General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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.

 

Related Links

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

Related Articles
News

FDIC Consults on Approach to Resolution Planning for IDIs

FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.

April 22, 2019 WebPage Regulatory News
News

EP Resolution on Proposal for Sovereign Bond Backed Securities

The European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).

April 16, 2019 WebPage Regulatory News
News

HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%

HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.

April 16, 2019 WebPage Regulatory News
News

EP Approves Agreement on Package of CRD 5, CRR 2, BRRD 2, and SRMR 2

The European Parliament (EP) approved the final agreement on a package of reforms proposed by EC to strengthen the resilience and resolvability of European banks.

April 16, 2019 WebPage Regulatory News
News

PRA Finalizes Policy on Approach to Managing Climate Change Risks

PRA published the policy statement PS11/19, which contains final supervisory statement (SS3/19) on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (Appendix).

April 15, 2019 WebPage Regulatory News
News

PRA Seeks Input and Issues Specifications for Insurance Stress Tests

PRA announced that it will conduct an insurance stress test for the largest regulated life and general insurers from July to September 2019.

April 15, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for April 2019

EBA published answers to nine questions under the Single Rulebook question and answer (Q&A) updates for this week.

April 12, 2019 WebPage Regulatory News
News

FED Updates Form and Supplemental Instructions for FR Y-9C Reporting

FED updated the form and supplemental instructions for FR Y-9C reporting. FR Y-9C is used to collect data from domestic bank holding companies, savings and loan holding companies, U.S intermediate holding companies, and securities holding companies with total consolidated assets of USD 3 billion or more.

April 11, 2019 WebPage Regulatory News
News

EIOPA Statement on Application of Proportionality in SCR Supervision

EIOPA published a supervisory statement on the application of proportionality principle in the supervision of the Solvency Capital Requirement (SCR) calculated in accordance with the standard formula.

April 11, 2019 WebPage Regulatory News
News

ISDA Publishes Statement on FRTB Implementation in Emerging Markets

ISDA published a statement that outlines challenges in implementation of the new Basel III market risk standard for banks in emerging markets.

April 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2929