UKMIR Trade Repository Pricing

2022 Pricing

Standard UKMIR pricing

Volume bands

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2001 100,000 98,000 £ 0.0675 £ 6,615.00
3 100,001 2,000,000 1,900,000 £ 0.0405 £ 76,950.00
4 2,000,001 18,805,185 16,805,185 £ 0.00675 £ 113,435.00
5 18,805,186 Unlimited Unlimited £0 £0

Per annum licence fee and caps

Description Price UTIs included
Fixed licence fee per account £3,000 2,000
Cap non CCP £ 150,000 Unlimited
CCP fixed fee
£ 200,000 Unlimited

Direct reporting

Direct reporting services are offered to firms who wish to contract directly with Regulatory Reporting and are party to the transactions submitted. These firms have access the Regulatory Reporting support model and will have full access to Regulatory Reporting resources to facilitate their reporting.

Firms own reporting

Single entity or group

TR participants contracting with Regulatory Reporting for the purpose of reporting their own legal entity’s reports (one reporting firm LEI) or multiple legal entities of a same parent entity or group (multiple reporting firm LEI) will be charged standard UKMIR pricing.

A fixed licence fee of £ 3,000 per annum will be charged per account.

Caps of £ 150,000 for non CCPs and £ 200,000 for CCPs per annum apply per account.

HFTs / ETPs

High-frequency traders (HFTs) and electronic trading participants (ETPs) contracting with Regulatory Reporting as TR participants will be charged a fixed licence fee per account, per annum, based on the volume bands below. To qualify as HFT/ETP more than 90% or reported volumes need to be from algorithmic trading. Should the volume of UTIs exceed the volume band paid for, an additional charge will apply.

A cap of £ 150,000 will apply.

Retail flow

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, more than 90% of a HFT’s / ETP’s reportable volume must be against individuals as clients.

Retail UTIs submitted will be charged per the below tariff bands for the retail reporting firm LEIs.

The license fee (Retail price) is based on predicted volumes. The minimum license fee is £ 50,000. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with retail clients, predicts their volume per annum is 20,000,000. The HFT is charged £ 100,000. If actual volume is 26,000,000, there will be an additional £ 2,500 (1,000,000 x 0.0025) charge.

# Volume p.a. (UTIs) Retail price Price per additional UTI
1 Up to 10,000,000 £ 50,000 £ 0.005
2 More than 10,000,000 and up to 15,000,000 £ 75,000 £ 0.005
3 More than 15,000,000 and up to 25,000,000 £ 100,000 £ 0.004
4 More than 25,000,000 and up to 50,000,000 £ 125,000 £ 0.0025
5 More than 50,000,000 £ 150,000 cap £ 0.002

Wholesale flow

The wholesale flow is for HFTs / ETPs where they don’t qualify for retail flow. 

Wholesale UTIs submitted will be charged per the below tariff bands for the wholesale reporting firm LEIs.

The fixed license fee (Wholesale price) is based on predicted volumes. The minimum license fee is £ 100,000. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with institutional clients, predicts their volume per annum is 25,000,000. The HFT is charged £ 120,000. If actual volume is 26,000,000, there will be an additional £ 4,800 (1,000,000 x 0.0048) charge.

# Volume p.a. (UTIs) Wholesale price Price per additional UTI
1 Up to 21,000,000 £ 100,000 £ 0.0048
2 More than 21,000,000 and up to 25,000,000 £ 120,000 £ 0.0048
3 More than 25,000,000 £ 150,000 cap £ 0.0048

Delegated reporting

Report submitting entities

TR participants contracting with Regulatory Reporting for the purpose of submitting their counterparties reports will be charged standard UKMIR pricing as “delegated service provider” and will require explicit permission to submit transaction reports on behalf of each reporting firm LEI.

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of £ 5,000 per annum. Above 50,000 UTIs a year, standard UKMIR pricing will apply starting from £ 0.0675 per UTI.

If a report submitting firm submits above 750,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of £ 50,000 per annum and standard UKMIR pricing will apply starting from £ 0.0405 per UTI.

A cap of £ 150,000 per annum applies per delegated reporting client.

Reporting firms

Reporting firms which have delegated their reporting to a counterparty/clearer submitting to Regulatory Reporting on their behalf, can be granted view-only access to their reports. These firms will be required to contract with Regulatory Reporting and will be charged a fixed fee of £ 2,000 p.a.

