Exchange Traded Market Analysis
All firms registered in an EU country who trade products which are listed on a European trading venue are in scope for the reporting requirements for MiFIR. If these products are derivatives based upon an interest rate (IR), foreign exchange (FX), equity (EQ), credit (CR) or commodity (CO) they are also reportable for EMIR.
Based upon European FESE member exchanges number of executions per day in Jan – Oct of 2018, this would mean a total of 21.5 million transaction reports daily for MiFIR of which, 14.36 million would also be reported for EMIR.
EMSA state “The overall share of exchange-traded transactions remains low, at 14% of the total number of derivatives.” (ESMA, 2018). We can therefore estimate there are 100 million reportable derivative transactions daily for EMIR (not including position reports).
For MIFIR, the FCA estimate they receive 34 million transaction reports daily (FCA, Dec 16)