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18th November 2019

FCA holds a round table with CFD & Spread-bet firms

Financial Conduct Authority have held an Industry Chat on Transaction Reporting on 18.11.2019.

During the meeting the FCA have shared a set of observations regarding the most common inaccuracies and errors in reporting and offered guidance on how to report correctly.

The following areas were discussed:

  • reporting Price and Quantity for CFDs and spread-bets

  • reporting CFI codes with focus on immediate underlying

  • reporting client identifiers

The FCA have also reiterated the importance of RTS 22 Articles 15(2) and 15(3) regarding timely notification of discovered errors and omissions as well as requirements for completeness and accuracy of reporting and reconciliation against FCA data samples.

Control Now have reviewed highlighted topics and added required validations to enable clients meet their obligations.

SB and CFD roundtable_ 20191118