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FX SWaps Reporting in EMIR

MIFID: ESMA MiFIR Review

Qomply blog MIFID: ESMA MiFIR Review

05 November 2024

TROUBLESHOOTING COMPLIANCE

ESMA has issued its fourth consultation package under the MiFIR Review, with a specific focus on amended RTS 22. This blog post by former FCA regulator, Sophia Fulugunya outlines the key proposals and dates.

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EMIR Refit: Free Data Health Check

EMIR Refit: Free Data Health Check

28 August 2024

TROUBLESHOOTING COMPLIANCE

Get instant results regarding the quality of your EMIR Refit transaction reporting data with Qomply’s free EMIR Refit Data Health Check. Take the pain out of your EMIR Refit reporting with a free data health check using Qomply’s award-winning Quality Assurance solution.

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EMIR Refit: Top Rejections to Date

EMIR Refit | Reporting Tracking Number is not a TVTIC

1 July 2024

TROUBLESHOOTING COMPLIANCE

Qomply shares the top rejections for EMIR Refit in the UK. Unsurprisingly, many of these rejections are associated with lifecycle events. This is due to Trade Repositories (TRs) implementing stricter rules and constraints on lifecycle and event sequences, as required under ESMA guidelines.

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EMIR Refit: Reporting Tracking Number:
Timeliness & Best Practices

EMIR Refit | Reporting Tracking Number is not a TVTIC

17 June 2024

TROUBLESHOOTING COMPLIANCE

Report Tracking Numbers (RTNs) are transaction-level identifiers disseminated to both counterparties—buyer and seller—by a trading venue.

One major concern is the timeliness of the availability and transmission of the RTN to counterparties with reporting obligations.

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EMIR Refit Webinar Replay:
Lessons Learned From EU Go Live

Qomply's MiFID Guide: Reconciliation 101

17 June 2024

TROUBLESHOOTING COMPLIANCE

EMIR Refit went into effect in the EU on April 29, 2024. As the UK prepares for its launch later this year, industry experts Michelle Zak from Qomply, Lavinia Ponniah from The Depository Trust & Clearing Corporation (DTCC), and Alex McDonald from European Venues & Intermediaries Association (EVIA) came together to discuss lessons learned from the EU launch and share best practices.

Watch Here...

MiFID Guide:
Reconciliation 101

Qomply's MiFID Guide: Reconciliation 101

30 Jan 2024

TROUBLESHOOTING COMPLIANCE

Gain insights into regulator expectations for reconciling transaction reports with our latest guide, written by Qomply's Director of Transaction Reporting and former FCA regulator, Sophia Fulugunya. Guide contains essential insights into the requirements, best practices, and options for reconciling transaction reports.

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MiFID Insights: Aggregated Orders and the INTC Convention

MiFID Insights INTC

21 Nov 2023

TROUBLESHOOTING COMPLIANCE

Navigating compliance challenges linked to MiFID II's Aggregated Client Accounts (INTC) remains an ongoing concern for investment firms. Qomply’s latest article decodes the complexities of INTC compliance, emphasizing its importance, ESMA's proposed changes, and how Qomply can help.

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Direct Transaction Reporting to the FCA - Frequently Asked Questions (FAQs)

FAQs Regarding Direct Transaction Reporting to the FCA

15 Nov 2023

TROUBLESHOOTING COMPLIANCE

Since we launched QomplyDirect in January 2023, we have seen tremendous interest from firms wishing to have more control in their regulatory reporting and costs. To this end, we have prepared Frequently Asked Questions to address the most common concerns.

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Navigating Cost-Effective Options for Back-Reporting

Navigating Cost-Effective Options for Back-Reporting

15 Nov 2023

TROUBLESHOOTING COMPLIANCE

Historical data from 2018 to 2020 suggests that over 50 percent of firms inaccurately reported their transactions. Discover Affordable MiFID Remediation Solutions with Qomply: Save up to 80% on costs through Direct Reporting or Exclusive ARM Discounts for Back-Reporting.

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WATCH: MiFID Troubleshooting: What Does a Good Trade Reconciliation Look Like?

