MiFIR Reference Data Reporting
What is the MiFIR reference data reporting requirement?
Under Article 23 of MiFIR, firms operating regulated markets, multilateral trading facilities (MTFs), organised trading facilities (OTFs) and systematic internalisers are required to report reference data for instruments traded on their venues or platforms to their home regulators, on a daily basis.
Standardisation, harmonisation and consistency of transaction reporting data were the key drivers for national competent authorities (NCAs) to exercise their mandate of effective market monitoring.
The rationale for requiring firms to do this was so that NCAs would be able to interpret the MiFIR transaction reports they received in a consistent and timely manner. It would also allow regulators to compile a list of reportable instruments and enable them to validate reports sent to them.
The data itself is principally ISIN reference data, and must be supplied in a standardised format prescribed by ESMA to help them to identify any inaccuracies or incompleteness in the data supplied.
Who is impacted by the regulation?
- EEA Regulated Markets
- Multilateral Trading Facilities
- Organised Trading Facilities
- Systematic Internalisers
What reference data needs to be reported?
Firms operating trading venues or systematic internalisers are required to report reference data for all instruments traded or admitted to trading on these venues (including orders or quotes placed through their systems).
This must be done on a daily basis by 21:00 CET, regarding all instruments traded or admitted to trading (including orders or quotes placed in their systems) at any point before 18:00 CET that day. Instruments admitted to trading after 18:00 CET on the first day, or orders or quotes placed for the first time, must be included in the next day’s report by 21:00 CET. (Art 2 of RTS 23).
It should also be noted that the trading venue or systematic internaliser concerned shall obtain an ISIN code for the financial instrument prior to the commencement of trading.
What details are required?
- ESMA-defined ISO20022 XML format, 48 fields total
- General fields (ISIN, instrument full name, CFI, commodities derivative indicator)
- Issuer Related Fields – LEI of issuer or trading venue operator
- Trading venue details (MIC, FISN, dates of admission/trading/removal etc.)
- Sections for bonds, derivatives and securitised, interest rates, and FX and commodity and emission allowance derivatives
What is the reporting workflow?
How can UnaVista help?
When harnessed, regulation can be powerful. Through years of expertise and trusted data accuracy, UnaVista can help you reframe regulation, so it’s no longer a hindrance, but an opportunity. To find out we can help you meet your MiFIR reference data reporting obligations, visit our MiFIR Transaction Reporting page.
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Content on this page is not intended as an exhaustive or definitive guide to the regulations, and is not the views of LSEG, but for general information purposes only. For detailed and up to date guidance on regulation you should always seek specialist advice and/or consider the actual regulation itself.