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MIFID

The Markets in Financial Instruments Directive (MiFID) is a framework of rules of European Union for investment intermediaries providing services to clients in relation to shares, bonds, units in collective investment schemes (UCITS) and derivatives, which are collectively known as Financial Instruments, and the organised trading of such financial instruments.

The object of the framework is to provide a harmonised regulatory environment for investment services across the 31 states of the European Economic Area (the 28-member states of the EU, together with Iceland, Norway and Liechtenstein), which is commonly referred to as EEA. It also aims to increase competition and consumer protection by providing a single and consistent rulebook across the EEA and a level playing field between the EEA's trading venues for financial instruments.

Prior to MiFID, the Investment Services Directive (ISD) tried to achieve the same objectives but had to be upgraded to MiFID keeping in view the changes in the investment services industry.

MiFID is the cornerstone of the European Commission's Financial Services Action Plan (FSAP). It has brought about significant changes in the regulatory environment together with other directives of the EU such as the Prospective Directive, Market Abuse Directive and Transparency Directive.


What type of organisations are covered by MiFID?
The following organisations are covered by MiFID.
  1. Investment banks
  2. Portfolio managers
  3. Stock brokers and broker dealers
  4. Corporate finance firms
  5. Many futures and options firms
  6. Private wealth management firms
  7. Some commodity firms; and
  8. Markets, particularly Regulated Markets (RM) and Multilateral Trading Facilities (MTF)
In order to determine which firms are affected by MiFID and which are not, MiFID distinguishes firms into two categoris - investment services and activities ("core" services) and ancilliary services ("non-core" services). Examples of core services include investment advice, receipt and transmission of orders in relation to financial instruments, portfolio management services, dealing on own account, execution of orders on behalf of cleints, and operation of RM and MTFs. Examples of ancilliary services include safeguarding and administration of financial instruments, investment research and financial analysis, and underwriting services. If a firm performs both core and ancilliary services then it is subjected to MiFID. If it provides only ancilliary services then it is not subjected to MiFID.


What type of products are covered by MiFID?
Transactions in the following products are covered under MiFID.
  1. Transferable securities
  2. Money market instruments
  3. Units in collective investment undertakings
  4. Options, futures, swaps, forward rate agreements and other derivative contracts relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash.
  5. Options, futures, swaps, forward rate agreements and other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties, other than by reason of default or other termination event.
  6. Options, futures, swaps and other derivative contracts relating to commodities that can be physically settled provided that they are traded on a regulated markets and/or on an MTF.
  7. Options, futures, swaps and other derivative contracts relating to commodities that can be physically settled through recognised clearing houses or are subject to regular margin calls.
  8. Derivative instruments for the transfer of credit risk
  9. Financial contracts for differences
  10. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties, other than by reason of default or other termination event. It also includes the above-mentioned contracts if they are settled thrugh recognised clearing houses.

Investor Protection
The investor protection guidelines of MiFID are based on the concept that the highest level of protection should be given to those clients with the least knowledge and experience and, conversely, the lowest level of protection should be given to the most knowledgeable and experienced clients. Accordingly, the clients were categorised into the following three categories:
  1. Retail
  2. Professional
  3. Eligible counterparties

MIFIR Transaction Reporting



Purpose
The transaction reporting obligations were introduced for the following purposes.
Who should report?
The following is the scope of MiFIR transaction reporting.
What do investment firms mean according to MiFIR?
Investment firms according to MiFIR mean the following. Any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis.
This includes the following. It does not cover the following.
What kind of transactions have to be reported?

Covered transactions Exclusions
The following is the extract on "Meaning of transaction" from the official text of MiFIR
  1. For the purposes of Article 26 of Regulation (EU) No 600/2014, the conclusion of an acquisition or disposal of a financial instrument referred to in Article 26(2) of Regulation (EU) No 600/2014 shall constitute a transaction.

  2. An acquisition referred to in paragraph 1 shall include the following.
    1. A purchase of a financial instrument
    2. Entering into a derivative contract
    3. An increase in the notional amount of a derivative contract

  3. A disposal referred to in paragraph 1 shall include the following.
    1. Sale of a financial instrument
    2. Closing out of a derivative contract
    3. A decrease in the notional amount of a derivative contract

  4. For the purposes of Article 26 of Regulation (EU) No 600/2014, transaction shall also include a simultaneous acquisition and disposal of a financial instrument where there is no change in the ownership of that financial instrument but post-trade publication is required under Article 6, 10, 20 or 21 of Regulation (EU) No 600/2014.

