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Increased Scope of Transaction Reporting

MiFID II will introduce extended reporting obligations on market participants, compared to the existing requirements under MiFID I. MiFID I focused on reporting cash equities transactions to local regulators. With MiFID II the scope will expand to several non-equity asset classes and significantly increases the amount of data that needs to be reported.
. Reporting classes
MIFID II will also have impact on parties that are free from transaction reporting obligations under MIFID I, such as non-investment firms and non-EU firms. Those new parties will have an indirect reporting obligation, where the trading venue will through the updated Rules and Regulations demand their participants to report the transaction details to the venue.

Under MiFID II, market participants will have the option of reporting these transactions themselves, or with the help of an Approved Reporting Mechanism – ARM. Nasdaq will offer an ARM service as part of its comprehensive Regulatory Reporting platform. 

A user friendly solution with competitive pricing, the Nasdaq Regulatory Reporting platform already includes MiFID I reporting, EMIR TR reporting and REMIT reporting. By leveraging Nasdaq’s years of reporting experience and expertise with the ever-changing regulatory landscape, market participants can meet their regulatory MiFID II transaction reporting obligations.

Integration with Nasdaq's Regulatory Reporting Offering

Nasdaq’s ARM service will be fully integrated with the other Regulatory Reporting solutions.

  • No need for multiple accounts
  • Activate only the needed solutions
  • One agreement, multiple available services

Nasdaq's ARM Solution

Benefit from Nasdaq’s experience

Nasdaq’s ARM solution will use TRACK, an existing, proven and reliable web GUI. Testing facilities will be available in 2017. 

This service is offered to all Asset Classes and all market participants. 

Nasdaq has applied for ARM status to the Swedish National Competent Authority; and Nasdaq ARM certificate will allow for reporting to all relevant National Competent Authorities in Europe.

Features of the Service

Data Collection 
  • Collect relevant data from Nasdaq’s Trading venues and clearing house
  • Various connectivity options
  • Supporting different formats of customers sent in records

Data Validation
  • Extensive validation in accordance with the specifications of MiFID II Regulatory Technical Standards (RTS)
  • Creation of correctly formatted reports
  • Validation alerts and feedback to customers

Data Enrichment
  • Offers enrichment of all reports with the relevant and correct information from external sources, including data from the customer and external data providers

Service Levels
  • Offering various service levels in order to satisfy the needs of market participant

  • Reconciliation of records (number of sent/received, accepted/rejected)
  • Reconciliation will reduce the risk of errors, late and duplicate errors

Delegated Reporting
  • Nasdaq clients can report on behalf of their own customers and can control their access rights. In turn, the client´s customers can confidentially complete all required information

Exception Management
  • Exception reports and other feedback from relevant authorities provided back to the client in a easily accessible format

Flexibility of Access Rights
  • Full control of access rights resides with the client´s appointed administrator

Alert System
  • Alert system flagging incomplete and potentially erroneous reports

Multi NCA Compliance
  • Take advantage of Nasdaq´s connection to relevant NCA´s in Europe

Full Audit Trail
  • The solution offers and automated, all-inclusive and detailed audit trail. Complete control of audits for clients and customizable to each client's need

How can Nasdaq help? Choose your option

The ARM service is modular and can be customized to the needs of each client:

For members in need of complete support

  • Nasdaq uses data from customer orders and trade data, enriched with customer provided data, and transmit correctly formatted reports to the appropriate NCA’s.
. MiFID ii

For self-sufficient members needing an interface 

  • Customer uploaded data 
  • Correctly formatted reports 
  • Option to combine with static data pre-registered in TRACK 
  • Easy to make correction

For members needing online connection to FSA’s 

  • Access to multiple NCAs through Nasdaq 
  • Clients avoid the set up and maintenance of multiple connections with regulators
In order to find out more about our MiFID II transaction reporting service, please reach out to your key account manager or contact the Regulatory Reporting team at regulatoryreporting@nasdaq.com.
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