Price and Quantity Notation

Silent Errors in MiFID Reports

26 July 2023

In MarketWatch 74, released by the FCA in July 2023, the regulators encourage firms to adopt market conventions when specifying Price and Quantity notations within their MiFID transaction reports.

Industry Best Practices

Consistency in reporting Price and Quantity enables the regulators to conduct regulatory supervision more efficiently. In MiFID reporting, a Price specified as a Monetary value is vastly different from a Price specified as a Percentage value. This is precisely why regulators are encouraging market participants to adopt industry Best Practices when specifying Price and Quantity.

In MarketWatch 74, the FCA noted:

"In cases other than where a specific price or quantity type is required for the instrument traded (for example, credit default swaps (CDS) - price in basis points; equity - quantity in units), firms may determine the most appropriate notations to report. We urge firms to follow market convention when determining which notation to use. Where possible, firms should ensure that the notations selected are consistent with those reported by their counterparties. We have identified cases of the same transaction being reported using different price or quantity notations by firms facing one another. For example, one side using a monetary price and the other using a basis point price."

Qomply's solutions incorporate the Best Practices from across trade bodies and associations. This means that Price and Quantity notations are flagged if the notation deviates from market convention or Best Practices for that particular asset or product type.

Read the full FCA MarketWatch 74 here.

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