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Transaction reporting: Difference between revisions
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{{mifid2anat|25}} | |||
{{tradevstransactionreporting}} | |||
Transaction reporting is imposed on investment firms by Art. {{eudirprov|25|MiFID}} of {{tag|MiFID}}. A transaction report comprises a set of fields including all descriptive information relating to each trade made by a firm over the course of a period, usually a day. Exemptions do exist for certain classes of trades. Under {{tag|MiFID}} the transaction report is made via an [[approved reporting mechanism]] (ARM) on a T+1 basis. Under {{tag|EMIR}} the transaction report is made to a trade repository, also on a T+1 basis. | Note also Article 9(1) of {{t|EMIR}} requires all counterparties and [[CCP|CCPs]] to report the details of any [[derivative contract]] that they have concluded, as well as any modification or termination of such a contract, to trade repositories. | ||
'''Transaction reporting of all transactions in financial instruments before the close of business on the day after transaction''' is imposed on investment firms by Art. {{eudirprov|25|MiFID}} of {{tag|MiFID}}. A transaction report comprises a set of fields including all descriptive information relating to each trade made by a firm over the course of a period, usually a day. Exemptions do exist for certain classes of trades. Under {{tag|MiFID}} the transaction report is made via an [[approved reporting mechanism]] (ARM) on a T+1 basis. Under {{tag|EMIR}} the transaction report is made to a trade repository, also on a T+1 basis. | |||
Under {{tag|MiFID}} {{tag|FX}}, [[commodities]] and interest rate products are not in scope. Under EMIR FX, commodities, credit, interest rate and equity products are all covered. | Under {{tag|MiFID}} {{tag|FX}}, [[commodities]] and interest rate products are not in scope. Under EMIR FX, commodities, credit, interest rate and equity products are all covered. | ||
In a {{nutshell}}: | In a {{nutshell}}: | ||
{{ | #Competent authorities must monitor investment firms to ensure that they act honestly, fairly, professionally and act to promote the integrity of the market. <br> | ||
#Investment firms must hold for five years' data on all transactions they have handled including full client identification. <br> | |||
#Investment firms must report to the competent authority by close of the following working day all transactions in {{tag|financial instruments}} admitted to trading on a {{tag|regulated market}}, whether or not carried out on a {{tag|regulated market}}. <br> | |||
#This includes names and quantities of instruments traded, the time and date of execution, price and the investment firm concerned. <br> | |||
#Reports must be made by the investment firm, a third party acting on its behalf, or an approved trade reporting system. Where reported by the market or a trade reporting system, the investment firm's obligations may be waived. <br> | |||