Collaborative reporting

Collaborative reporting services are offered to firms who wish to contract with Regulatory Reporting but are not party to the transactions submitted (third parties).

Technical routers

Technical routers are third-party firms contracting with Regulatory Reporting as ISV partners for the purpose of assisting their Clients in submitting reports. Technical routers will be charged £ 2,000 per annum. Regulatory Reporting will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard UKMIR pricing.

Technical routers clients grant their technical router access their secure file transfer protocol account (incl. SSH key) to route their reports to Regulatory Reporting. Technical routers may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit. It is worth noting that a technical router client can only submit data via a single technical router contracted with Regulatory Reporting.

Technical router clients have access to the Regulatory Reporting support model, rules engine services and will have full access to Regulatory Reporting resources to facilitate their reporting.

Aggregators

Aggregators are high-volume third-party firms contracting with Regulatory Reporting as TR participants for the purpose of submitting their clients reports. Aggregators submit their client’s transaction reports in Regulatory Reporting’s standard format and own the relationship with their clients, including the right to amend data.

Aggregators will be charged a dedicated UKMIR pricing in accordance to the UTI volume submitted by their retail or wholesale clients.

Aggregator clients must grant their aggregator explicit permission to report on their behalf. Aggregator clients can be granted a view-only access to their reports by contracting with Regulatory Reporting and will be charged a fixed fee of £ 2,000 per annum. Aggregators may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit.

Aggregator clients will however not have access to Regulatory Reporting support model and rules engine services.

Retail flow pricing

To qualify for retail flow, the majority (90% or more) of UTI’s submitted by an aggregator must be in respect of trades executed on behalf of the aggregator’s clients who are individuals (“Retail Clients”).

A fixed license fee of £ 100,000 per annum will be charged. This license fee includes 1,623,092 retail UTIs per annum.

Additional UTIs submitted by an aggregator will be charged per the below tariff for the retail reporting firm LEIs.

High volume aggregators will be capped at £ 200,000 per annum which is the equivalent of 16,412,727 UTI’s per annum.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 1,623,092 1,623,092 included in the license fee
2 1,623,093 2,000,000 376,908 £ 0.055 £ 20,729.94
3 2,000,001 16,412,727 14,412,727 £ 0.0055 £ 79,269.99
4 16,412,728 Unlimited Unlimited £0 £0

Wholesale flow reporting

The wholesale flow is for aggregators that do not qualify for retail flow.

A fixed licence fee of £ 3,000 per annum will be charged. This licence fee includes 2,000 wholesale UTIs per annum.

Additional UTIs submitted by wholesale aggregator clients will be charged to aggregators per the below tariff for the wholesale reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001 300,000 298,000 £0.07382 £21,998.36
3 300,001 2,000,000 1,700,000 £ 0.06075 £ 103,275
4 2,000,001 20,000,000 18,000,000 £ 0.0072 £ 129,600
5 20,000,001 200,000,000 180,000,000 £ 0.0012 £ 216,000
6 200,000,001 Unlimited Unlimited £ 0.000162 No cap

Service providers

Service providers are very high-volume third-party firms contracting with the Trade Repository. Service providers own the relationship with their clients including the right to amend data, but service provider clients have access to the Regulatory Reporting system and support model. No qualifying criteria, anyone can request to be classified as a service provider.

The £ 525,000 annual fee consists of £ 3 50,000 base fee, and £ 175,000 for their clients to have access to the Regulatory Reporting system and the Regulatory Reporting Support team.

The total sum of UTIs submitted by all the Service Provider’s clients will be charged to the Service Provider per the below tariff.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 96,771,724 96,771,724 Included in the licence fee
4 96,771,725 200,000,000 103,228,276 £ 0.0012 £ 123,873.93
5 200,000,001 Unlimited Unlimited £ 0.000162 No cap

Portability

TR participants are able to seamlessly transfer their reporting to other TRs. Porting services are offered in accordance with ESMA’s ‘Guidelines On Portability Between Trade Repositories’ to firms contracted with Regulatory Reporting and onboarded to production who wish to switch their live reporting to Regulatory Reporting or to another TR.

Voluntary porting from other TRs to Regulatory Reporting

When a TR participant firm requires onboarding from another TR, standard UKMIR pricing applies for the latest state of outstanding derivatives ported to Regulatory Reporting. The volume of UTIs ported counts towards applicable capping.

