TZTR Transaction Reporting solutions for MiFIR
What is The Markets in Financial Instruments Regulation (MiFIR)?
The Markets in Financial Instruments Regulation (MiFIR) is closely linked to the MiFID II directive, which was launched in 2018. In summary, MiFIR outlines the reporting requirements and timescales that financial institutions must adhere to when executing transactions in financial instruments. However, this simplified overview barely scratches the surface of the highly detailed and complex governance that firms must ensure is in place to meet their regulatory obligations.
MiFIR applies to a wide range of asset classes, including Equities, Bonds, Foreign Exchange, Indices and Baskets, Interest Rates and Commodities. Operators of trading venues such as the Regulated Market, Multilateral Trading Facilities and Organised Trading Facilities are responsible for reporting transactions executed on their platform by firms that are not subject to the regulation. This means that transaction reporting obligations are incumbent on all investment firms and trading venue operators.
While some organisations will be exempt from the regulations under specific circumstances, those that do are subject to highly detailed reporting requirements. In the simplest terms, investment firms are required to report details pertaining to the execution of a transaction that falls under the scope of the MiFID II regime. There are 65 individual pieces of data that must be reported for each transaction and this information must be submitted by the end of the next business day after the transaction has been completed.
The volume of data that needs to be reported and the speed with which it must be submitted means that automating your MiFIR reporting is an essential compliance requirement. eflow’s TZTR transaction reporting module has been engineered to help you meet this obligation as quickly, efficiently and robustly as possible.
How TZTR simplifies your MiFIR reporting processes
The TZTR platform automates all MiFIR reporting requirements from a centralised digital hub.
Financial firms can configure their platform to their specific requirements and digitally collect, manage and report on the 65 data fields required under MiFIR’s guidelines. TZTR will then enrich your transaction data with market data, validate it, and then submit the relevant reports to the relevant Approved Reporting Mechanisms (ARMs) and National Competent Authorities (NCAs).
Once the reports have been submitted, you can review feedback in the platform before ingesting the regulator’s response files. These can then be used to make field-by-field edits for resubmission. Offering robust, accurate and efficient reporting across the transaction lifecycle, TZTR is an essential tool for enabling firms to meet the granular and time-sensitive requirements of MiFIR.
A holistic regulatory approach
Quicker and more efficient processes
A flexible, scalable compliance tool
Tailor your platform to fit your strategy
Technology that evolves with you
‘Always on’ audit trails for complete visibility
‘Regulator ready’ reporting at the click of a button
Regulatory technology that evolves with your business
A comprehensive MiFIR solution
A fully integrated transaction reporting solution for MiFIR, all managed from one digital hub
Automated data enrichment for all alerts and asset types from the eflow Market Data Store which curates data from more than 250 sources
Trackable platform use
Gain insights on how your compliance team is interacting with the system and view full internal audit trails
Error handling, automatic submissions and field-by-field editing all included as standard
Back-test trade data to ensure robust, retrospective compliance
Digitally connected to the relevant Approved Reporting Mechanisms and National Competent Authorities for seamless report submission
Robust data validation
Automatically cross-references all records received against the FIRDS register to ensure eligibility
Full access to eflow’s customer success team while we onboard you on to TZTR
Seamless migration from your existing system to ensure zero periods of ‘regulatory downtime’
Trusted by industry leaders
Alex Phillips, Head of Compliance & MLRO
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