19 December 2014

65591

Christian Voigt - Fidessa

36Posts 87,896Views 0Comments

Reporting, reporting, and yet more reporting

12 March 2014  |  1598 views  |  0

While many European firms are still getting to grips with EMIR trade reporting and the headaches it’s caused, the next reporting challenge is already on the horizon in the form of MiFID/R.

It helps that MiFID/R does not require double reporting as long as the required information is reported once under EMIR. However, aiming to strengthen transparency, the scope of MiFID/R’s transaction reporting is wider than that of EMIR’s trade reporting and affects all financial instruments, not just derivatives. Even for instruments already captured – MiFID I equities and EMIR derivatives, for example – a number of new data items have been added. Among other things, the regulators ask for a designation to identify, where applicable, the computer algorithms responsible for the investment decision; the transparency waiver under which the trade was executed; and a short sale.

As well as keeping the regulators informed, firms also have to publish post-trade data. MiFID/R will extend the existing regime into assets such as ETFs, bonds, derivatives and structured products. The scale of the changes remains to be seen once ESMA and the European Commission pin down the details in Level 2. But, with establishing uniform requirements for transaction transparency firmly on the roadmap, the industry will be talking about reporting, reporting, and yet more reporting in the coming year.

 

TagsTrade executionRisk & regulation

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Christian

Slave to a label?

18 December 2014  |  985 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Systematic Internaliser on a wire

03 December 2014  |  1441 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Synchronising regulation

25 November 2014  |  1448 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Refocusing on auctions

07 November 2014  |  1571 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

More rules, more problems?

31 October 2014  |  1525 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Christian's profile

job title Senior Regulatory Adviser
location London
member since 2013
Summary profile See full profile »
I'm a Senior Regulatory Adviser at Fidessa. I focuse on the growing regulatory and functional requirements for multi-asset automated trading systems, supporting Fidessa's clients across Europe in meet...

Christian's expertise

What Christian reads
Christian writes about

Who is commenting on Christian's posts

Sreeram Yegappan
Ketharaman Swaminathan
Neil Crammond