Additional Professional Services (“PS'') days will be charged on a time and material basis if the TR participant firm wants to transfer any other data to Regulatory Reporting.

Voluntary porting from Regulatory Reporting to other TRs

When a TR participant firm requires offboarding from Regulatory Reporting, billing will apply on a time and material basis at the applicable standard PS daily rate.

TR withdrawal

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to Regulatory Reporting will be charged to TR participants which selected Regulatory Reporting as their new TR.

In case of Regulatory Reporting withdrawing, no fees can be charged for ensuring the porting of the TR participant firm’s data to other TRs.

LEI changes

TR participants are able to request the update of LEIs of transactions they have reported to Regulatory Reporting. This service offers the update of an old LEI to a new LEI on historical TR records in accordance with ESMA’s QA on UKMIR implementation (TR QA40), enabling seamless transition to reporting transactions with the new LEI.

A £ 3,200 fixed fee is charged to account for up to 100,000 transaction reports updated to cover Trade Repository costs related to administrative tasks, quality assurance and notifications to the relevant competent authorities.

A further £ 200 is charged for each subsequent batch of 100,000 transaction reports updated in the TR.

Standard UKMIR pricing will apply after the change has taken place for any transaction reports submitted from activation date onwards.

Onboarding charges

Each new UKMIR client will be charged an onboarding fee of £ 675.

This onboarding fee is waived for new clients who have contracted for an initial term of 5 years or more.

2023 Pricing

Standard UKMIR pricing

Volume bands

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2001 100,000 98,000 £ 0.069525 £ 6,813.45
3 100,001 2,000,000 1,900,000 £ 0.041715 £ 79,258.50
4 2,000,001 18,805,185 16,805,185 £ 0.0069525 £ 116,838.05
5 18,805,186 Unlimited Unlimited £0 £0

Per annum licence fee and caps

Description Price UTIs included
Fixed licence fee per account £ 3,090 2,000
Cap non CCP £ 154,500 Unlimited
CCP fixed fee
£ 200,000 Unlimited

Direct reporting

Direct reporting services are offered to firms who wish to contract directly with Regulatory Reporting and are party to the transactions submitted. These firms have access the Regulatory Reporting support model and will have full access to Regulatory Reporting resources to facilitate their reporting.

Firms own reporting

Single entity or group

TR participants contracting with Regulatory Reporting for the purpose of reporting their own legal entity’s reports (one reporting firm LEI) or multiple legal entities of a same parent entity or group (multiple reporting firm LEI) will be charged standard UKMIR pricing.

A fixed licence fee of £ 3,090 per annum will be charged per account.

Caps of £ 154,500 for non CCPs and £ 200,000 for CCPs per annum apply per account.

HFTs / ETPs

High-frequency traders (HFTs) and electronic trading participants (ETPs) contracting with Regulatory Reporting as TR participants will be charged a fixed licence fee per account, per annum, based on the volume bands below. To qualify as HFT/ETP more than 90% or reported volumes need to be from algorithmic trading. Should the volume of UTIs exceed the volume band paid for, an additional charge will apply.

A cap of £ 154,500 will apply.

Retail flow

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, more than 90% of a HFT’s / ETP’s reportable volume must be against individuals as clients.

Retail UTIs submitted will be charged per the below tariff bands for the retail reporting firm LEIs.

The license fee (Retail price) is based on predicted volumes. The minimum license fee is £ 51,500. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with retail clients, predicts their volume per annum is 20,000,000. The HFT is charged £ 103,000. If actual volume is 26,000,000, there will be an additional £ 2,575 (1,000,000 x 0.002575) charge.

# Volume p.a. (UTIs) Retail price  Price per additional UTI
1 Up to 10,000,000 £ 51,500 £ 0.00515
2 More than 10,000,000 and up to 15,000,000 £ 77,250 £ 0.00515
3 More than 15,000,000 and up to 25,000,000 £ 103,000 £ 0.00412
4 More than 25,000,000 and up to 50,000,000 £ 128,750 £ 0.002575
5 More than 50,000,000 £ 154,500 cap £ 0.00206

Wholesale flow

The wholesale flow is for HFTs / ETPs where they don’t qualify for retail flow. 

Wholesale UTIs submitted will be charged per the below tariff bands for the wholesale reporting firm LEIs.

