BREXIT: TR Accuracy System Changes

February 10, 2021

Control Now are updating their TR Accuracy solution to support firms in meeting their changed obligations following the end of Brexit Transitional Period on the 31st December 2020.

 

These changes are under development and will be completed and released between 26/02/2021 – 12/03/2021. Please be aware that until this change is made, it is possible that some flags will provide inaccurate error comments.

 

If you have any concerns or questions, please contact your account manager or .

 

Please find a summary of changes being worked on here;

 

General

For EU entities, there is no change to the solution.

 

For all UK entities, we have the sourced new reference data and updated validations affected by this data. Please find further details below.

New Reference Data Sources

  • FCA FIRDs
  • FCA trading venues
  • FCA entities

 

Amended MiFIR Validations

72 distinct MiFIR validations are being updated for the following reasons;

  • New FIRDS lookup process (61)
  • New Trading Venue lookup process (48)
  • New FCA entities lookup process (2)

 

Ref Validation Name FIRDS Trading Venue ESMA Entities
M100a Admitted to trading – maturity date does not match FIRDs Y Y
M100b Admitted to trading – maturity date not required Y Y
M101a Admitted to trading – expiry date does not match FIRDs Y Y
M101b Admitted to trading – expiry date not required Y Y
M102a Admitted to trading – delivery type does not match FIRDs Y Y
M102b Admitted to trading – delivery type not required Y Y
M106 Not admitted to trading – underlying not identified in FIRDs Y Y
M108 Underlying index name not populated when CFI is provided Y Y  
M109 Not admitted to trading – Underlying Index Name not populated where underlying is an index Y Y
M110 Not admitted to trading – non-derivative product Y Y
M112 Expiry date not populated for derivative with expiry Y Y
M113 PM Expected to be 1 for depository receipt Y Y
M116 PM Expected to be 1 for CFD Y Y
M119 SB – PM expected to be unit of 10 Y Y
M28 [Validation under review TRD-110] Underlying index name populated for non index Y Y
M83 TRs suggest product admitted to trading, but ISIN not in FIRDs. Y Y
M84 Admitted to trading – ISIN not listed on reported EEA venue on a reported date Y Y
M89a Admitted to trading – CFI does not match FIRDs Y Y
M89b Admitted to trading – CFI not required Y Y
M90a Admitted to trading – notional currency 1 does not match FIRDs Y Y
M90b Admitted to trading – notional currency 1 not required Y Y
M91a Admitted to trading – notional currency 2 does not match FIRDs Y Y
M91b Admitted to trading – notional currency 2 not required Y Y
M92a Admitted to trading – price multiplier does not match FIRDs Y Y
M92b Admitted to trading – price multiplier not required Y Y
M93a [Validation under review TRD-113] Admitted to trading – underlying instrument code does not match FIRDs Y Y
M93b Admitted to trading – underlying instrument code not required Y Y
M94a Admitted to trading – Underlying Index Name does not match FIRDs value Y Y
M94b Admitted to trading – Underlying Index Name not required Y Y
M95a Admitted to trading – Term of Underlying does not match FIRDS value Y Y
M95b Admitted to trading – Term of Underlying not required Y Y
M96a Admitted to trading – Option Type does not match FIRDS value Y Y
M96b Admitted to trading – Option Type not required Y Y
M97a Admitted to trading – strike price does not match FIRDs Y Y
M97b Admitted to trading – strike price not required Y Y
M98a Admitted to trading – strike price currency does not match FIRDs Y Y
M98b Admitted to trading – strike price currency not required Y Y
M99a Admitted to trading – option exercise style does not match FIRDs Y Y
M99b Admitted to trading – option exercise style not required Y Y
M1 LEI of Investment Firm in Seller, but SS indicator not populated Y
M104 [Under Review TRD-224] – Net Amount for Bonds (Clean Price) – Above Threshold Y
M111 Use either ‘NOAP’ if the price is not applicable or ‘PNDG’ if the price is not available but pending. Y
M114 [Validation under review TRD-82] Quantity for bonds should be nominal or monetary value. Y
M120 Upfront payment blank for CDS Y
M121 Net amount not reported for debt instrument Y
M132 Net amount for non-debt product Y
M138 [Validation under review TRD-224] Net Amount for Bonds (Clean Price) – Below Threshold Y
M160 Underlying Index ID – Not an Index Y
M19 Derivative increase or decrease in notional not applicable for non-derivatives Y
M2 SS indicator not required for aggregated TRs Y
M20 Price for options should be monetary value. Y
M22 CDS Price – should be basis points. Y
M231 Quantity for CFDs should be reported in units. Y
M232 Invalid Instrument Identification code for Venue: XOFF Y
M236 [validation under development TMD-45] SS indicator populated for a derivative transaction y
M247 Quantity should be nominal for Swaps Y
M252 Expiry date longer that maturity of underlying product Y
M32 Commodity derivative indicator not applicable for non-commodity derivatives Y    
M33 SS indicator not required for exchange traded products Y
M34 SS indicator not required for executions with CCPs Y
M35 SS indicator required for executions with clients Y
M18 Buyer not identified in reference data Y
M200 [Validation under review TRD-66] On exchange and transmission of order Y
M242 SI and INTC: Client side Y
M243 SI and INTC: Market side Y
M246 Country of the branch membership for SI Y
M25 Seller not identified in reference data Y
M37a TVTIC not populated when exchange traded Y
M37b TVTIC not populated when executed off exchange but brought under exchange rules Y
M49 [Validation under review TRD-84] Venue = SI but neither Buyer or Seller populated. Y
M188 Executing Entity is MiFIR investment firm = False Y
M189 [Validation under review TRD-4] Executing Entity is MiFIR investment firm = True Y

