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ESMA publishes consultation paper on Transaction Reporting, Reference Data, Order Records and Clock Synchronisation

The European Securities and Markets Authority (ESMA) has published today a Consultation Paper (CP) on guidelines regarding the Markets in Financial Instruments Regulation (MiFIR) under which ESMA has to develop the implementing details.

The CP seeks stakeholders feedback on future guidance regarding:

•              Transaction Reporting;

•              Reference Data;

•              Order Record Keeping; 

•              Clock Synchronisation


The CP specifies individual scenarios applicable to a given transaction or order activity. Each of the scenarios is accompanied with the sample of XML ISO 20022 format to be used by firms to represent the values to be reported.

In addition to the transaction reporting and order record keeping scenarios, the CP provides clarifications on the application of the relevant MiFiD II requirements which were requested by market participants during earlier consultations but could not be addressed by the final technical standards due to the level of detail of such requests. ESMA may need to add further clarifications  to this guidance as dialogue with market participants raises new issues

The consultation is open for comment until 23 March 2016. The ESMA statement and the consultation paper can be found here.

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