What a good transaction reconciliation looks like.

7 Nov 2023

TROUBLESHOOTING COMPLIANCE

Qomply's Director of Transaction Reporting, Sophia Fulugunya discusses transaction reporting reconciliation. Sophia describes what constitutes a good reconciliation, the key components, how often firms should reconcile transactions.

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Pillars of Effective Governance: Traceability and Accountability

Pillars of Effective Governance: Traceability and Accountability

31 Oct 2023

TROUBLESHOOTING COMPLIANCE

Firms commonly ask what “good governance” should look like in terms of transaction reporting structure. In short, there is absolutely no one way of doing this.

Irrespective of the size of the firm, good governance starts at the top and “filters down” through a traceable line of discussion and actions.

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Silent Errors in MiFID Reports: Price and Quantity Notations

Silent Errors in MiFID Reports | Price and Quantity Notations

26 July 2023

TROUBLESHOOTING COMPLIANCE

In the FCA's MarketWatch 74, the regulators encourage firms to adopt market conventions when specifying Price and Quantity notations.

Consistency in reporting Price and Quantity enables the regulators to efficiently conduct regulatory supervision.

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EMIR Refit | Regulatory Divergence: Recognition of Tona Index

EMIR Refit | Recognition of Tona Index

19 July 2023

TROUBLESHOOTING COMPLIANCE

Whilst familiarity of multiple reporting regimes may be of benefit in understanding requirements, there are some distinct differences.

One difference lies in the recognition of the index TONA (TONAR, the Tokyo Overnight Average Rate).

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EMIR Refit Guide: Conventions and Fields That Require a Closer Look

EMIR Refit Guide - Conventions and Fields

7 July 2023

TROUBLESHOOTING COMPLIANCE

Many regulatory reporting teams are cross-functional and may be involved in implementation of various regimes including MiFIR and EMIR.

This guide includes some of the most important differences to be aware of with EMIR Refit.

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EMIR Refit | MIC Codes used for Third Party Venues

EMIR Refit | MIC Codes used for Third Party Venues

20 June 2023

TROUBLESHOOTING COMPLIANCE

There are some distinct differences between seemingly similar fields and the expectations of the required data in MiFIR and EMIR Reporting

It is important to be mindful that transactions executed on third-country equivalent venues should be considered OTC as opposed to ETD.

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EMIR Refit | FX Swaps Are Reported in One Transaction

FX SWaps Reporting in EMIR

15 June 2023

TROUBLESHOOTING COMPLIANCE

There are some distinct differences between seemingly similar fields and the expectations of the required data in MiFIR and EMIR Reporting

For example, unlike MiFIR, in EMIR, FX Swaps should appear in one transaction report therefore removing the need to separate into two.

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MiFID | Instantly Convert Regulator’s MDP XML files into CSV files

MDP XML files into CSV files<

13 June 2023

TROUBLESHOOTING COMPLIANCE

Qomply has developed a powerful stand-alone tool that simplifies the conversion process of the financial regulator MDP XML files into user-friendly CSV files.

This new tool removes the complexity of working with XML files and aids in data saving valuable time when users simply need to see the XML in Excel.

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EMIR Refit | Client Codes Should Not Contain Personal Data

Client Codes in EMIR

6 June 2023

TROUBLESHOOTING COMPLIANCE

Whilst familiarity of multiple reporting regimes may be of benefit in understanding requirements, there are some distinct differences between regimes and the expectations of the required data.

For example, unlike MiFIR, Client Codes in EMIR should not contain any personal data.

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Silent Errors in Your MiFID Transaction Reports: Duplicate Trades

Duplicate Trades

23 May 2023

TROUBLESHOOTING COMPLIANCE

There are things that can go wrong with Front Office systems that may go undetected. One common issue is duplicate trades.

Duplicated trades are easily detected by a repeated Transaction ID but what if your Front Office System or processes are creating a completely new ID for the same trade?

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EMIR Refit: Top 5 Immediate Challenges Faced By Firms

Getting EMIR Right

3 May 2023

TROUBLESHOOTING COMPLIANCE

In an aim to improve data quality, the EMIR Refit transaction reporting regime introduces an increased number of fields, workflows, and reconcilable fields. Qomply outlines the top 5 immediate challenges for regulated firms.

