July 25, 2018

ESMA published Financial Instruments Reference Data System (FIRDS) reference data XML Schema Version 1.1.0, FIRDS transparency XML Schema Version 1.1.0, Double Volume Cap XML Schema Version 1.1.0, and Transaction Reporting Message Schema for Markets in Financial Instruments Regulation (MiFIR) reporting. ESMA plans to go live with all the four versions of XML Schema in February 2019 in the production environment. These XML Schema are published in advance to provide implementation lead time for reporting entities and entities using the data published by ESMA.

FIRDS covers the MiFIR and Market Abuse Regulation (MAR) requirements for reference data collection and publication, collection and processing of additional data to support the MiFIR transparency regime, and suspensions’ coordination.

  • MiFIR/MAR Reference Data—The requirements of Article 27 of MiFIR, Article 4 of MAR, and related technical standards oblige trading venues and systematic internalizers to submit reference data for the relevant financial instruments to national competent authorities that will subsequently transmit it to ESMA. ESMA plans to open testing with FIRDS reference data XML Schema Version 1.1.0 in November 2018 in an environment dedicated to testing, separate from the production environment. Until it goes live, the current FIRDS reference data XML Schema 1.0.0 should continue to be used to report data to ESMA in the production environment.
  • MiFIR Transparency Requirements—MiFIR introduces rules with respect to transparency obligations that require the publication of transparency thresholds applicable to each financial instrument. ESMA plans to open testing with FIRDS transparency XML Schema Version 1.1.0 in November 2018 in an environment dedicated to testing, separate from the production environment. Until it goes live, the current FIRDS transparency XML Schema 1.0.1 should continue to be used to report data to ESMA in the production environment.
  • MiFIR’S Double Volume Cap Mechanism—To ensure that the use of waivers from pre-trade transparency does not unduly harm price formation, MiFIR introduces, in Article 5, a mechanism that caps the amount of trading as measured by the volume, carried out under the systems matching orders based on a trading methodology by which the price is determined in accordance with a reference price, and the negotiated transactions in liquid instruments, carried out under limb (i) of Article 4(1)(b) of MiFIR. ESMA plans to open testing with Double Volume Cap XML Schema Version 1.1.0 in November 2018 in an environment dedicated to testing, separate from the production environment. Until it goes live, the current Double Volume Cap XML Schema 1.0.0 should continue to be used to report data to ESMA in the production environment.
  • Transaction Reporting Exchange Mechanism—It covers the requirements for reporting of transactions to competent authorities under Article 26 of MiFIR and the related technical standards. Until the new Schema version goes live, the current XML Schema 1.0.3 should continue to be used to report data to national competent authorities in the production environment.

 

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Keywords: Europe, EU, Securities, Reporting, XML, MiFIR, FIRDS, DVC Mechanism, Reference Data, Transparency Requirements, Transaction Reporting, Schema, ESMA

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