MiFID II Record Keeping

Learn more about our MiFID II record keeping solutions. All our solutions come with free proof of concept. For more information, click the button below.

Extensive Coverage

Orders, transactions, communications and documentation can all recorded and retrieved at a moment’s notice.

Long-Term Data Storage

Store all your records for the 5-7 year period required by ESMA and various European National Competent Authorities (NCAs).

WORM File Storage

eflow stores all records in MiFID-compliant Write Once Read Many (WORM) format to keep your data secure.

Preset and Bespoke Reports

TZ offers a wide range of best execution reports, including RTS 27 and RTS 28 functionality. 

Large Volume Data Handling

TZ can ingest and process extremely large volumes of data – millions of trades can be processed every day.

Immediate Access to Data

Compile reports at the click of a button to comply with the industry-standard 72-hour time-limit on data-retrieval.

MiFID II Record Keeping for modern markets

While MiFID I offered some flexibility on record keeping, MiFID II is far more stringent. MiFID II’s record keeping requirements state that all communications that relate to the “reception, transmission and execution of client orders” need to be recorded.

MiFID II states that it is mandatory for firms to record all telephone calls and electronic communications that might result in a transaction. This must be done regardless of whether or not the transaction is actually completed.

These rules – laid out both in MiFID II and the accompanying MiFIR – are designed to increase market transparency and protect against insider trading and market abuse.

mifid ii record keeping requirements

The record keeping requirements laid out in MiFID II insist that great care is taken to keep close records of all relevant communications. Firms are required to take the following actions as of January 2018:

 

Minutes or notes should be used to record face-to-face conversations. ESMA states that firms will need to keep records on the date and location of meetings, the identites of the people in attendance, and all relevant information on the proposed transaction. MiFID II deems these conversations to be equivalent to orders received by telephone.

All communications regarding transactions will need to be stored for a minimum of 5 years – a substantial increase from the current period of 6 months. They must be held on record for up to 7 years If requested by an NCA (National Competent Authority). Records should be made available to clients on request.

The records must be easily retrievable and fully monitored. There is an industry-standard time frame of 72 hours – it must be possible to retreive all records within this time frame. 

A crucial part of the MiFID II record keeping requirements is that the records cannot be manipulated or altered. Since the data relating to trade and communications is so sensitive, it must be stored in WORM (write once, read many) format, which is considered to be fully tamper-proof.

MiFID III – How Regulatory Bodies Can Improve On MiFID II

REGULATORY MiFID III - How Regulatory Bodies Can Improve On MiFID II It has now been two years since MiFID II was first implemented, and its impact on investors and the markets more generally is gradually becoming clearer.  With this clarity comes a greater understanding of how some of the more...

Fifth Of UK Fund Managers Admit To Inaccurate Reporting

Fifth Of UK Fund Managers Make Reporting Errors to FCA According to data obtained under an FOI request by Duff & Phelps, approximately one-fifth of all UK fund managers are guilty of making errors in their transaction reporting to the Financial Conduct Authority (FCA).  These errors have been...

ESMA Updates Q&A On Investor Protection

ESMA Updates Q&As on MiFID II and MiFIR Investor Protection & Intermediaries ESMA has updated its questions and answers on the implementation of investor protection topics under the Markets in Financial Instruments Directive and Regulation. On December 4th, the European Securities and...

LME Requests Six-Month Delay to Telephone Trading Compliance

LME Requests Six-Month Delay to Telephone Trading Compliance The London Metal Exchange (LME) has stated that it will take an extra six months to ensure that trades made via telephone are compliant with new transparency requirements implemented as part of MiFID II.  The European Securities and...

MiFID II Unbundling Relief Period Extended to 2023 by SEC

MiFID II Unbundling Relief Period Extended to 2023 by SEC The US Securities and Exchange Commission has granted a three-year extension to the MiFID II relief period for American firms. The SEC will allow US brokers to continue bundling execution and research payments for another three years. In...

Our MiFID II Record Keeping Solution

eflow will allow your firm to stay on top of all of MiFID II’s stringent record keeping regulations.

ESMA states that firms must keep records on the following:

  • Orders.
  • Both scheduled and completed trades.
  • All communications. These include phone calls, faxes, messages, emails and physical mail.
  • Documentation. This includes research, minutes of meetings, sales and marketing communications.

eflow will simplify all these forms of record keeping, allowing your firm to rest assured that they are compliant with MiFID II’s record keeping legislation.

eflow ensures that all data storage fully conforms to the standards of WORM (Write Once Read Many). This means that sensitive information will be kept fully secure for your staff members and clients.

Search and retrieval is flexible and instant, and it’s easy to extract information, so you can keep to the strict regulatory time frames set out in MiFID II. All data is written to disk, and storage is digital and completely immutable.

Get In Touch