The fixed license fee (Wholesale price) is based on predicted volumes. The minimum license fee is £ 103,000. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with institutional clients, predicts their volume per annum is 25,000,000. The HFT is charged £ 123,600. If actual volume is 26,000,000, there will be an additional £ 4,944 (1,000,000 x 0.004944) charge.

# Volume p.a. (UTIs) Wholesale price Price per additional UTI
1 Up to 21,000,000 £ 103,000 £ 0.004944
2 More than 21,000,000 and up to 25,000,000 £ 123,600 £ 0.004944
3 More than 25,000,000 £ 154,500 cap £ 0.004944

Delegated reporting

Report submitting entities

TR participants contracting with Regulatory Reporting for the purpose of submitting their counterparties reports will be charged standard UKMIR pricing as “delegated service provider” and will require explicit permission to submit transaction reports on behalf of each reporting firm LEI.

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of £ 5,150 per annum. Above 50,000 UTIs a year, standard UKMIR pricing will apply starting from £ 0.069525 per UTI.

If a report submitting firm submits above 750,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of £ 51,500 per annum and standard UKMIR pricing will apply starting from £ 0.041715 per UTI.

A cap of £ 154,500 per annum applies per delegated reporting client.

Reporting firms

Reporting firms which have delegated their reporting to a counterparty/clearer submitting to Regulatory Reporting on their behalf, can be granted a view-only access to their reports. These firms will be required to contract with Regulatory Reporting and will be charged a fixed fee of £ 2,060 p.a.

Collaborative reporting

Collaborative reporting services are offered to firms who wish to contract with Regulatory Reporting but are not party to the transactions submitted (third parties).

Technical routers

Technical routers are third-party firms contracting with Regulatory Reporting as ISV partners for the purpose of assisting their Clients in submitting reports. Technical routers will be charged £ 2,060 per annum. Regulatory Reporting will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard UKMIR pricing.

Technical routers clients grant their technical router access their secure file transfer protocol account (incl. SSH key) to route their reports to Regulatory Reporting. Technical routers may leverage access to their client’s data to offer additional services outside of Regulatory Reporting's remit. It is worth noting that a technical router client can only submit data via a single technical router contracted with Regulatory Reporting.

Technical router clients have access to the Regulatory Reporting support model, rules engine services and will have full access to Regulatory Reporting resources to facilitate their reporting.

Aggregators

Aggregators are high-volume third-party firms contracting with Regulatory Reporting as TR participants for the purpose of submitting their clients reports. Aggregators submit their client’s transaction reports in Regulatory Reporting’s standard format and own the relationship with their clients, including the right to amend data.

Aggregators will be charged a dedicated UKMIR pricing in accordance to the UTI volume submitted by their retail or wholesale clients.

Aggregator clients must grant their aggregator explicit permission to report on their behalf. Aggregator clients can be granted a view-only access to their reports by contracting with Regulatory Reporting and will be charged a fixed fee of £ 2,060 per annum. Aggregators may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit.

Aggregator clients will however not have access to Regulatory Reporting support model and rules engine services.

Retail flow pricing

To qualify for retail flow, the majority (90% or more) of UTI’s submitted by an aggregator must be in respect of trades executed on behalf of the aggregator’s clients who are individuals (“Retail Clients”).

A fixed license fee of £ 103,000 per annum will be charged. This license fee includes 1,623,092 retail UTIs per annum.

Additional UTIs submitted by an aggregator will be charged per the below tariff for the retail reporting firm LEIs.

High volume aggregators will be capped at £ 206,000 per annum which is the equivalent of 16,412,727 UTI’s per annum.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 1,623,092 1,623,092 included in the license fee
2 1,623,093 2,000,000 376,908 £ 0.05665 £ 21,351.84
3 2,000,001 16,412,727 14,412,727 £ 0.005665 £ 81,648.09
4 16,412,728 Unlimited Unlimited £0 £0

Wholesale flow pricing

The wholesale flow is for aggregators that do not qualify for retail flow.

A fixed license fee of £ 3,090 per annum will be charged. This license fee includes 2,000 wholesale UTIs per annum.

