We are putting in place further temporary measures for the reporting of certain fields in UK MiFIR transaction reports.
In January 2022, we implemented temporary measures for the reporting of the short selling indicator under UK RTS 22. We confirmed that, until the future of the short selling indicator field had been determined, we would not take action against firms which did not meet requirements for this field.
We are now putting in place additional temporary measures for the reporting of certain other fields in transaction reports. These are:
- Waiver indicator (field 61)
- OTC post-trade indicator (field 63)
- Commodity derivative indicator (field 64)
- Securities financing transaction indicator (field 65)
Until our reviews of these fields are determined, we will not take action against firms which fail to populate these fields in accordance with requirements. We do not expect firms to notify us about issues affecting these fields using errors and omissions notification forms.
We will be disabling transaction reporting validation rules CON-610 and CON-640 from September 2023 to ensure that transaction reports are not rejected as a result of a failure to populate these fields accurately.
We will also be updating the UK MiFIR transaction reporting schema to enable reporting of all alphanumeric values in the waiver indicator and OTC post-trade indicator fields. This change will allow firms to report the new trade reporting flags introduced in PS23/4[1] in their UK MiFIR transaction reports. Following the temporary measures outlined above, we will not take action against firms that choose not to do so.
Our plan for introducing the new schema will be communicated to MDP submitting entities in due course, prior to the implementation date for the new rules introduced in PS23/4.