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Five Reasons To Reconcile MiFID Transaction Reports

5 Top Reasons To Reconcile Your Data

17 March 2023

TROUBLESHOOTING COMPLIANCE

The regulators are fully aware of the frequency in which you are conducting reconciliations.

Detecting discrepancies in data between your Front Office system and files sent to regulator ensures a higher-degree of data quality. It also contributes to fortifying the entire reporting chain.

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Silent Errors in Your MiFID Transaction Reports: Mapping of Client Static Data

Client Static Data must be maintained properly

17 Jan 2023

TROUBLESHOOTING COMPLIANCE

Client static data is key in completing the Buyer and Seller fields effectively, as well as other fields in the transaction report. If the client data is not properly mapped to the correct, active, LEI, this may lead to compounded issues in market surveillance within your firm as well as with the regulators.

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MiFID Reporting Guide - The Silent Errors in Your Transaction Reports

Silent Errors in MiFID Reporting

13 Dec 2022

TROUBLESHOOTING COMPLIANCE

This guide lists the "quieter" issues appearing in transaction reports that have been accepted by regulators. Many times, it is not until the regulators contact the firm that they notice their reporting was faulty.

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Silent Errors in Your MiFID Transaction Reports: Trading Time Precision

Accurate capturing of time of trade

29 Nov 2022

TROUBLESHOOTING COMPLIANCE

Transactions reported without the required trading time precision may affect downstream market oversight conducted by the regulators.

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Silent Errors in Your MiFID Transaction Reports: Transaction Reconciliation

Mifid Requirement to reconcile trades

14 Nov 2022

TROUBLESHOOTING COMPLIANCE

Periodic reconciliation of transaction reports is a MiFID Requirement yet there are still firms who are not regularly checking their reports.

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Silent Errors in Your MiFID Transaction Reports: Duplicate Trades

Submitting reports late can go undetected

14 Nov 2022

TROUBLESHOOTING COMPLIANCE

There are instances where Front Office systems or process creates a unique Transaction ID for the same trade. For a number of reasons, these are difficult to detect however they can lead to serious issues in reporting if left unattended.

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Silent Errors in Your MiFID Transaction Reports: Late Submissions

Submitting reports late can go undetected

9 Nov 2022

TROUBLESHOOTING COMPLIANCE

Late submissions of MiFID Transaction Reports to the regulator during Bank Holidays is one of the top, regularly occuring issues that can go undetected by senior management.

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Qomply Conference : Webinar Recording Available

MiFID Transaction Reporting - Industry Pain Points and Common Themes

13 Oct 2022

TROUBLESHOOTING MIFID

Qomply's Michelle Zak speaks to Judy Leung, from Kroll, Uwe Hillnhütter, from Tradeweb, and Alex Chow, from the Investment Association, about Transaction Reporting topics that are still causing issues in the industry.

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Block versus Fill in MiFID Transaction Reporting

MiFID Transaction Reporting - Reporting Block or Fill level allocations in MiFID reporting

9 June 2022

TROUBLESHOOTING MIFID

Guest Contributor, Bovill Regulatory Consultants, discuss regulators' exepectations reporting allocations on a Block or Fill level in MiFID transaction reports - clarifying how to determine the correct level of reporting.  

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Recent Focus of EU Regulators on TVTIC Structure and Validity

MiFID Transaction Reporting - TVTIC is key in data quality as highlighted by regulators

24 May 2022

TROUBLESHOOTING MIFID

The data quality of the Trading Venue Transaction Identification Code (TVTIC) in MiFID transaction reports has been the recent subject of European regulators.  In response, European Investment firms have honed-in on ensuring this field is accurately populated. 

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Dealing with Internal Accounts and Trade Allocations in MiFID Reporting

MiFID Transaction Reporting - Use of INTC clarified

12 May 2022

TROUBLESHOOTING MIFID

Highlighting the keypoints to consider when modelling internal allocations or block trades in MiFID Transaction Reports.

