DP24/2: Improving the UK transaction reporting regime

Read DP24/2 (PDF)[1]

Why we're issuing this Discussion Paper

Through our supervision of the UK transaction reporting and instrument reference data requirements, we have identified opportunities to improve the quality of data reported to us and reduce reporting burdens on market participants.

We are also considering opportunities for harmonisation between the transaction reporting regime and the wider set of wholesale market reporting requirements that support market integrity.

Who this is for  

• MiFID investment firms or credit institutions with transaction reporting obligations.  
• UK branches of third country investment firms with transaction reporting obligations.  
• Operators of a UK trading venue (recognised investment exchange (RIE), multilateral trading facility (MTF) or an organised trading facility (OTF)).  
• Systematic internalisers (SI).  
• Approved reporting mechanisms (ARM) or approved publication arrangements (APA).  
• Firms authorised under the Alternative Investment Fund Manager Directive (AIFMD) or the Undertakings for Collective Investment in Transferable Securities (UCITS).  
• Market data service providers.  
• Individuals working within investment firms responsible for making investment or execution decisions.
• Trade associations representing any of the groups listed above.
• Professional advisors to the groups listed above.  

Next steps  

Online response form[2]

We are asking for comments on this Discussion Paper by 14 February 2025.

You can send them to us using the online form. Or in writing to: Markets Reporting Team, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

Or by email to: [email protected]

We will consider feedback when deciding our next steps. We will then consult on any ideas from this Discussion Paper that we propose to make into final rules.

Background  

We receive over 7 billion transaction reports a year. These cover transactions executed by UK firms and on UK markets in over 20 million reportable financial instruments. We use this data to monitor and enhance the cleanliness, transparency and resilience of our markets.  

The requirements of the transaction reporting regime are contained in the UK Markets in Financial Instruments Directive (MiFID) framework. This includes RTS 22 and RTS 23.

This Discussion Paper aims to inform our consultative position on the development of a new transaction reporting regime that will remove unnecessary burdens for firms while maintaining the high regulatory standards our markets are renowned for.