"Firms and their management must ensure they submit quality transaction reporting data and we encourage all firms to review the integrity of this data on a regular basis. We will continue to monitor the quality of firm reporting and we are committed to taking action where necessary to ensure that firms comply with their reporting obligations."
Margaret Cole, FSA Managing Director of Enforcement and Financial Crime in the City Index press release of 20 January 2011.
The focus on the provision of accurate transaction data will increase. Regulators are focussing globally on:
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- regulation of currently unregulated markets;
- curbing market abuse, with the new European directive and FSAs focus on criminal sanctions for insider dealing; and
- increasing reporting obligations, for example those about to come into force globally for OTC derivative transactions which are significantly wider than those currently in place and under MiFID II in the EU commodities transactions.