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ESMA trade reporting standards “could decide” future of markets 

March 9, 2015

Elliott Holley, Banking Technology 

The European Securities and Markets Association is consulting financial institutions on which messaging protocol and data formats would be best for trade reporting under MiFIR. As the timeframe for reporting comes ever closer to real-time, the consequences could be serious.

Under MiFID II and EMIR, a host of trade reporting obligations are being phased in, obliging capital markets participants to report derivatives transactions to a trade repository and to use central clearing wherever sufficient liquidity is available. The ESMA questionnaire deals specifically with the technical formats for MiFIR, the regulation arising from MiFID II. The regulator is looking for one (or more) particular solution(s) that could be considered as the future MiFIR reporting format for transaction reporting and instruments reference data.

A shortlist of technical formats for MiFIR reporting and financial instruments reference data has already been drawn up:

 

Read More: Banking Technology
 
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