  5. For the purposes of Article 26 of Regulation (EU) No 600/2014 shall not include the following.
    1. Securities financing transactions as defined in Article 3(11) of Regulation (EU) 2015/2365 of the European Parliament and of the Council.
    2. A contract arising exclusively for clearing and settlement purposes
    3. A settlement of mutual obligations between parties where the net obligation is carried forward
    4. An acquisition or disposal that is solely a result of custodial activity
    5. A post trade assignment or novation of a derivative contract where one of the parties to the derivative contract is replaced by a third party
    6. A portfolio compression
    7. The creation of redemption of units of a collective investment undertaking by the administrator of the collective investment undertaking
    8. The exercise of a right embedded in a financial instrument, or the conversion of a convertible bond and the resultant transaction in the underlying financial instrument
    9. The creation, expiration or redemption of a financial instrument as a result of pre-determined contractual terms, or as a result of mandatory events which are beyond the control of the investors where no investment decision by the investor takes place at the point in time of the creation, expiration or redemption of the financial instrument
    10. A decrease or increase in the notional amount of a derivative contract as a result of pre-determined contract terms or mandatory events where no investment decision by the investor takes place at the point in time of the change in the notional amount
    11. A change in the composition of an index or a basket that occurs after the execution of a transaction
    12. An acquisition under a dividend re-investment plan
    13. An acquisition or disposal under an exployee sharing incentive plan, or arising from the administration of an unclaimed asset trust, or of residual fractional share entitlements following corporate events or as part of shareholder reduction programmes where all the following criteria are met:

      1. The dates of acquisition or disposal are pre-determined and published in advance.
      2. The investment decision concerning the acquisition or disposal that is taken by the investor amounts to a choice by the investor to enter into the transaction with no ability to unilaterally vary the terms of the transaction.
      3. There is a delay of at least ten business days between the investment decision and the moment of execution.
      4. The value of the transaction is capped at the equivalent of EUR 1,000 for a one-off transaction for the particular investor in the particular instrument or, where the arrangement results in transactions, the cummulative value of the trasaction shall be capped at the equivalent of EUR 500 for the particular investor in the particular instrument per calendar month;

    14. An exchange and tender offer on a bond or other form of securitized debt where the terms and conditions of the offer are pre-determined in advance and the investment decision amounts to a choice by the investor to enter into the transaction with no ability to unilaterally vary its terms;

    15. An acquisition or disposal that is solely a result of a transfer of collateral

The exclusions provided for in point(a) of the first subparagraph shall not apply to the securities financing transactions to which a member of the European System of Central Banks is a counterparty.

The exclusion provided for in point(i) of the first subparagraph shall not apply to initial public offerings or secondary public offerings or placing, or debt issuance.

Are all kinds of covered transactions have to be reported?
No. Only some transactions, which are classified as "Reportable" are required to be reported; those which are not reportable are not required to be reported.
The following are the type of transactions which are to be reported.


Who has to report?
Under Article 26(7) of MiFIR, transaction reports can only be submitted by:

Whom should the reporting be made to?
All transaction reports are to be made only once to the home competent authority, regardless of whether a branch is involved. ARMs and investment firms submit reports to the home competent authority of the executing entity. Trading venues submit reports under Article 26(5) to the home competent authority of the trading venue. Where a trading venue is offering a service to an investment firm under Article 26(7) it must submit to the home competent authority of the investment firm.

Understanding reporting requirements

Sl No Sample Transactions Reportable/Non-Reportable Who has to report Report to whom Explanation
1 An individual client gives an order to UBS (broker) to purchase 1000 shares of Total S.A. The broker executed the transaction on Euronext Reportable Both UBS and Euronext have to report Local regulator Total S.A. is traded on an exchange and hence it is covered under reporting obligations. The reporting has to be done by investment firms. Both the broker and the Regulated Markets fall under the definition of investment firms.
2 An individual client gives an order to UBS (broker) to purchase 1000 shares of Total S.A. The broker executed the transaction on Alternext Paris (MTF) Reportable Both UBS and Alternext Paris Local regulator Explanation given in (1) above applies to this case. MTFs are investment firms and hence they are required to report.
3 An individual client gives an order to UBS (broker) to purchase 1000 shares of Total S.A. The broker, being a Systematic Internalizer, matches that trade against its own proprietary order book Reportable UBS has to report Local regulator Total S.A. is a traded stock and hence is covered under reportable obligations. Systematic Internalizers are covered entities for reporting purposes. Hence, SI has to report.
4 An individual client executes a trade with his friend directly over phone in Total S.A., a stock which is traded on an registered exchange. Not reportable Not required to be reported Not required Individuals are not covered entities under MiFID and MiFIR regulations, even though the security is covered.
5 UBS (broker) executes a trade with Merrill Lynch on Total S.A. over phone Reportable Both UBS and Merrill Lynch have to report Local regulators OTC transactions on securities that are admitted to trading are covered products under MiFIR.
6 UBS (broker) executes a trade with Merrill Lynch on XYZ security, which is not listed on any exchange Not reportable Not required to be reported Not required Securities that are not admitted to trading are not required to be reported.
7 UBS (dealer) takes a long position on a 3 months futures contract on Total S.A. on Euronext, Paris Reportable UBS and Euronext have to report Local regulator Derivatives on securities are covered products
8 UBS Paris (dealer) takes a long position on a 3 months forward contract on Total S.A. with Merrill Lynch International (MLI) (London) as its counterparty Reportable UBS and Merrill Lynch International will have to report UBS Paris will have to report to the French regulator. MLI will have to report to FCA. Derivatives on securities are covered products
9 UBS Paris (dealer) enters into a 3 year Interest Rate Swap (IRS) contract with Carrefour, France on an OTF (Organised Trading Facility) Reportable UBS Paris will have to report Local regulator Derivatives admitted to trading are covered products under MiFIR reporting
10 UBS Paris (dealer) enters into a 3 year Interest Rate Swap (IRS) contract with Merrill Lynch International (MLI) (London) Reportable UBS Paris and MLI London will have to report UBS Paris will have to report to French regulator. MLI London will have to report to FCA. Derivatives admitted to trading are covered products under MiFIR reporting
11 UBS Paris (dealer) enters into a 3 year Swaption on Cross Currency Swap involving EUR and ZAR with MLI (London)