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Accurately Reporting Date and Time of Transactions Related to Corporate Events

MiFID Transaction Reporting - Correctly reporting Date and Time of transactions associated with a Corporate Action

28 April 2022

TROUBLESHOOTING MIFID

When reporting the Trading Date and Time for transactions associated to a Corporate Event, many firms are getting this wrong and simply reporting transaction execution times.

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Avoiding Common Pitfalls by Clarifying Country Fields in MiFID

MiFID Transaction Reporting - Country Fields - Clarified

16 March 2022

TROUBLESHOOTING MIFID

The country fields in MiFID II transaction reports are the cause of much confusion for market participants. This article covers some of the pitfalls and provides guidance in getting these fields right.

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MiFID : Using XXXX and XOFF for OTC Transactions

Determining XXXX and XOFF transactions

8 March 2022

TROUBLESHOOTING MIFID

Struggling with the use of XXXX and XOFF in denoting OTC trades? Not sure about reportability and which indicator to use? Qomply's free tool helps simplify the process.

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MiFID : Common Reporting Issues and How to Resolve Them

BDO and Qomply Conduct Webinar

19 May 2021

WEBINAR

BDO hosts Qomply at Webinar on 16 June 2021

Webinar discusses top 10 reason why transaction rejected by FCA along with Common booking issues. Qomply demonstrates the use of technology to resolve errors in transaction reporting.

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MiFID Rejection Errors: Resolving the CON-412 Rejection Code

CON-412 Troubleshooting

12 May 2021

TROUBLESHOOTING MIFID

According the FCA, nearly 60pct of rejected transactions are due to the instrument not being found in their database. The CON-412 rejection code continues to plague operations and compliance departments.

Learn how to use FREE tools to determine instrument reportability and avoid over reporting.

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Financial Markets Regulation
Post-Brexit Retrospective and Horizon Scanning

Qomply Hosts FCA, KPMG and Bovill in Webinar

23 June 2021

WEBINAR

Stephen Hanks from the FCAStephen Hanks - FCA
Kay Swinburne from KPMGDr. Kay Swinburne - KPMG
Damon Batten from BovillDamon Batten - Bovill

Panelists share insights into the particular challenges faced by financial firms and the overall response and agility of the financial industry.

Moderated by Michelle Zak from Qomply.

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Instantly Determine MiFID Reportability with Qomply's Free Solution

FIRDs Lookup Service for MiFID Reportability

19 January 2021

TROUBLESHOOTING MIFID

To enable firms to conduct quick MiFID reportability checks, Qomply, has released a free service that determines if a financial instrument is MiFID-reportable in the UK, the EU, or both.

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Transaction Reporting Webinar with Bovill Regulatory Experts

Bovill and Qomply Conduct Webinar

6 January 2021

WEBINAR

An informal webinar, hosted by Bovill, where various regulatory topics are discussed. Qomply demonstrates their technology for checking transaction reports for accuracy, completeness, and timeliness.

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Part 1: Important Findings From Recent FCA Market Watches

FCA market watch explained

2 November 2020

TROUBLESHOOTING MIFID

The FCA has released transaction report commentary in three separate publications of their Market Watch Newsletter (59, 62 and 65). This blog clarifies the impact and outlines the remediation of these common transaction report shortcomings.

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Part 2: Important Findings From Recent FCA Market Watches

FCA market watch explained

11 November 2020

TROUBLESHOOTING MIFID

Part 2 of a discussion that takes an in-depth look at transaction reporting issues alongside resolution and remediation. CON-412 Error, Cancellations/Corrections and periodic accuracy checks are discussed.

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MiFID Reconciliation: A Key Component of Compliancy for Your Firm

Qomply Diagnostic

25 June 2020

TROUBLESHOOTING MIFID

Strong likelihood that your firm is not complying with the MiFID II requirement for periodic reconciliation of transaction reports sent to the FCA.

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The Importance of Reconciling and Auditing Transaction Data

Reconciliation of Reports

6 May 2020

TROUBLESHOOTING MIFID

Reconciling and auditing transaction data is an instrumental part of the reguluations with few firms being compliant. Read more about this key component of the regulations.

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