The MIFID II regulations states that investment firms need to report complete and accurate details of transactions in financial instruments to their national competent authority no later than the close of business the next working day.
For investment firms that means sending a report, with all transactions in an ISO20022 format, to the new designated authority before close of business on T+1, or engaging an ARM service to do this on your behalf. Transaction reporting on a T+1 basis is not new as it was also a requirement for MiFID I, but now the scope of what needs to be reported under MiFID II has greatly increased, both in terms of the trades that need to be reported and the number of data points for each trade. New in MIFID II is that OTC transactions also must be reported. Transaction details must include personal information about the persons who where involved in the (chain of the) trade. Full details of the transaction reporting requirements can be found in the RTS 22 document. All investment firms in a transaction chain need to report, although AIFM’s are excluded. Transaction files can be submitted using SFTP in XML format. The FCA has issued their application and notification guide earlier this year. MIFID2 Reporting will start on Jan 3, 2018 and Matterhorn Reporting Services has a Mifid II reporting solution that will make you meet your requirements. The Matterhorn regulatory reporting solutions file in all ESMA countries.
Matterhorn offers services and solutions that help to manage the above challenges. Read more about our MIFID services and solutions.