This example is for illustrative purposes. Kindly refer to ESMA's website as to whether a product is under trading obligations are not 		Not reportable Not reportable Not required Only derivatives admitted to trading, trading currently, or for which a request for admission to trade has been made are covered under MiFIR reporting obligations.
12 A UK based mutual fund sells mutual fund units to retail and institutional clients. Not reportable Not reportable Not reportable Mutual funds are not covered under reporting obligations
13 A UK based muutal fund providing managed account services such as PMS, instructs MLI (London) to purchase 1000 shares of Rolls Royce from London Stock Exchange (LSE) Reportable Both the mutual fund and MLI (London) will have to report Local regulator Managed funds and other services provided by mutual funds other than mutual fund schemes are covered under reporting obligations


What is being reported?
There are about 81 different fields that need to be reported. The following are the categories.
  1. General Fields
  2. Buyer Details
  3. Buyer Decision Maker Details
  4. Seller Details
  5. Seller Decision Maker Details
  6. Transmission Details
  7. Instrument Details
  8. Investment Decision Maker and Executor
  9. Flags


Category Sl No Field Description(as per official MiFIR document) Format and Standards to be used for Reporting Where do you get this information Additional Explanation, if any
General Field 1 Reporting status Indication as to whether the transaction report is new or cancelled "NEWT - New
"CANC" - Cancelled
General Field 2 Transaction reference number (TRN) Identification number that is unique to the executing firm for each transaction report.

Where pursuant to Article 26(5) of Regulation (EU) No 600/2014, a trading venue submits a transaction report on behalf of a firm that is not subject to Regulation (EU) No 600/2014, the trading venue shall populate this field with a number that has been internally generated by the trading venue and that is unique for each transaction report submitted by the trading venue. 		{ALPHANUM - 5 - 2} Trading venue
General Field 3 Trading venue transaction ID code This is a number generated by trading venues and disseminated to both the buying and the selling parties in accordance with Article 12 of Commission Delegated Regulation (EU) 2017/580. This field is only required for the market side of a transaction executed on a trading venue. {ALPHANUM-52} Trading venue
General Field 4 Executing entity ID code Code used to identify the entity executing the transaction {LEI} LEI database
General Field 5 Investment firm covered by Directive 2004/39/EC or Directive 2014/65/EU Indicates whether the entity identified in field 4 is an investment firm covered by Article 4(1) of Directive 2014/65/EU. "true" - yes
"false" - no		 Flag
General Field 6 Submitting entity ID code Code used to identify the entity submitting the transaction report to the competent authority in accordance with Article 26(7) of Regulation (EU) No 600/2014.

Where the report is submitted by the executing firm directly to the competent authority, it shall be populated with the LEI of the executing firm (where the executing firm is a legal entity).

Where the report is submitted by a trading venue, it shall be populated with the LEI of the operator of the trading venue.

Where the report is submitted by an ARM, it shall be populated with the LEI of the ARM. 		{LEI} LEI database
Buyer Details Buyer identification code 7 Code used to identify the acquirer of the financial instrument.

Where the acquirer is a legal entity, the LEI code of the acquirer shall be used. Where the acquirer is a non-legal entity, the identifier specified in Article 6 shall be used.

Where the transaction was executed on a trading venue or on an organised trading platform outside the Union that does not utilise a CCP and where the identity of the acquirer is not disclosed, the MIC code of the trading venue or of the organised trading platform outside of the Union shall be used.

Where the acquirer is an investment firm acting as a Systematic Internaliser (SI), the LEI code of the SI shall be used. "INTC" shall be used to designate an aggregate client account within the investment firm in order to report a transfer into or out of that account with an associated allocation to that individual client(s) out of or into that account respectively.

