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Order Record Keeping


Under MiFID II Article 25 and RTS 24, trading venues are required to keep a database of all order records, for all markets that they operate, for a minimum of five (5) years. Download the guide for more information about Nasdaq's solution.

Obligation to Collect and Maintain Certain Data

Under article 25 of MiFIR, operators of trading venues are required to collect and maintain for at least five years the relevant data relating to all orders in financial instruments which are advertised through their systems. Within the five year period, competent authorities may request these records of orders and transactions maintained by investment firms and trading venues.

As part of this requirement, MiFIR requires trading venues to collect the following additional data on orders, as defined in RTS 24:

  • Client Identification Code (LEI, National ID, AGGR, PNAL)
  • Investment decision within firm (National ID or algorithm ID)
  • Execution within firm (National ID or algorithm ID)
  • Registered Trader (User ID)
  • Direct Electronic Access (True or False)
  • Liquidity provision activity (True or False) 


With regards to the mechanisms of record keeping of orders and transactions, Nasdaq took into consideration a number of factors, including regards for the sensitive nature of the data, consequences of the potential impact of additional data on latency and considerations for a solution synchronized with the industry. Nasdaq’s approach can be described in the graphic below:
Nasdaq implemented solutions for its equity (INET) and derivatives markets (Genium INET) where client and personal data is identified through ‘short codes’ at order entry. Prior to order entry or at the latest by the end of the day, members need to supply information mapping each short code to an LEI, National ID or Algorithm ID to allow Nasdaq to complete its order records in the format required by MiFIR. Members are expected to use persistent short codes to represent legal entities and physical persons over time, which means that only the delta mapping of short codes added during the day needs to be uploaded to Nasdaq on a daily basis.

Technical Documents

For more information regarding record keeping, market participants can contact us at

Cash Equity members  

Equity Derivatives, Fixed Income and Commodities members

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