ESMA Provides guidance on transaction reporting, order record keeping and clock synchronisation under MiFID II

October 10, 2016


 The European Securities and Markets Authority (ESMA) has issued today final Guidelines regarding the implementation of the transaction reporting regime under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR), along with its Final Report which sets out the feedback ESMA received to its consultation on these topics.

The purpose of the Guidelines is to provide guidance to investment firms, trading venues and approved reporting mechanisms (ARMs) in order for them to prepare for compliance with their reporting and order record keeping obligations well in advance of their entry-into-force in 2018.

These Guidelines include:

  • General principles to apply to transaction reporting and order record keeping.
  • Reporting and record keeping scenarios for the various trading scenarios that may occur.
  • Reporting specific financial instruments: most examples are focused on derivatives given that these financial instruments have a more complex reporting pattern.
  • Clock synchronisation clarifications.

The press release can be found on the ESMA website here.

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