In case of options and swaptions, the buyer shall be the counterparty that holds the right to exercise the option and the seller shall be the counterparty that sells the option and receives a premium.

In case of futures and forwards other than futures and forwards relating to currencies, the buyer shall be the counterparty buying the instrument and the seller the counterparty selling the instrument.

In case of swaps relating to securities, the buyer shall be the counterparty that gets the risk of price movement of the underlying security and receives the security amount. The seller shall be the counterparty paying the security amount.

In the case of swaps relating to interest rates or inflation indices, the buyer shall be the counterparty paying the fixed rate. The seller shall be the counterparty receiving the fixed rate. In case of basis swaps (float-to-float interest rate swaps), the buyer shall be the counterparty that pays the spread and the seller the counterparty that receives the spread.

In the case of swaps and forwards related to cross currency swaps, the buyer shall be the counterparty receiving the currency which is first when sorted alphabetically by ISO 4217 standard and seller shall be the counterparty delivering this currency.

In the case of swaps related to dividends, the buyer shall be the counterparty receiving the equivalent actual dividend payments. The seller is the counterparty paying the dividend and receiving the fixed rate.

In the case of derivative instruments for the transfer of credit risk except options and swaptions, the buyer shall be the counterparty buying the protection. The seller is the counterparty selling the protection.

In case of derivative contracts related to commodities, the buyer shall be the counterparty that receives the commodity specified in the report and the seller the counterparty delivering this commodity.

In case of forward rate agreement, the buyer shall be the counterparty paying the fixed rate and the seller the counterparty receiving the fixed rate.

For an increase in notional, the buyer shall be the same as the acquirer of the financial instrument in the original transaction and the seller shall be the same as the disposer of the financial instrument in the original transaction.

For a decrease in notional the buyer shall be the same as the disposer of the financial instrument in the original transaction and the seller shall be the same as the acquirer of the financial instrument in the original transaction. 		{LEI}
{MIC}
{NATIONAL_ID}
{INTC} 		Counterparty
LEI database
MIC database
Buyer Details 8 Country of the branch for the buyer Where the acquirer is a client, this field shall identify the country of the branch that received the order from the client or made an investment decision for a client in accordance with a discretionary mandate given to it by the client as required by Article 14(3).

Where this activity was not conducted by a branch this shall be populated with the country code of the home Member State of the investment firm or the country code of the country where the investment firm has established its head office or registered office (in the case of third country firms).

Where the transaction is for a transmitted order that has met the conditions for transmission set out in Article 4, this field shall be populated using the information received from the transmitting firm.		 {COUNTRYCODE_2} Counterparty
Counterparty code
Buyer Details 9 Buyer - first name(s) Full first name(s) of the buyer. In case of more than one first name, all names shall be included in this field separately by a comma. {ALPHANUM-140} Counterparty
HR database
Buyer Details 10 Buyer - surname(s) Full surname(s) of the buyer. In case of more than one surnames, all surnames shall be included in this field separately by a comma. {ALPHANUM-140} Counterparty
HR database
Buyer Details 11 Buyer - date of birth Date of birth of the buyer {DATEFORMAT} Counterparty
HR database
Buyer Decision Maker 12 Buyer decision maker code Code used to identify the person who makes the decision to acquire the financial instrument.

Where the decision is made by an investment firm, this field shall be populated with the identity of the investment firm rather than the individual making the investment decision.

Where the decision maker is a legal entity, the LEI code of the decision maker shall be used.

Where the decision maker is a non-legal entity, the identifier specified in Article 6 shall be used.		 {LEI}
{NATIONAL_ID}		 Counterparty
LEI database
Buyer Decision Maker 13 Buy decision maker - First Name(s) Full first name(s) of the decision maker for the buyer. In case of more than one first name, all names shall be included in this field separated by a comma. {ALPHANUM-140} Counterparty
HR database
Buyer Decision Maker 14 Buy decision maker - Surname(s) Full surname(s) of the decision maker for the buyer. In case of more than one surname, all surnames shall be included by a comma. {ALPHANUM-140} Counterparty
HR database
Buyer Decision Maker 15 Buy decision maker - Date of birth Date or birth of the decision maker for the buyer {DATEFORMAT} Counterparty
HR database
Seller Details 16 Seller identification code Code used to identify the disposer of the financial instrument.

Where the disposer is a legal entity, the LEI code of the disposer shall be used.

Where the disposer is a non-legal entity, the identifier specified in Article 6 shall be used.

Where the transaction was executed on a trading venue or on an organised trading platform outside the Union that utilises a CCP and where the identity of the disposer is not disclosed, the LEI of the CCP shall be used.

Where the transaction was executed on a trading venue or on an organised trading platform outside of the Union that does not utilise a CCP and where the identity of the disposer is not disclosed, the MIC code of the trading venue or of the organised trading platform outside of the Union shall be used.

Where the disposer is an investment firm acting as an SI, the LEI code of the SI shall be used.

