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ESMA issues guidance on MiFID II transaction reporting, order record keeping and clock synchronisation

ESMA have issued a detailed guidance document on the transaction reporting, order record keeping and clock synchronisation rules, which can be found here.An accompanying final report can be found here.

The guidelines elaborate on the different Regulatory Technical Standards already published, numbers 22(annex), 24 (annex) and 25 (annex). In the case of transaction reporting, the guidelines review general principles and  scenarios and then examines the blocks of fields in detail. The order record keeping guidance is shorter and also examines principles and field details. Clock synchronisation includes reportable events and time-stamp granularity.

The rules apply to investment firms and venues, which includes energy and commodity market participants that set up regulated entities as a result of the ancillary activity test, or by undertaking other regulated activity.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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