Template:Tradevstransactionreporting

Trade reporting an obligation imposed by MiFID under Art. 28, is what the broker/dealer reports to the exchange immediately upon execution of the trade, to provide transparency and market information of where the stock is trading.
Transaction reporting is the customer's responsibility (assuming it is in-scope) and is reported to the regulator, up to a couple of days later, and it captures who is buying and selling what.

See also trade reporting,