"INTC" shall be used to designate an aggregate client account within the investment firm in order to report a transfer into or out of that account with an associated allocation to the individual client(s) out of or into that account respectively.

In case of options and swaptions, the buyer shall be the counterparty that holds the right to exercise the option and the seller be the counterparty that sells the option and receives a premium.

In case of futures and forwards other than futures and forwards relating to currencies, the buyer shall be the counterparty buying the instrument and the seller the counterparty selling the instrument.

In the case of swaps relating to securities, the buyer shall be the counterparty that gets the risk of price movement of the underlying security and receives the security amount. The seller shall be the counterparty paying the security amount.

In the case of swaps relating to interest rates or inflation indices, the buyer shall be the counterparty paying the fixed rate. The seller shall be the counterparty receiving the fixed rate. In case of basis swaps (float-to-float interest rate swaps), the buyer shall be the counterparty that pays the spread and the seller the counterparty that receives the spread.

In the case of swaps and forwards related to currencies and of cross currency swaps, the buyer shall be the counterparty receiving the currency which is first when sorted alphabetically by ISO 4217 standard and the seller shall be the counterparty delivering the currency.

In the case of swaps related to dividends, the buyer shall be the counterparty receiving the equivalent actual dividend payment. The seller is the counterparty paying the dividend and receiving the fixed rate.

In the case of derivative instruments for the transfer of credit risk except options and swaptions, the buyer shall be the counterparty buying the protection. The seller is the counterparty selling the protection.

In case of derivative contracts related to commodities, the buyer shall be the counterparty that receives the commodity specified in the report and the seller the counterparty delivering the commodity. In case of forward rate agreements, the buyer shall be the counterparty paying the fixed rate and the seller the counterparty receiving the fixed rate.

For an increase in notional, the seller shall be the same as the disposer in the original transaction.

For a decrease in notional the seller shall be the same as the acquirer of the financial instrument in the original transaction. 		{LEI}
{MIC}
{NATIONAL_ID}
"INTC" 		Counterparty
LEI database
MIC database
Seller Details 17 Seller - country of branch Counterparty
Counterparty code
Seller Details 18 Seller - First Name Counterparty
HR database
Seller Details 19 Seller - Surname Counterparty
HR database
Seller Details 20 Seller Date of Birth Counterparty
HR database
Seller Decision Maker Details 21 Seller - decision maker code Code used to identify the person who makes the decision to acquire the financial instrument.

Where the decision is made by an investment firm, this field shall be populated with the identity of the investment firm rather than the individual making the investment decision.

Where the decision maker is a legal entity, the LEI code of the decision maker shall be used.

Where the decision maker is a non-legal entity, the identifier specified in Article 6 shall be used. 		Counterparty
LEI database
Seller Decision Maker Details 22 First Name Counterparty
HR database
Seller Decision Maker Details 23 First Name Counterparty
HR database
Seller Decision Maker Details 24 Date of Birth Counterparty
HR database
Transmission Details 25 Transmission of order indicator "true" shall be populated by the transmitting firm within the transmitting firm's report where the conditions for transmission specified in Article 4 were not satisfied.

"false" - in all other circumstances		 "true"
"false"		 Flag
Transmission Details 26 Transmitting firm identification code for the buyer Code used to identify the firm transmitting the order.

This shall be populated by the receiving firm within the receiving firm's report with the identification code provided by the transmitting firm.		 {LEI} LEI database
Transmission Details 27 Transmitting firm identification code for the seller Code used to identify the firm transmitting the order

This shall be populated by the receiving firm within the receiving firm's report with the identification code provided by the transmitting firm. 		{LEI} LEI database
Transaction Details 28 Trading date time Date and time when the transaction was executed.

For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article of Commission Delegated Regulation (EU) 2017/574.

For transactions not executed on a trading venue, the date and time shall be when the parties agree the content of the following fields: quantity, price, currencies in fields 31,34 and 44, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be at least to the nearest second.

Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission.		 {DATE_TIME_FORMAT} Counterparty
Front office systems
Transaction Details 29 Trading capacity Indication of whether the transaction results from the executing firm carrying out matched principal trading under Article 4(1)(38) of Directive 2014/65/EU or dealing on own account under Article 4(1)(6) of Directive 2016/65/EU. "DEAL" - Dealing on own account
"MTCH" - Matched principal
"AOTC" - Any other capacity		 Counterparty
Front office systems
Transaction Details 30 Quantity The number of units of the financial instrument, or the number of derivative contracts in the transaction.

The nominal or monetary value of the financial instrument.

For spread bets, the quantity shall be the monetary value wagered per point movement in the underlying financial instrument.

For credit default swaps, the quantity shall be the notional amount for which the protection is acquired or disposed of.

For increase or decrease in notional amount derivative contracts, the number shall reflect the absolute value of the change and shall be expressed as a positive number.

