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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.
MiFID Insights: Aggregated Orders and the INTC Convention
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.
Direct Transaction Reporting to the FCA - Frequently Asked Questions (FAQs)
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.
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.
WATCH: MiFID Troubleshooting: What Does a Good Trade Reconciliation Look 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.
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.
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.
EMIR Refit | Regulatory Divergence: 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).
EMIR Refit Guide: Conventions and Fields That Require a Closer Look
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.
EMIR Refit | Reporting Tracking Number is Not a TVTIC
27 June 2023
TROUBLESHOOTING COMPLIANCE
It is important not to draw an association between TVTIC’s function and the function of RTNs in reporting.
ESMA is careful to point out that the Report Tracking Number (RTN) is not a one-to-one link with a TVTIC (Trading Venue Transaction Identification Code).
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.
EMIR Refit | FX Swaps Are Reported in One Transaction
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.
MiFID | Instantly Convert Regulator’s 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.
EMIR Refit | Client Codes Should Not Contain Personal Data
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.
Silent Errors in Your MiFID Transaction Reports: 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?
EMIR Refit: Top 5 Immediate Challenges Faced By Firms
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.
Five Reasons To Reconcile MiFID Transaction Reports
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.
Silent Errors in Your MiFID Transaction Reports: Mapping of Client Static Data
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.
MiFID Reporting Guide - The Silent Errors in Your Transaction Reports
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.
Silent Errors in Your MiFID Transaction Reports: Trading Time Precision
29 Nov 2022
TROUBLESHOOTING COMPLIANCE
Transactions reported without the required trading time precision may affect downstream market oversight conducted by the regulators.
Silent Errors in Your MiFID Transaction Reports: Transaction Reconciliation
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.
Silent Errors in Your MiFID Transaction Reports: Duplicate Trades
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.
Silent Errors in Your MiFID Transaction Reports: Late Submissions
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.
Qomply Conference : Webinar Recording Available
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.
Block versus Fill in MiFID Transaction 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.
Recent Focus of EU Regulators on TVTIC Structure and Validity
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.
Dealing with Internal Accounts and Trade Allocations in MiFID Reporting
12 May 2022
TROUBLESHOOTING MIFID
Highlighting the keypoints to consider when modelling internal allocations or block trades in MiFID Transaction Reports.
Accurately Reporting Date and Time of Transactions Related to Corporate Events
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.
Avoiding Common Pitfalls by Clarifying Country Fields in MiFID
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.
MiFID : Using XXXX and XOFF for OTC 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.
MiFID : Common Reporting Issues and How to Resolve Them
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.
MiFID Rejection Errors: Resolving the CON-412 Rejection Code
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.
Financial Markets Regulation
Post-Brexit Retrospective and Horizon Scanning
23 June 2021
WEBINAR
Stephen Hanks - FCA
Dr. Kay Swinburne - KPMG
Damon 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.
Instantly Determine MiFID Reportability with Qomply's Free Solution
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.
Transaction Reporting Webinar with Bovill Regulatory Experts
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.
Part 1: Important Findings From Recent FCA Market Watches
2 November 2020
Part 2: Important Findings From Recent FCA Market Watches
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.
MiFID Reconciliation: A Key Component of Compliancy for Your Firm
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.
The Importance of Reconciling and Auditing Transaction Data
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.
