Improve your MIFID reporting by easily retrieving reportable ISINs for your transactions through Qomply's ISIN Quest.
Regulators are now actively contacting firms regarding their use of Instrument Classification Codes (CFI Codes), and descriptive fields, instead of using the reportable Instrument Identification Numbers (ISINs).
The Problem
In MiFID reporting, the regulators expect firms to take all reasonable steps to report ISINs for instruments as opposed to using descriptive fields such as Instrument Full Name and Instrument Classification Code (CFI Code). Recent regulator activity suggests there is ongoing interest in this particular MiFID reporting issue. This has led to firms having to remediate millions of transactions - retrospectively assigning a reportable ISIN in place of the instrument description.
Many firms have encountered challenges in accurately identifying specific ISINs for instruments due to the difficulty in accessing data. This is particularly common for firms dealing in OTC securities, where ISINs may not always be readily available.
The Solution
ISIN Quest enables firms to retrieve ISINs for instruments in a click by simply inputting a CFI Code and trade date.
ISIN Quest automates the retrieval of reportable ISINs for your transactions by leveraging data from both ANNA DSB and FIRDS (UK and ESMA).
Users simply upload a list of descriptive fields (CFI Codes) and trading dates. The reportable ISINs for each trading date are returned. The entire solution can also be accessed programmatically for large transaction volumes.
ISIN Quest accepts both CSV and XML formats, providing versatility in data handling. This means, users can input 65-field MiFID reports OR only a few key fields. Results are returned immediately in a standardised format, enriched with additional columns containing comments alongside reportable ISINs for each transaction.
Instantly identify reportable ISINs for transactions using Qomply's ISIN Quest.
Leverages data from both ANNA DSB and FIRDS, utilising trade dates and instrument classification codes to retrieve reportable ISINs.
Users upload a list of descriptive fields and trading dates. The reportable ISIN for each transaction is returned.
Use manually or programmatically for processing large transaction volumes quickly.
Returns files in a standardised format, enriched with additional columns containing comments alongside a reportable ISIN for each transaction.
MiFID, EMIR, ASIC, SFTR, MAS, CFTC
Only solution trusted by regulatory consultants
Most comprehensive arsenal of accuracy checks in the industry
Mitigates risk, reduces reporting costs & ensures operational efficiency
Instantly & efficiently reconciles transactions sent from front-office to regulator vs those received by regulator
Two-way and three-way reconciliation
Over-reporting, under-reporting & timeliness identified in easy-to-use dashboard
Send transaction reports directly to regulator or ARM
Through one platform, users monitor status, resolve exceptions & reduce costly reporting fees
Streamlines reporting process & reduces costs
Instantly determine the reportability of instruments across UK and EU.
Free service searches multiple instruments, regions, and trade dates at once.
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