The information reported in this field shall be consistent with the values provided in fields 33 and 46. 		{DECIMAL_18/17} - in case the quantity is expressed as number of units.

{DECIMAL_18/5} - in case the quantity is expressed as monetary or nominal value. 		Counterparty
Front office systems
Transaction Details 31 Quantity currency Currency in which the quantity is expressed.

Only applicable if quantity is expressed as nominal or monetary value. 		{CURRENCYCODE_3} Counterparty
Front office systems
Transaction Details 32 Derivative notional increase/decrease Indication as to whether the transaction is an increase or decrease of notional of a derivative contract.

Field only applies when there is change in notional for a derivative contract. 		"INCR" - Increase

"DECR" - Decrease		 Counterparty
Front office systems
Transaction Details 33 Price Traded price of the transaction excluding, where applicable, commission and accrued interest.

In the case of options contracts, it shall be the premium of the derivative contract per underlying or index point.

In the case of spread bets it shall be the reference price of the underlying instrument.

For credit defautl swaps (CDS) it shall be the coupon in basis points.

Where the price is reported in monetary terms, it shall be provided in the major currency unit.

Where price is currently not available but pending, the value shall be "PNDG".

Where price is not applicable the value shall be "NOAP".

The information reported in this field shall be consistent with the values provided in fields 30 and 46. 		{DECIMAL_18/13} - in case the price is expressed as monetary value

{DECIMAL-11/10 - in case the price is expressed as percentage or yield.

{DECIMAL-18/17} - in case the price is expressed as basis points.

"PNDG" in case the price is not available.

"NOAP" - in case the price is not applicable. 		Counterparty
Front office systems
Transaction Details 34 Price Currency Currency in which the price is expressed (applicable if the price is expressed as monetary value) {CURRENCYCODE_3} Counterparty
Front office systems
Transaction Details 35 Net Amount The net amount of the transaction means the cash amount which is paid by the buyer of the debt instrument upon the settlement of the transaction. This cash amount equals to: (clean price * nominal value) + any accrued coupons. As a result the net amount excludes any commissions or any other fees charged to the buyer of the debt instrument.

Field only applies where the financial instrument is debt. 		{DECIMAL_18/15} Counterparty, Front office systems
Transaction Details 36 Venue Identification of the venue where the transaction was executed.

Use the ISO 10383 segment MIC for transactions executed on the trading venue, Systematic Internaliser (SI) or organised trading platform outside of the Union. Where the segment MIC does not exist, use the operating MIC.

Use MIC code "XOFF" for financial instruments admitted to trading on a trading venue or for which a request for admission was made, where the transaction on that financial instrument is not executed on a trading venue, SI or organised trading platform outside of the Union, or where an investment firm does not known it is trading with another investment firm acting as an SI. 		{MIC} Counterparty

Front office systems

MIC database
Transaction Details 37 Country of the branch membership Code used to identity the country of the branch of the investment firm whose market membership was used to execute the transaction.

Where a branch's market membership was not used, this field shall be populated with the country code of the home member state of the investment firm or the country code of the country where the firm has established its head office or registered office (in the case of third country firms).

This field shall only be populated for the market side of a transaction executed on a trading venue or on an organised trading platform outside of the Union. 		{COUNTRYCODE_2} Counterparty

Front office systems

Country code
Transaction Details 38 Up-front payment Monetary value of any up-front received or paid by the seller.

Where the seller receives the up-front payment, the value populated is positive. Where the seller pays the upfront payment, the value populated is negative. 		{DECIMAL_18/5} Counterparty

Front office systems
Transaction Details 39 Up-front payment currency Currency of the up-front payment {CURRENCYCODE_3} Counterparty

Front office systems
Transaction Details 40 Complex trade component ID Identifier, internal to the reporting firm to identify all the reports related to the same execution of a combination of financial instruments in accordance with Article 16. The code must be unique at the level of the firm for the group of reports related to the execution.

Fields only applies when the conditions specified in Article 12 apply.		 {ALPHANUM_35} Counterparty

Front office systems
Instrument Details 41 Instrument identification code Code used to identify the financial instrument.

This field applies to financial instruments for which a request for admission to trading has been made, that are admitted to trading or traded on a trading venue or on a systematic internaliser. It also applies to financial instruments which have an ISIN and are traded on organised trading platform outside of the Union where the underlying is a financial instrument traded on a trading venue. 		{ISIN} Counterparty
Front office systems
MIC database
Instrument Details 42 Instrument full name Full name of the financial instrument {ALPHA-350} Counterparty
Front office systems
MIC database
Instrument Details 43 Instrument Classification Taxonomy used to classify the financial instrument.

A complete and accurate CFI code shall be provided		 {CFI_CODE} Counterparty
Front office systems
CFI database
Instrument Details 44 Notional currency Currency in which the notional is denominated

In the case of an interest rate or currency derivative contract, this will be the notional currency of leg 1 or the currency 1 of the pair. In the case of swaptions where the underlying swap is single currency, this will be the notional currency of the underlying swap. For swaptions where the underlying is multi-currency, this will be the notional currency of leg 1 of the swap.

