Trade and Transaction Reporting in the EU


Understanding the Regulatory Mandates from a Practitioner’s Perspective

A new GreySpark Partners report, Trade and Transaction Reporting in the EU, details the status of trade reporting in European Markets Infrastructure Regulation (EMIR) and transaction reporting in the Markets in Financial Instruments Directive (MiFID) II. The report provides a comparison of the two regulations, highlighting where there is scope overlap and where financial institutions are able to leverage compliance work on EMIR to become compliant with MiFID II and MiFIR.

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The stated, long-term aim of the European Commission is to develop a harmonised, holistic regulatory framework for financial markets that covers all EU member states.This framework includes a raft of synergic regulatory regimes, which are at various stages of development, that will function collaboratively to foster an environment that is less prone to systemic risk and market abuse. This includes areas of overlap between different regulations that are still being ironed out through well-prescribed EC governance processes.

As this process is worked through, an understanding of the differentiation of regulatory obligations by market participants is needed such that they can ascertain which regulatory compliance initiatives can be leveraged to develop regulatory compliance requirements mandated by others.

One such overlap is the trade reporting obligation mandated by EMIR and the transaction reporting obligation required by MiFID II and by MiFIR, and this overlap can be leveraged by firms obligated to undertake both. To do so, the very substantial differences, as well as similarities, between the two regulations must be thoroughly understood.

Published on: 21 Sep, 2015

Trade and Transaction Reporting in the EU – Table of Contents

  • 1.0 Regulatory Context
  • 2.0 Overview of EMIR
    • 2.1 Governance
    • 2.2 Changes Mandated in EMIR
    • 2.3 Technical Standards
  • 3.0 Overview of MiFID II and MiFIR
    • 3.1 Governance
    • 3.2 Changes Mandated in MiFID II and MiFIR
    • 3.3 Technical Standards
  • 4.0 EMIR Trade and MiFID Transaction Reporting Obligations
    • 4.1 Delegated Reporting under EMIR and MiFID II
    • 4.2 Scope of Asset Classes and Financial Instruments
    • 4.3 Content of Trade and Transaction Reports
  • 5.0 Roadmap and Future Outlook
    • 5.1 Future Outlook
  • 6.0 Appendices
    • 6.1 Glossary of Terms
    • 6.2 Financial instruments reportable under EMIR, MiFID I and MiFID II
    • 6.3 Table of Figures
    • 6.4 Methodology