After the successful introduction of automated MiFIR transaction reporting in the Nordics, FA Solutions is expanding its functionality towards the Luxembourg financial regulatory authority (The Commission de Surveillance du Secteur Financier, CSSF) in order to ease the adaptation of MiFIR requirements.
Many financial service companies in EU are on their toes with MiFID II and MiFIR, which took effect on the 3rd of January 2018. One of the most crucial requirements for this year consists of fulfilling the new MiFIR Transaction Reporting – an obstacle on the way to an efficient transaction handling process.
MiFIR Transaction Reporting (referred as TAF reporting in Luxembourg) replaced the previous transaction reporting and significantly added the number of details required of financial instruments and conditions of transactions. The previous version consisted of 23 data fields, whereas the new one expanded the number of data fields to 65 – keeping only 13 of the basic details untouched.
Being located in the EU, Luxembourg also falls under the new regulation and sets the requirement for MiFIR TAF reporting. Therefore FA Solutions is now introducing the automated MiFIR TAF reporting in the Luxembourg region, meaning that TAF reports can be sent and statuses can be received automatically between the FA platform and the receiving authority.
FA Solutions eases your transaction reporting workload with a seamless add-on process. With our transaction reporting tool you can easily collect all the relevant reference data fields needed and consolidate them into the required ISO 20022 XML format. This process can be scheduled and automated to make it an “invisible” background process that you don’t need to worry about. This way we can take steps towards more transparent markets and trading without experiencing it as a burden.