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.
This fee schedule is subject to a transitional period for some existing contracts.
Direct Reporting
Direct Reporting tariffs for the EU Transaction Reporting Service are charged according to the relevant Category applicable to the Custom er and the messaging volumes relating to the Customer’s own activity as detailed below, where the submitting entity is party to the transaction sent to the Approved Reporting Mechanism (‘ARM’).
Customers subscribe to a minimum annual messaging volume (the ‘Subscription Volume’) as specified in the relevant Project Agreement. Annual fees are calculated and charged for each Customer as follows:
- Subscription Fees: fees for the Subscription Volume made up of:
(a) the Base Fee prescribed for the relevant Band applicable to the Subscription Volume,
subject to any discounts to be applied in accordance with this fee schedule; and
(b) where the Subscription Volume exceeds the Minimum Messages for the relevant Band, Additional Message Fees charged for each message above the Minimum Messages and up to the Subscription Volume,
subject to any discounts to be applied in accordance with this fee schedule; and
- Variable Fees: variable Additional Message Fees charged for each message above the Subscription Volume.
A ‘record’ refers to a MiFIR transaction report submitted to the ARM no later than 13 calendar days after the trading date time within the transactional record.
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 LEIs in a calendar year.
| Band | Minimum Messages (per year) |
Maximum Messages (per year) |
Records (per year) |
Base Fee (€ per year) |
Additional Message Fees (€ per message) |
|---|---|---|---|---|---|
| 1 | N/A | 5,000,000 | 5,000,000 | 55,080 | N/A |
| 2 | 5,000,001 | 10,000,000 | 4,999,999 | 55,080 | 0.0060221 |
| 3 | 10,000,001 | 20,000,000 | 9,999,999 | 85,190 | 0.0025704 |
| 4 | 20,000,001 | 50,000,000 | 29,999,999 | 110,894 | 0.001224 |
| 5 | 50,000,001 | 100,000,000 | 49,999,999 | 147,614 | 0.000918 |
| 6 | 100,000,001 | 200,000,000 | 99,999,999 | 193,514 | 0.000306 |
| 7 | 200,000,001 | 350,000,000 | 149,999,999 | 224,114 | 0.0001224 |
| 8 | 350,000,001 | 500,000,000 | 149,999,999 | 242,474 | 0.0000306 |
| 9 | 500,000,001 | 1,000,000,000 | 499,999,999 | 247,064 | 0.0000117 |
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 following 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)
Category D variable pricing will apply after 100m transactions.
| Band | Minimum Messages (per year) |
Maximum Messages (per year) |
Records (per year) |
Base Fee (€ per year) |
Additional Message Fees (€ per message) |
|---|---|---|---|---|---|
| 1 | N/A | 3,500,000 | 3,500,000 | 73,440 | N/A |
| 2 | 3,500,001 | 25,000,000 | 21,499,999 | 73,440 | 0.00183600 |
| 3 | 25,000,001 | 50,000,000 | 24,999,999 | 112,914 | 0.00122400 |
| 4 | 50,000,001 | 100,000,000 | 49,999,999 | 143,514 | 0.00030600 |
Category C
(qualification criteria rather than definition)
- Minimum contract term of 3 years.
- Must opt-in via Account Manager.
If no renewal is signed meeting the above criteria, pricing will revert to Category D six months after the end of the contract.
| Band | Minimum Messages (per year) |
Maximum Messages (per year) |
Records (per year) |
Base Fee (€ per year) |
Additional Message Fees (€ per message) |
|---|---|---|---|---|---|
| 1 | N/A | 50,000,000 | 50,000,000 | 397,800 | N/A |
| 2 | 50,000,001 | 70,000,000 | 19,999,999 | 397,800 | 0.000840 |
| 3 | 70,000,001 | 150,000,000 | 79,999,999 | 414,936 | 0.000420 |
| 4 | 150,000,001 | 225,000,000 | 74,999,999 | 449,208 | 0.000120 |
| 5 | 225,000,001 | 500,000,000 | 274,999,999 | 458,388 | 0.000048 |
| 6 | 500,000,001 | 900,000,000 | 399,999,999 | 471,863 | 0.000024 |
| 7 | 900,000,001 | 1,000,000,000 | 99,999,999 | 481,663 | 0.000018 |
Category D
(previously Standard) (qualification criteria rather than definition)
- No minimum term.
- Baseline minimum subscription volume (100,000).
| Band | Minimum Messages (per year) |
Maximum Messages (per year) |
Records (per year) |
Base Fee (€ per year) |
Additional Message Fees (€ per message) |
|---|---|---|---|---|---|
| 1 | N/A | 100,000 | 100,000 | 5,202 | N/A |
| 2 | 100,001 | 1,000,000 | 899,999 | 5,202 | 0.02692800 |
| 3 | 1,000,001 | 6,000,000 | 4,999,999 | 29,437 | 0.02203200 |
| 4 | 6,000,001 | 10,000,000 | 3,999,999 | 139,597 | 0.01530000 |
| 5 | 10,000,001 | 25,000,000 | 14,999,999 | 200,797 | 0.00856800 |
| 6 | 25,000,001 | 50,000,000 | 24,999,999 | 329,317 | 0.00612000 |
| 7 | 50,000,001 | 70,000,000 | 19,999,999 | 482,317 | 0.00550800 |
| 8 | 70,000,001 | 150,000,000 | 79,999,999 | 592,477 | 0.00489600 |
| 9 | 150,000,001 | 1,000,000,000 | 849,999,999 | 984,157 | 0.00244800 |
Back Reporting (Replays)
‘Back reporting’ transactions 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 €0.0105 per transaction, with an annual cap of €260,970.
Where Customer signs up to the UK Transaction Reporting Service in addition to the EU Transaction Reporting Service, both UK back reporting transactions and EU back reporting transactions can apply towards a global annual cap. This cap is an upfront payment that can be purchased in Q1 by Customers.
Discounts
a) Subscription: Where applicable, an 8% discount will be applied to the Subscription Fees during the initial term set out in the Project Agreement (the ‘Initial Term’).
- Excludes Category C
b) Initial Term: A discount will be applied to the Subscription Fees based on the duration of the Initial Term as specified in the table below. This discount shall be applied in addition to any ‘Subscription’ discount.
- Applicable to all categories.
| Duration of Initial Term (years) | Discount (%) |
|---|---|
| 1 | 0 |
| 2 | 1.5 |
| 3 | 3 |
| 4 | 4.5 |
| 5 | 6 |