The FCA have recently released a discussion paper about
Improving the UK transaction reporting regime. In its
monitoring of the UK transaction reporting regime (i.e. UK MiFIR
and MiFID), the FCA has identified some areas requiring improvement
in the regulatory framework. In particular, areas to focus on are
around the data quality being reported and how to minimise the
regulatory reporting burden on firms.
The FCA is considering ways to harmonise transaction reporting
and support market integrity. Feedback to the DP closes on 14
February 2025.
Summary of FCA findings
The UK transaction reporting regime appears to be working well,
particularly given the scale of changes made to
UK EMIR in September 2024. The FCA have identified improvements
that can still be made in their supervision, technological
developments and engagement with participants. In identifying areas
requiring improvement, the FCA have analysed data from 1 January
2021 to 30 September 2024 (Post-B