Additional UTIs submitted by wholesale aggregator clients will be charged to aggregators per the below tariff for the wholesale reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001 300,000 298,000 £ 0.0760346 £ 22,658.31
3 300,001 2,000,000 1,700,000 £ 0.0625725 £ 106,373.25
4 2,000,001 20,000,000 18,000,000 £ 0.007416 £ 133,488.00
5 20,000,001 200,000,000 180,000,000 £ 0.001236 £ 222,480.00
6 200,000,001 Unlimited Unlimited £ 0.00016686 No cap

Service providers

Service providers are very high-volume third-party firms contracting with the Trade Repository. Service providers own the relationship with their clients including the right to amend data, but service provider clients have access to the Regulatory Reporting system and support model. No qualifying criteria, anyone can request to be classified as a service provider.

The £ 540,750 annual fee consists of £ 360,500 base fee, and £ 180,250 for their clients to have access to the Regulatory Reporting system and the Regulatory Reporting Support team.

The total sum of UTIs submitted by all the Service Provider’s clients will be charged to the Service Provider per the below tariff.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 96,771,724 96,771,724 Included in the licence fee
4 96,771,725 200,000,000 103,228,276 £ 0.001236 £ 127,590.15
5 200,000,001 Unlimited Unlimited £ 0.00016686 No cap

Portability

TR participants are able to seamlessly transfer their reporting to other TRs. Porting services are offered in accordance with ESMA’s ‘Guidelines On Portability Between Trade Repositories’ to firms contracted with Regulatory Reporting and onboarded to production who wish to switch their live reporting to Regulatory Reporting or to another TR.

Voluntary porting from other TRs to Regulatory Reporting

When a TR participant firm requires onboarding from another TR, standard UKMIR pricing applies for the latest state of outstanding derivatives ported to Regulatory Reporting. The volume of UTIs ported counts towards applicable capping.

Additional Professional Services ("PS") days will be charged on a time and material basis if the TR participant firms wants to transfer any other data to Regulatory Reporting.

Voluntary porting from Regulatory Reporting to other TRs

When a TR participant firm requires offboarding from Regulatory Reporting, billing will apply on a time and material basis at the applicable standard PS daily rate.

TR withdrawal

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to Regulatory Reporting will be charged to TR participants which selected Regulatory Reporting as their new TR.

In case of Regulatory Reporting withdrawing, no fees can be charged for ensuring the porting TR participant firms data to other TRs

LEI changes

TR participants are able to request the update of LEIs of transactions they have reported to Regulatory Reporting. This service offers the update of an old LEI to a new LEI on historical TR records in accordance with ESMA’s QA on UKMIR implementation (TR QA40), enabling seamless transition to reporting transactions with the new LEI.

A £ 3,296 fixed fee is charged to account for up to 100,000 transaction reports updated to cover Trade Repository costs related to administrative tasks, quality assurance and notifications to the relevant competent authorities.

A further £ 206 is charged for each subsequent batch of 100,000 transaction reports updated in the TR.

Standard UKMIR pricing will apply after the change has taken place for any transaction reports submitted from activation date onwards.

Onboarding charges

Each new UKMIR client will be charged an onboarding fee of £ 750.

This onboarding fee is waived for new clients who have contracted for an initial term of 5 years or more.

2024 Pricing

Standard UKMIR pricing

Volume bands

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2001 100,000 98,000 £ 0.071958 £ 7,051.88
3 100,001 2,000,000 1,900,000 £ 0.043175 £ 82,032.50
4 2,000,001 18,805,185 16,805,185 £ 0.007196 £ 120,930.11
5 18,805,186 Unlimited Unlimited £0 £0

Per annum licence fee and caps

Description Price UTIs included
Fixed licence fee per account £ 3,198 2,000
Cap non CCP £ 159,908 Unlimited
CCP fixed fee £ 200,000 Unlimited

Direct reporting

Direct reporting services are offered to firms who wish to contract directly with Regulatory Reporting and are party to the transactions submitted. These firms have access to the Regulatory Reporting support model and will have full access to Regulatory Reporting resources to facilitate their reporting.

Firms own reporting

Single entity or group

TR participants contracting with Regulatory Reporting for the purpose of reporting their own legal entity’s reports (one reporting firm LEI) or multiple legal entities of a same parent entity or group (multiple reporting firm LEI) will be charged standard UKMIR pricing.

A fixed licence fee of £3,198 per annum will be charged per account.

Caps of £159,908 for non CCPs and £200,000 for CCPs per annum apply per account.

HFTs / ETPs

High-frequency traders (HFTs) and electronic trading participants (ETPs) contracting with Regulatory Reporting as TR participants will be charged a fixed licence fee per account, per annum, based on the volume bands below. To qualify as HFT/ETP more than 90% or reported volumes need to be from algorithmic trading. Should the volume of UTIs exceed the volume band paid for, an additional charge will apply.

