019 ; ESMA will temporarily suspend processing of incoming FIRDS reference data files on 21 September, and resume processing of incoming files on 23 September; reporting entities may receive feedback files in the old format for the last time on 21 September morning in case of pending files.
  • FIRDS data that should normally have been reported on 21 and 22 September 2019 will have to be reported from 23 September 2019 using the new format.

Monday, 23 September 2019

  • ESMA will resume processing of incoming files on 23 September 2019.
  • From that day onwards, reporting entities should use the new XML Schema 1.1.0 to report to FIRDS, as this will be the only format supported, and ESMA will publish reference data files using XML Schema 1.1.0.

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 previously announced, ESMA will update the XML Schema used for reporting and publishing data on 30 September 2019. These XML Schema were published in 2018 so that to provide implementation lead time for reporting entities and entities using the data published by ESMA.

The go-live with the version 1.1.0 of the XML Schema in production environment is planned for 30 September 2019. A two-days maintenance window is scheduled on 28 and 29 September 2019 in order to transition from the old XML Schema to the new XML Schema and perform system upgrades.

Information regarding the maintenance window 28 – 29 September 2019

Friday, 27 September 2019

  • 27 September 2019 is the last day when FITRS data (DATETR / DATNTR / DATEQU / DATNQU / DATECR / DATNCR) should be reported using the old XML Schema.

Saturday – Sunday, 28 - 29 September 2019

  • 28 September 2019 is the last day when ESMA will publish transparency results files in the old XML Schema.
  • FITRS reporting entities should not report transparency data files (DATETR / DATNTR / DATEQU / DATNQU / DATECR / DATNCR) on 28 and 29 September 2019; ESMA will temporarily suspend processing of incoming FITRS transparency data files on 29 September, and resume processing of incoming files on 30 September; reporting entities may receive feedback files in the old format on 28 and 29 September in case of pending files.
  • FITRS transparency data that should normally have been reported on 28 and 29 September 2019 will have to be reported from 30 September 2019 using the new XML Schema 1.1.0.

Monday, 30 September 2019

  • ESMA will resume processing of incoming files on 30 September 2019.
  • From that day onwards, reporting entities should use the new XML Schema 1.1.0 to report to FITRS, as this will be the only format supported, and ESMA will publish calculation results files using XML Schema 1.1.0.

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 previously announced, ESMA will update the XML Schema used for reporting data on 30 September 2019. These XML Schema were published in 2018 so that to provide implementation lead time for entities reporting data to ESMA.

The go-live with the version 1.1.0 of the XML Schema in production environment is planned for 30 September 2019. A two-days maintenance window is scheduled on 28 and 29 September 2019 in order to transition from the old XML Schema to the new XML Schema and perform system upgrades.

Information regarding the maintenance window 28 – 29 September 2019

Friday, 27 September 2019

  • For DVCAP, no data is normally expected to be reported during the maintenance window, nevertheless, in case DVCAP data is being submitted, 27 September 2019 is the last day when DVCAP data should be reported using the old XML Schema.

Saturday – Sunday, 28 - 29 September 2019

  • DVCAP reporting entities should not report double volume cap data files (DATDVC) on 28 and 29 September 2019;
  • ESMA will temporarily suspend processing of incoming double volume cap data files on 28-29 September, and resume processing of incoming files on 30 September.
  • Any double volume cap data that would potentially have been reported on 28 or 29 September 2019 will have to be reported from 30 September 2019 using the new XML Schema 1.1.0.

Monday, 30 September 2019

  • ESMA will resume processing of incoming files on 30 September 2019.
  • From that day onwards, reporting entities should use the new XML Schema 1.1.0 to report to the double volume cap system, as this will be the only format supported.

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 previously announced, ESMA will update the XML Schema used for reporting transaction data as well as the reporting instructions and the validation rules on 23 September 2019. These XML Schema were published in 2018 so that to provide implementation lead time for reporting entities.

The go-live with the version 1.1.0 of the XML Schema in production environment is planned for 23 September 2019. A two-days maintenance window is scheduled on 21 and 22 September 2019 in order to transition from the old XML Schema to the new XML Schema and perform system upgrades.

Information regarding the maintenance window 21 – 22 September 2019

Friday, 20 September 2019

  • 20 September 23:59 CEST is the last day when data should be reported using the old XML Schema (XML Schema 1.0.3).

Saturday – Sunday, 21 - 22 September 2019

  • Submitting entities, i.e. Investment Firms, ARMs and Trading Venues should not report transaction reports on 21 and 22 September 2019; the submitting entities may receive feedback files in the old format for the last time on 21 September 2019.

Monday, 23 September 2019

  • From that day onwards, reporting entities should use the new XML Schema 1.1.0 to report transaction data, as this will be the only format supported.

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