MiFIR Special Report
An Inside Reference Data special report on MiFIR finds that identifiers have become the biggest challenge for MiFIR compliance
The scope of financial instruments covered by MIFID II has been extended to cover all asset classes. SIX Financial Information will deliver accurate and high quality reference, listing and market data over their complete life cycle, including corporate actions.
SIX Financial Information is concentrating its activities on the following 3 key areas:
There are amendments required to the various instrument classifications, as described by ESMA in the MiFID II / MiFIR Asset Classification (RTS Annex I).
We will classify the financial instruments according to the directives and by considering ‘local-flavours’. This includes complex/non complex categorization, reporting ability etc.
We are also supporting suitability and appropriateness testing of the financial institution’s advisory process to ensure that the advice meets the investment risk appetite, and the profile of the investor.
Pre- and post-trade transparency regimes are extended under MiFID II for non equity instruments such as bonds, structured finance products, emission allowances and derivatives. We will provide analysis for the various regimes.
Pre-trade transparency requires analysis for:
Post-trade transparency require analysis for:
The number of fields in a transaction report has risen from 24 under MiFID I to 81 under MiFID II. Identifiers in particular are playing an important role within the reporting obligations. We are therefore working on the extension of the following topics:
We’ll be updating this page with more information during the coming months.
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