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DataTracks’ cloud solution for MiFID II transaction reporting is fully complied with the new XML schema version 1.1.0

Posted By Sriram Srinivasan
Category : ESMA; MiFID II;

Markets in Financial Instruments Directive II, or MiFID II, is an expansive set of regulations governing EU investment firms that went into effect on 3 January 2018.

MiFID II, is designed to offer greater protection for investors and inject more transparency into all asset classes by considerably expanding the scope of reporting requirements, imposing new obligations on investment firms, particularly in the areas of trade and transaction reporting, best execution and commission management. Obliging firms are required to report on nearly all instruments traded on regulated markets, Multilateral Trading Facilities (MTFs), Organised Trading Facilities (OTF) and financial instruments whose underlying component is admitted to trading on such venues.

As a first change to the MiFID II implementation since 2018, European Securities and Markets Authority (ESMA) has mandated that all the applicable entities use the new XML schema 1.1.0 for Transaction reporting with effect from 23 Sep 2019, as this will be the only format supported. Hence any transaction from 23 Sep 2019 will have to be under the new schema 1.1.0 and it is worthwhile to note that any transaction submitted through the old schema version 1.0.3 will be rejected by ESMA.

Since the reporting deadline is T+1, it is imperative that filers are ready with a solution by 23rd Sep 2019 to submit transactions in new schema and avoid submission rejections. DataTracks has implemented the schema version upgrade from 1.0.3 to 1.1.0 well in advance and was able to validate the sample files successfully during the testing period opened by each EU national regulator. As an industry leader, DataTracks was able to proactively implement the schema version upgrade seamlessly and this success is largely attributable to its modular software development approach. Since the application is cloud based, migration from the older schema to the new one was smooth and hassle-free without a need for clients to manually update a patch. Further features like multiple ways of data upload, ability for multiple users uploading data from different locations, in-build ESMA validation, connectivity with regulators’ portal and comprehensive audit trail continues to provide a seamless experience for the users.

As a result, DataTracks now offers its customers the cloud solution for MiFID II transaction reporting, fully complied with the new XML schema version 1.1.0.

DataTracks, Singapore is a global leader in disclosure management software. DataTracks serves more than 16,600 business enterprises in 24 countries. DataTracks software and services have been used to prepare more than 166,000 compliance reports so far for filing with regulators such as SEC in United States, ESMA, EBA and EIOPA in European Union, HMRC in United Kingdom, ACRA in Singapore, SSM in Malaysia, CIPC in South Africa and MCA in India

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DataTracks prepares more than 14,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, Eurofiling compliance reports in Europe, ACRA in Singapore and MCA in India. Honed by our experience of preparing more than 180,000 compliance reports, our solutions and services are designed to assure quality, reliability and ease of use.


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