A cap of £159,908 will apply.

Retail flow

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, more than 90% of a HFT’s / ETP’s reportable volume must be against individuals as clients.

Retail UTIs submitted will be charged per the below tariff bands for the retail reporting firm LEIs.

The license fee (Retail price) is based on predicted volumes. The minimum license fee is £53,303. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with retail clients, predicts their volume per annum is 25,000,000. The HFT is charged £106,605. If actual volume is 26,000,000, there will be an additional £2,665 (1,000,000 x 0.002665) charge.

# Volume p.a. (UTIs) Retail price  Price per additional UTI
1 Up to 10,000,000 £ 53,303 £ 0.005330
2 More than 10,000,000 and up to 15,000,000 £ 79,954 £ 0.005330
3 More than 15,000,000 and up to 25,000,000 £ 106,605 £ 0.004264
4 More than 25,000,000 and up to 50,000,000 £ 133,256 £ 0.002665
5 More than 50,000,000 £ 159,908 cap £ 0.002132

Wholesale flow

The wholesale flow is for HFTs / ETPs where they don’t qualify for retail flow. 

Wholesale UTIs submitted will be charged per the below tariff bands for the wholesale reporting firm LEIs.

The fixed license fee (Wholesale price) is based on predicted volumes. The minimum license fee is £106,605. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with institutional clients, predicts their volume per annum is 25,000,000. The HFT is charged £106,605. If actual volume is 26,000,000, there will be an additional £5,117 (1,000,000 x 0.005117) charge.

# Volume p.a. (UTIs) Wholesale price Price per additional UTI
1 Up to 21,000,000 £ 106,605 £ 0.005117
2 More than 21,000,000 and up to 25,000,000 £ 127,926 £ 0.005117
3 More than 25,000,000 £ 159,908 cap £ 0.005117

Delegated reporting

Report submitting entities

TR participants contracting with Regulatory Reporting for the purpose of submitting their counterparties reports will be charged standard UKMIR pricing as “delegated service provider” and will require explicit permission to submit transaction reports on behalf of each reporting firm LEI.

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of £5,330 per annum. Above 50,000 UTIs a year, standard UKMIR pricing will apply starting from £0.071958 per UTI.

If a report submitting firm submits above 750,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of £53,303 per annum and standard UKMIR pricing will apply starting from £0.043175 per UTI.

A cap of £159,908 per annum applies per delegated reporting client.

Reporting firms

Reporting firms which have delegated their reporting to a counterparty/clearer submitting to Regulatory Reporting on their behalf, can be granted a view-only access to their reports. These firms will be required to contract with Regulatory Reporting and will be charged a fixed fee of £2,132 p.a.

Collaborative reporting

Collaborative reporting services are offered to firms who wish to contract with Regulatory Reporting but are not party to the transactions submitted (third parties).

Technical routers

Technical routers are third-party firms contracting with Regulatory Reporting as ISV partners for the purpose of assisting their clients in submitting reports. Technical routers will be charged £2,132 per annum. Regulatory Reporting will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard UKMIR pricing.

Technical routers clients grant their technical router access their secure file transfer protocol account (incl. SSH key) to route their reports to Regulatory Reporting. Technical routers may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit. It is worth noting that a technical router client can only submit data via a single technical router contracted with Regulatory Reporting.

Technical router clients have access to the Regulatory Reporting support model, rules engine services and will have full access to Regulatory Reporting resources to facilitate their reporting. 

Aggregators

Aggregators are high-volume third-party firms contracting with Regulatory Reporting as TR participants for the purpose of submitting their clients reports. Aggregators submit their client’s transaction reports in Regulatory Reporting’s standard format and own the relationship with their clients, including the right to amend data.

Aggregators will be charged a dedicated UKMIR pricing in accordance to the UTI volume submitted by their retail or wholesale clients.

Aggregator clients must grant their aggregator explicit permission to report on their behalf. Aggregator clients can be granted a view-only access to their reports by contracting with Regulatory Reporting and will be charged a fixed fee of £2,132 per annum. Aggregators may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit.

Aggregator clients will however not have access to Regulatory Reporting support model and rules engine services.

