MiFID transaction and posttrade reporting Jiri KROL

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MiFID transaction and post-tradereportingJiri
KROL

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Structure

• Transaction reporting
• Exchange of information between competent
  authorities
• Post-trade disclosure by investment firms
• Level 2 details
• Future developments

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Transaction reporting (Art. 25)

• Transaction reporting to uphold integrity of
  markets
• Investment firms must report details of
  transactions (only buy/sell) in any financial
  instrument admitted to trading on a regulated
  market to its competent authority
• Details of the reporting requirements set at
  Level 2 (Chapter III of draft implementing
  Regulation)

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Exchange of information

• Competent authorities must exchange part of the
  received transaction reports
• Competent authority of the most relevant market
  in terms of liquidity for a particular instrument
  is established
• Again, level establishes the relevant details
  (art. 13)

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Post-trade reporting (art. 28)

• Details of transactions in shares admitted to
  trading on RM must be made public as close to
  real-time as possible (max 3 min)
• Deferred reporting possible
• Publication possible through RM, third party or
  proprietary arrangements
• Details set in the implementing measures

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Important level 2 details

• Definition of transaction
• Definition of most relevant market
• Architecture for the exchange of information
• Deferred publication details (art. 27, table 4 in
  Annex II)
• Post-trade reporting carve out for SIs

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Future developments

• Definition of transaction re-examined
• Architecture for exchange of information
• Report under article 65(1) non-equity
  post-trade transparency
• Report under article 65(4) on obstacles
  preventing the consolidation of information
  trading venues are required to publish

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Thank you for your attention

• Questions?
• jiri.krol_at_cec.eu.int