The revision of the Markets in Financial Instruments Directive represents a fundamental change for financial markets across many areas, requiring major re-engineering of some business models and an opportunity for transformational change.

The revision of the Markets in Financial Instruments Directive represents a fundamental change for financial markets across many areas, requiring major re-engineering of some business models and an opportunity for transformational change.

No business or operating model — especially in the OTC space — is likely to remain untouched. Now that cleared swaps have gained traction due to previous regulation in Europe and the US, MiFID II and MiFIR will not only revolutionise the way OTC products are priced, traded and reported, but will also bring further changes to the exchange-traded derivative and equity markets.

While there are still a number of important aspects to be finalised, the broad scope of the reporting requirements for MiFID II and MiFIR have already been outlined by ESMA. Firms can therefore start to get controls in place now, in order to avoid a costly ‘last minute scramble’ to remain compliant.

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In this practical guide, we take a detailed look at the transaction reporting requirements for MiFID II and MiFIR as they stand today, highlighting some of the potential problem areas and assessing the options firms have for data control.

Download the guide