Reporting and Data

  • Reporting and Data

2.1 Order Record Keeping (All MTS Markets)

Under MiFID II there is a requirement to capture significantly more information from market participants, to enable competent authorities to fulfil their responsibilities to maintain orderly markets.

MTS provides a technical infrastructure to map Short Codes for Trader and Algo ID Fields in order messages to the appropriate Long Code so as to effectively manage the impact of the increased dataflow on bandwidth and latency.

All participants on our EU and UK trading venues are required to provide this information prior to trading to allow MTS to accurately reconcile data and identify orders sent to its trading system.

MTS submits this data, upon request, to the relevant national competent authority.

2.2 Transaction Reporting

Transaction reporting obligations on investment firms have been extended under MiFID II beyond financial instruments listed on a Regulated Market to include financial instruments traded on other typologies of trading venues, such as Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs), as well as any financial instrument which have instruments traded on trading venues as an underlying.

Additionally, trading venues are required to report transactions traded on their platforms by non-MiFID member firms (including Non-EEA regulated firms or EEA asset management firms which are not covered by MiFID). For example, Societa’ di Gestione del Risparmio (SGR) in Italy.

MTS collects the necessary information from non-MiFID participants to report transactions to the relevant national competent authority.

2.3 Reference and Market Data (Cash and BondVision)

Reference Data
MiFID II requires trading venues to provide complete and accurate reference data for all financial instruments “admitted to trading” to the relevant competent authority in electronic, machine readable format. This is then published by ESMA and the FCA on their websites.

Market Data
MTS provides real time, unbundled pre- and post-trade data on a reasonable commercial basis.

MTS trading venues also provide delayed data free of charge 15 minutes after publication.

2.4 Quality of Best Execution (Cash and BondVision)

Trading venues are required to provide reports on execution quality, free of charge and downloadable in a machine readable format, according to the templates defined in RTS 27.

MTS publishes these reports four times per year (for each trading day that the execution venue is open for trading) and no later than three months after the end of each quarter.