Regulatory Reporting MiFIR EU Pricing
A ‘record’ refers to a MiFIR transaction report submitted to the Approved Reporting Mechanism (ARM) no longer than 13 calendar days after the trading date time within the transactional record.
The fee schedule is subject to a transitional period for some existing contracts.
Direct Reporting
Direct Reporting tariffs detailed below are applied to messaging volumes relating to a firm’s own activity, where the submitting entity is party to the transaction sent to the Approved Reporting Mechanism (‘ARM’).
Category A
- High Frequency Trading Firms (‘HFT’): A firm or entity of which the primary business function is automated, high turnover trading of any asset class. HFT clients must not report on behalf of more than five Legal Entity Identifiers (LEIs) in a calendar year.
- Electronic Retail Platform (‘ERP’): A firm or entity of which the primary business function is the provision of a primarily electronic trading platform or facility targeted at retail investors. The firm’s regulatory authorisation must include a ‘Customer Type’ of Retail (or equivalent wording from European or US regulators). ERP clients must not report on behalf of more than five Legal Entity Identifiers (LEIs) in a calendar year.
| Minimum | Maximum | Records in Band | Unit Cost (€) | Maximum Cost per Band (€) | Cumulative Cost per Band (€) |
|---|---|---|---|---|---|
| Base fee | 54,000 | ||||
| 5,000,001 | 10,000,000 | 4,999,999 | 0.005904 | 29,520 | 83,520 |
| 10,000,001 | 20,000,000 | 9,999,999 | 0.0025200 | 25,200 | 108,720 |
| 20,000,001 | 50,000,000 | 29,999,999 | 0.0012000 | 36,000 | 144,720 |
| 50,000,001 | 100,000,000 | 49,999,999 | 0.0009000 | 45,000 | 189,720 |
| 100,000,001 | 200,000,000 | 99,999,999 | 0.0003000 | 30,000 | 219,,720 |
| 200,000,001 | 350,000,000 | 149,999,999 | 0.0001200 | 18,000 | 237,720 |
| 350,000,001 | 500,000,000 | 149,999,999 | 0.0000300 | 4,500 | 242,220 |
| 500,000,001 | 1,000,000,000 | 499,999,999 | 0.0000115 | 5,749 | 247,969 |
Category B
Institutional Multi-Asset Brokers (‘IMAB’): A firm or entity of which the primary business function is arranging deals in investments, primarily for institutional and professional investors. To qualify for this fee category, clients must actively offer dealing services in at least 4 of the below asset class categories.
- Fixed Income (Government or Corporate)
- Commodities (Futures or options)
- Cash Equities
- Equity Derivatives (Options, futures, total return swaps or warrants)
- Foreign Exchange (Derivatives)
| Minimum | Maximum | Records in Band | Unit Cost (€) | Maximum Cost per Band (€) | Cumulative Cost per Band (€) |
|---|---|---|---|---|---|
| Base fee | 72,000 | ||||
| 3,500,001 | 25,000,000 | 21,499,999 | 0.0018 | 38,700 | 110,700 |
| 25,000,001 | 50,000,000 | 24,999,999 | 0.0012 | 30,000 | 140,700 |
| 50,000,001 | 100,000,000 | 49,999,999 | 0.0003 | 15,000 | 155,700 |
Category B clients will move to Category C after 100m, this will apply to all volumes.
Category C
(qualification criteria rather than definition)
- Minimum contract term of 3 years.
- Must opt-in via Account Manager.
- Must subscribe to the minimum volumes prescribed in the relevant tariff.
- If no renewal is signed meeting the above criteria, pricing will revert to Category D six months after the end of the contract.
| Minimum | Maximum | Records in Band | Unit Cost (€) | Maximum Cost per Band (€) | Cumulative Cost per Band (€) |
|---|---|---|---|---|---|
| Base fee | 390,000 | ||||
| 50,000,001 | 70,000,000 | 19,999,999 | 0.000840 | 16,800 | 406,800 |
| 70,000,001 | 150,000,000 | 79,999,999 | 0.000420 | 33,600 | 440,400 |
| 150,000,001 | 225,000,000 | 74,999,999 | 0.000120 | 9,000 | 449,400 |
| 225,000,001 | 500,000,000 | 274,999,999 | 0.000048 | 13,200 | 462,600 |
| 500,000,001 | 900,000,000 | 399,999,999 | 0.000024 | 9,600 | 472,200 |
| 900,000,001 | 1,000,000,000 | 99,999,999 | 0.000018 | 1,800 | 474,000 |
Category D
(previously Standard) (qualification criteria rather than definition)
- No minimum term.
- Baseline minimum subscription volume (100,000).
| Minimum | Maximum | Records in Band | Unit Cost (€) | Maximum Cost per Band (€) | Cumulative Cost per Band (€) |
|---|---|---|---|---|---|
| Base fee* | 5,100 | ||||
| 100,001 | 1,000,000 | 899,999 | 0.0264 | 23,760 | 28,860 |
| 1,000,001 | 6,000,000 | 4,999,999 | 0.0216 | 108,000 | 136,860 |
| 6,000,001 | 10,000,000 | 3,999,999 | 0.0150 | 60,000 | 196,860 |
| 10,000,001 | 25,000,000 | 14,999,999 | 0.0084 | 126,000 | 322,860 |
| 25,000,001 | 50,000,000 | 24,999,999 | 0.0060 | 150,000 | 472,860 |
| 50,000,001 | 70,000,000 | 19,999,999 | 0.0054 | 108,000 | 580,860 |
| 70,000,001 | 150,000,000 | 79,999,999 | 0.0048 | 384,000 | 964,860 |
| 150,000,001 | 1,000,000,000 | 849,999,999 | 0.0024 | 2,040,000 | 3,004,860 |
Back Reporting (Replays)
‘Back reporting’ are MiFIR transactions processed with a trade date that is fourteen or more days earlier than the submission date. Back reporting will be charged at the rate of 1.05 € cents, with an annual cap of €255,852.
Discounts
- Subscription: Inclusion of volume in subscription asset (pre-payment). A discount of 8% of any fixed volume amount included in subscription. An 8% discount will be applied to any amount above the amount included in the specified Category’s Base Fee.
- Excludes Category C
- Contract Term: Duration of contract signed as specified below, this is in addition to the ‘Subscription’ discount.
- Applicable to all categories.
| Duration of contract (years) | Discount (%) |
| 1 | 0 |
| 2 | 1.5 |
| 3 | 3 |
| 4 | 4.5 |
| 5 | 6 |