{CURRENCYCODE_3} Counterparty
Front office systems
Instrument Details 45 Notional currency 2 In the case of multi-currency or cross currency swaps the currency in which leg 2 of the contract is denominated.

For swaptions where the underlying swap is multi-currency, the currency in which leg 2 of the swap is denominated. 		{CURRENCY_CODE3} Counterparty
Front office systems
Instrument Details 46 Price Multiplier Number of units of the underlying instrument represented by a single derivative contract.

Monetary value covered by a single swap contract where the quantity field indicates the number of swap contracts in the transaction. For a future or option on an index, teh amount per index point.

For spreadbets the movement in the price of the underlying instrument on which the spreadbet is based.

The information reported in this field shall be consistent with the values provided in fields 30 and 33.		 {DECIMAL_18/17} Counterparty
Front office systems
Instrument Details 47 Underlying instrument code ISIN code of the underlying instrument.

For ADRs, GDRs, and similar instruments, the ISIN code of the financial instrument on which those instruments are based.

For convertible bonds, the ISIN code of the instrument in which the bond can be converted.

For derivatives or other instruments which have an underlying, the underlying instrument ISIN code, when the underlying is admitted to trading, or traded on a trading venue. When the underlying is a stock dividend, then ISIN code of the related share entitling the underlying dividend.		 {ISIN} Counterparty
Front office systems
Instrument Details 48 Underlying index name When the underlying is an index, the name of the index. {INDEX}

{ALPHANUM-25}		 Counterparty
Front office systems
Instrument Details 49 Term of the underlying index In case the underlying is an index, the term of the index {INTEGER-3} = "DAYS" Counterparty
Front office systems
Instrument Details 50 Option type Indication as to whether the derivative contract is a call or a put or whether it cannot be determined whether it is a call or a put at the time of execution.

In case of swaptions, it shall be:

-"PUTO", in case of receiver swaption, in which the buyer has the right to enter into a swap as a fixed-rate receiver.

-"CALL", in case of payer swaptions, in which the buyer has the right to enter into a swap as a fixed-rate payer.

In case of Caps and Floors it shall be:
- "PUTO", in case of a floor
- "CALL", in case of a Cap

Fields only applies to derivatives that are options or warrants. 		'PUTO' - Put
'CALL' - Call
'Other' - where it cannot be determined		 Counterparty
Front office systems
Instrument Details 51 Strike Price Pre determined price at which the holder will have to buy or sell the underlying instrument, or an indication that the price cannot be determined at the time of execution.

Field only applies to an option or warrant where strike price can be determined at the time of execution.

Where price is currently not available but pending, the value shall be "PNDG"

Where strike price is not applicable the field shall not be populated.		 {DECIMAL-18/13} Counterparty
Front office systems
Instrument Details 52 Strike price currency Currency of the strike price {CURRENCYCODE_3} Counterparty
Front office systems
Instrument Details 53 Option exercise style Indication as to whether the option may be exercised only at a fixed date (European and Asian style), a series of pre-specified dates (Bermudan) or at any time during the life of the contract (American style).

This field is only applicable for options, warrants and other entitlement certificates.		 "EURO" - European<
"AMER" - American
"ASIA" - Asian
"BERM" - Bermudan
"OTHR" - Any other type		 Counterparty
Front office systems
Instrument Details 54 Maturity date Date of maturity of the financial instrument.
Field only applies to debt instrument with defined maturity.		 {DATEFORMAT} Counterparty
Front office systems
Instrument Details 55 Expiry date Expiry date of the financial instrument.
Field only applies to derivatives with a defined expiry date.		 {DATEFORMAT} Counterparty
Front office systems
Instrument Details 56 Delivery type Indication as to whether the transaction is settled physically or in cash.

Where delivery type cannot be determined at the time of execution, the value shall be "OPTI".		 "PHYS" - Physically settled
"CASH" - Cash settled
"OPTL" - Optional for counterparty or when determined for a third party		 Counterparty
Front office systems
Trader, Algorithms, Waivers and Indicators 57 Investment decision within firm Code used to identify the person or algorithm within the investment firm who is responsible for the investment decision.

For natural persons, the identifier specified in Article 6 shall be used.

If the investment decision was made by an algorithm, the field shall be populated as set out in Article 8.

Field only applies for investment decision within the firm.

Where the transaction is for a transmitted order that has met the conditions for transmission set out in Article 4, this field shall be populated by the receiving firm within the receiving firm's report using the information received from the transmistting firm. 		{NATIONAL_ID} HR database
Algorithm code
Trader, Algorithms, Waivers and Indicators 58 Country of the branch supervising the person responsible for the investment decision Code used to identify the country of the branch of the investment firm for the person responsible for the investment decision, as set out in Article 14(3) (b).

