MiFIR Aggregator Pricing
Aggregators
Aggregators are third-party firms contracting with Regulatory Reporting Solutions for the purpose of submitting MiFIR transaction reports on behalf of their clients.
Aggregators submit their clients’ transaction reports to Regulatory Reporting Solutions and own the relationship with their underlying clients.
Two MiFIR aggregator pricing models are available:
- Category F1
- Category F2
The applicable pricing model is determined by total transaction volumes and, where relevant, the transaction volumes attributable to individual reporting entities or groups.
F1
The F1 pricing model is designed for aggregators with lower aggregate and underlying client transaction volumes.
| Band | Minimum Messages (per year) |
Maximum Messages (per year) |
Records (per year) |
Base Fee (€ per year) |
Additional Message Fees (€ per message) |
|---|---|---|---|---|---|
| 1 | - | 100,000 | 100,000 | 6,600 | - |
| 2 | 100,000 | 1,000,000 | 900,000 | 6,600 | 0.03360 |
| 3 | 1,000,000 | 6,000,000 | 5,000,000 | 36,840 | 0.02760 |
| 4 | 6,000,000 | 10,000,000 | 4,000,000 | 174,840 | 0.01920 |
| 5 | 10,000,000 | 25,000,000 | 15,000,000 | 251,640 | 0.01080 |
The following conditions apply:
- Where any single reporting LEI, or entities within the same group as determined by Regulatory Reporting Solutions, exceeds 5 million transactions per annum, the F2 Large Aggregator pricing model will apply to all transaction volumes from the start of the next 12-month period.
- Where an aggregator's total annual transaction volumes, excluding replays, exceed 25 million transactions, the aggregator will migrate to the F2 Large Aggregator pricing model from the start of the next 12-month period following the initial term start date.
- Where transaction volumes exceed 25 million before migration to the F2 Large Aggregator pricing model takes effect, the €0.0108 per transaction rate will continue to apply to all transactions above 25 million.
- No subscription or initial-term discounts are available under the F1 pricing model.
- A minimum one-year initial term applies.
F2 – Large Aggregator
The F2 pricing model applies where any of the following conditions are met:
- a single reporting LEI, or entities within the same group as determined by Regulatory Reporting Solutions, exceeds 5 million transactions per annum;
- the aggregator's total annual transaction volumes exceed 25 million transactions; or
- the aggregator elects to use the F2 Large Aggregator pricing model, subject to approval by Regulatory Reporting Solutions.
| Band | Minimum Messages (per year) |
Maximum Messages (per year) |
Records (per year) |
Base Fee (€ per year) |
Additional Message Fees (€ per message) |
|---|---|---|---|---|---|
| 1 | - | 5,000,000 | 5,000,000 | 97,200 | - |
| 2 | 5,000,000 | 20,000,000 | 15,000,000 | 97,200 | 0.0120000 |
| 3 | 20,000,000 | 50,000,000 | 30,000,000 | 277,200 | 0.0060000 |
| 4 | 50,000,000 | 100,000,000 | 50,000,000 | 457,200 | 0.0045000 |
| 5 | 100,000,000 | 500,000,000 | 400,000,000 | 682,200 | 0.0024000 |
| 6 | 500,000,000 | Unlimited | Unlimited | 1,642,200 | 0.0003000 |
The following conditions apply:
- Where any single reporting LEI, or entities within the same group as determined by Regulatory Reporting Solutions, exceeds 100 million transactions per annum, a surcharge of £0.001 per transaction will apply to all transactions above the 100 million threshold.
- Term discounts are available under the F2 pricing model. Subscription discounts do not apply.
- A minimum one-year initial term applies.
Voluntary election to F2
Aggregator clients may elect to use the F2 Large Aggregator pricing model, subject to approval by Regulatory Reporting Solutions.
Any voluntary election will take effect from the end of the initial term of the applicable Project Agreement and will not take effect during that initial term.
Clients will not be moved automatically to the F2 pricing model solely because it becomes commercially beneficial based on actual transaction volumes. Changes between pricing models cannot be applied retrospectively.
Reporting LEI fees
A fee of £125 per reporting LEI per quarter applies under both the F1 and F2 pricing models.
The first 75 reporting LEIs are free of charge.
Replay transactions
Replay transactions are charged separately at:
- MiFIR UK: £0.012 per transaction
- MiFIR EU: €0.0144 per transaction
Replay volumes do not count towards the 25 million annual transaction threshold used to determine migration from F1 to F2.
Professional Services
Professional Services fees are chargeable where applicable.
Please contact Regulatory Reporting Solutions for further information regarding Professional Services requirements and applicable charges.
NCA fees
Applicable National Competent Authority fees are charged separately.
Please contact Sales for further information regarding applicable NCA fees.