What impact did MiFID have on the FSAs Transaction Reporting System (TRS)?
TRS is required to comply with the transaction reporting provisions of the European Markets in Financial Instruments Directive (MiFID) which came into effect on November 5, 2007 (Chapter 17 of the FSA Handbook Supervision Manual). In particular, MiFID required TRS to apply to become an Approved Reporting Mechanism (ARM). Pursuant to MiFID, transactions can be reported to the FSA by a regulated market or multi-lateral trading facilities (MTF) through whose systems the transactions were completed, or through an ARM. On October 3, 2007, TRS was granted approval as an ARM in the United Kingdom after complying with the FSA’s technical specification (for further information on ARMs please see the ARMs section of our website). Changes were made to TRS in line with the FSA’s technical specification and supporting documents. These allow firms to report to us in line with SUP17, please see FSA Policy Statement 07/2).