Where the person responsible for the investment decision was not supervised by a branch, this field shall be populated with the country code of the home Member State of the investment firm or the country code of the country where the firm has established its head office or registered office (in the case of third country firms).

Where the transaction is for a transmitted order that has met the conditions for transmission set out in Article 4, this field shall be populated by the receiving firm within the receiving firm's report using the information received from the transmitting firm.

This field is not applicable when the investment decision was made by an algorithm. 		{COUNTRYCODE_2} Country code
Trader, Algorithms, Waivers and Indicators 59 Execution within firm Code used to identify the person or algorithm within the investment firm who is responsible for the execution.

For natural persons, the identifier specified in Article 6 shall be used. If the execution was made by an algorithm, the field shall be populated as set out in Article 9. 		{NATIONAL_ID}
{ALPHANUM-50}		 HR database
Algorithm code
Trader, Algorithms, Waivers and Indicators 60 Country of the branch supervising the person resposible for the execution Code used to identify the country of the branch of the investment firm for the person responsible for the execution of the transaction, as set out in Article 14(3C).

Where the person responsible was not supervised by a branch, this field shall be populated with the country code of the home Member State of the investment firm, or the country code of the country where the firm has established its head office or registered office (in the case of third country firms)

This field is not applicable when the exeuction was made by an algorithm.		 Country code
Trader, Algorithms, Waivers and Indicators 61 Waiver indicator Indication as to whether the transaction was executed under a pre-trade waiver in accordance with Articles 4 and 9 of Regulation (EU) No 600/2014.

For equity instruments:
"RFPT" - Reference price transaction
"NLIQ" - Negotiated transactions in liquid financial instruments
"OILQ" - Negotiated transactions in illiquid financial instruments
"PRIC" - Negotiated transactions subject to conditions other than the current market price of that equity financial instrument

For non-equity instruments
"SIZE" - Above specific size transaction
"ILQD" - Illiquid instrument transaction

This field shall only be populated for the market side of a transaction executed under a waiver on a trading venue. 		Populate one or more of the following flags:
"RFPT" - Reference price
"NLIQ" - Negotiated (liquid)
"OILQ" - Negotiated (Illiquid)
"PRIC" - Negotiated (conditions)
"SIZE" - Above specified size
"ILQD" - Illiquid instruments 		Flag
Trader, Algorithms, Waivers and Indicators 62 Short selling indicator A short sale concluded by an investment firm on its own behalf or a client, as described in Article 11.

When an investment firm executes a transaction on behalf of a client who is selling and the investment firm, acting on a best efforts basis, cannot determine whether it is a short sale transaction, this field shall be populated with "UNDI"

Where the transaction is for a transmitted order that has met the conditions for transmission set out in Article 4 of this Regulation, this field shall be populated by the receiving firm in the receiving firm's reports using the information received from the transmitting firm.

This field is only applicable when, the instrument is covered by Regulation (EU) No 236/2012, and the seller is the investment firm or a client of the investment firm. 		"SESH" - Short sale with no exemption
"SSEX" - Short sale with exemption
"SELL" - No short sale
"UNDI" - Information not available
Trader, Algorithms, Waivers and Indicators 63 OTC post-trade indicator Indicator as to the type of transaction in accordance with Articles 20(3) (a) and 21 (5) (a) of Regulation (EU) No 600/2014.

For all instruments:
"BENC" - Benchmark transactions
"ACTX" - Agency cross transactions
"LRGS" - Post trade large in scale transaction
"ILQD" - Illiquid instruments transactions
"SIZE" - Above specific size transaction
"CANC" - Cancellations
"AMND" - Amendments

For equity instruments:
"SDIV" - Special dividend transactions
"RPRI" - Transactions which have received price improvements
"DUPL" - Duplicate trade reports
"TNCP" - Transactions not contributing to the price discovery process for the purposes of Article 23 of Regulation (EU) No 600/2014.

For non-equity instruments:
"TPAC" - Package transaction
"XFPH" - Exchange for physical transaction 		Flag
Trader, Algorithms, Waivers and Indicators 64 Commodity derivative indicator Indication as to whether the transaction reduces risk in an objectively measurable way in accordance with Article 57 of Directive 2014/65/EU.

Where the transaction is for a transmitted order that has met the condition for transmission set out in Article 4, this field shall be populated by the receiving firm in the receiving firm's reports using the information receiving from the transmitting firm. This field is only applicable for commodity derivative transactions.		 "true" - yes
"false" - no		 Flag
Trader, Algorithms, Waivers and Indicators 65 Securities financing transactions indicator "true" shall be populated where the transaction falls within the scope of activity but is exempted for reporting under Regulation (EU) 2015/2365.

"false" otherwise		 True - yes

False - no		 Flag



Updation History
First updated on 01.12.2018