Retail flow pricing

To qualify for retail flow, the majority (90% or more) of UTI’s submitted by an aggregator must be in respect of trades executed on behalf of the aggregator’s clients who are individuals (“Retail Clients”).

A fixed license fee of £106,605 per annum will be charged. This license fee includes 1,623,092 retail UTIs per annum.

Additional UTIs submitted by an aggregator will be charged per the below tariff for the retail reporting firm LEIs.

High volume aggregators will be capped at £ 213,210 per annum which is the equivalent of 16,412,727 UTI’s per annum.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 1,623,092 1,623,092 included in the license fee
2 1,623,093 2,000,000 376,908 £ 0.058633 £ 22,099.25
3 2,000,001 16,412,727 14,412,727 £ 0.005863 £ 84,501.82
4 16,412,728 Unlimited Unlimited £0 £0

Wholesale flow pricing

The wholesale flow is for aggregators that do not qualify for retail flow.

A fixed license fee of £3,198 per annum will be charged. This license fee includes 2,000 wholesale UTIs per annum.

Additional UTIs submitted by wholesale aggregator clients will be charged to aggregators per the below tariff for the wholesale reporting firm LEIs.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 2,000 2,000 Included in the licence fee
2 2,001 300,000 298,000 £ 0.078696 £ 23,451.41
3 300,001 2,000,000 1,700,000 £ 0.064763 £ 110,097.10
4 2,000,001 20,000,000 18,000,000 £ 0.007676 £ 138,168.00
5 20,000,001 200,000,000 180,000,000 £ 0.001279 £ 230,220.00
6 200,000,001 Unlimited Unlimited £ 0.000173 No cap

Service providers

Service providers are very high-volume third-party firms contracting with the Trade Repository. Service providers own the relationship with their clients including the right to amend data, but service provider clients have access to the Regulatory Reporting system and support model. No qualifying criteria, anyone can request to be classified as a service provider. 

The £559,676 annual fee consists of £373,118 base fee, and £186,559 for their clients to have access to the Regulatory Reporting system and the Regulatory Reporting Support team.

The sum of UTIs submitted by all the Service Provider’s clients will be charged to the Service Provider per the below tariff.

# Lower band Upper band UTIs per band Price per UTI Price per band
1 0 96,771,724 96,771,724 Included in the licence fee
4 96,771,725 200,000,000 103,228,276 £ 0.001279 £ 132,028.97
5 200,000,001 Unlimited Unlimited £ 0.000173 No cap

Portability

TR participants are able to seamlessly transfer their reporting to other TRs. Porting services are offered in accordance with ESMA’s ‘Guidelines On Portability Between Trade Repositories’ to firms contracted with Regulatory Reporting and onboarded to production who wish to switch their live reporting to Regulatory Reporting or to another TR.

Voluntary porting from other TRs to Regulatory Reporting

When a TR participant firm requires onboarding from another TR, standard UKMIR pricing applies for the latest state of outstanding derivatives ported to Regulatory Reporting. The volume of UTIs ported counts towards applicable capping.

Additional Professional Services (“PS) days will be charged on a time and material basis if the TR participant firms wants to transfer any other data to Regulatory Reporting.

Voluntary porting from Regulatory Reporting to other TRs

When a TR participant firm requires offboarding from Regulatory Reporting, billing will apply on a time and material basis at the applicable standard PS daily rate.

TR withdrawal

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to Regulatory Reporting will be charged to TR participants which selected Regulatory Reporting as their new TR.

In case of Regulatory Reporting withdrawing, no fees can be charged for ensuring the porting TR participant firms data to other TRs.

LEI changes

TR participants can request the update of LEIs of transactions they have reported to Regulatory Reporting. This service offers the update of an old LEI to a new LEI on historical TR records in accordance with ESMA’s QA on UKMIR implementation (TR QA40), enabling seamless transition to reporting transactions with the new LEI.

A £3,411 fixed fee is charged to account for up to 100,000 transaction reports updated to cover Trade Repository costs related to administrative tasks, quality assurance and notifications to the relevant competent authorities.

A further £213 is charged for each subsequent batch of 100,000 transaction reports updated in the TR.

Standard UKMIR pricing will apply after the change has taken place for any transaction reports submitted from activation date onwards.

Onboarding charges

Each new UKMIR client will be charged an onboarding fee equivalent to half a day’s Professional Services rate.

This onboarding fee is waived for new clients who have contracted for an initial term of 5 years or more.