 

Amended EMIR Validations

36 distinct EMIR validations are being updated for the following reasons;

  • New FIRDS lookup process (34)
  • New Trading Venue lookup process (4)

 

Ref Validation Name FIRDS Trading_venues
E113 Venue ID: Traded OTC, ISIN not listed on TV Y Y
E114 Venue ID: Traded OTC, ISIN listed on TV Y Y
E104 Incorrect ISIN provided for underlying index Y
E105 Underlying ISIN is for an index, but Underlying Type = ‘I’ Y
E115 FIRDs Mismatch: product_classification Y
E116 [Validation under review TRD-207] FIRDs Mismatch: Venue of execution Y
E117 FIRDs Mismatch: Underlying ID Type (Single product ISIN) Y
E118 [Validation under review TRD-215] FIRDs Mismatch: Underlying ID Type (Basket) Y
E119 FIRDs Mismatch: Underlying ID Type (Index) Y
E114 Venue ID: Traded OTC, ISIN listed on TV Y
E115 FIRDs Mismatch: product_classification Y
E116 [Validation under review TRD-207] FIRDs Mismatch: Venue of execution Y
E117 FIRDs Mismatch: Underlying ID Type (Single product ISIN) Y
E118 [Validation under review TRD-215] FIRDs Mismatch: Underlying ID Type (Basket) Y
E119 FIRDs Mismatch: Underlying ID Type (Index) Y
E119 FIRDs Mismatch: Underlying ID Type (Index) Y
E120 FIRDs Mismatch: Underlying (single product ISIN) Y
E121 FIRDs Mismatch: Underlying (Index) Y
E122 [Validation under review TRD-212] FIRDs Mismatch: Notional currency 1 Y
E123 [Validation under review TRD-212] FIRDs Mismatch: Notional currency 2 Y
E136 Underlying and Asset Class mismatch: Equity Y
E137 Underlying and Asset Class mismatch: Commodity Y
E138 Underlying and Asset Class mismatch: Credit Y
E139 Underlying and Asset Class mismatch: Currency Y
E140 Underlying and Asset Class mismatch: Interest Rate Y
E141 Product ISIN and Asset Class mismatch: Equity Y
E142 Product ISIN and Asset Class mismatch: Commodity Y
E143 Product ISIN and Asset Class mismatch: Credit Y
E144 Product ISIN and Asset Class mismatch: Currency Y
E145 Product ISIN and Asset Class mismatch: Interest Rate Y
E161 ISIN in Product Identification Code – country code incorrect Y
E162 ISIN in Product Identification Code – check digit incorrect Y
E163 ISIN in Underlying Identification – country code incorrect Y
E164 ISIN in Underlying Identification  – check digit incorrect Y
E19 Aii code type used for an ISIN (Instrument ID) Y
E24 Basket component not in FIRDs. Y
E25 Government Bonds not classified as Interest Rate derivatives. Y
E26 Government Bonds reported with Interest Rate derivatives fields. Y
E27 Aii code type used for an ISIN (Underlying Instrument ID) Y
E112 Venue ID: Traded OTC, no ISIN Y
E92 Venue identified as other counterparty Y