TR ACCURACY PRODUCT RELEASE – 09.04.2021

April 1, 2021

We have a product release due on the 09.04.21 at 1700 UK local time.

KEY POINTS

  • Natural Persons identifiers no longer used in ‘Clients’ reference data (CRD_CL).
  • EMIR – 3 new MI’s, 1 enhancement to existing MI, 2 fixes to existing MI, 4 validation amendments, 1 deleted validation
  • MiFIR – 10 new validations, 12 validation amendments, 5 deleted validations
  • Reference data changes: Blacklist reference data is now available for EMIR validations
  • 1 new generic MI: details on Blacklisted items on all regimes
  • 1 change to Client reference data: new field added to Client Configuration

WHAT DO YOU NEED TO DO?

Update your Client Configuration reference data (CRD_CL_CFG_) by adding an additional column ‘discretionary_investment_manager’ at the end of the file.

This can be completed directly in the grid editor if you are storing your reference data file in the Portal.

New field is relevant to MiFIR reports and should be populated with ‘Y’ or ‘N’ indicating if the reporting counterparty is providing discretionary management service for their clients.

 

Ref Product Change Summary Client Description Issue key
1 Accuracy: Reference data Reference data Add a new field to ‘Client_configuration’ client ref data New field ‘discretionary_investment_manager’ being added to ‘Client Configuration’ reference data file. Field allows to introduce new validations specific to reporting firms only providing discretionary management service for their clients. TRD-262
2 Accuracy: Reference data Reference data ISIN Blacklist Ref data: Allow for all validations Enabling the use of ‘Blacklist’ reference data for EMIR validations. TRD-8
3 Accuracy: EMIR New MI New EMIR MI: Confirmation New EMIR MI summarising requirements for trade confirmation and displaying details of trades where requirement was not met. TRD-133
4 Accuracy: EMIR New MI New EMIR MI: Maturity dates TRA EMIR: new MI displaying whether Maturity Date was populated with a break down for instrument classification. TRD-119
5 Accuracy: EMIR New MI MiFID & EMIR Report output – new csv report ‘BLACKLISTED_DISABLED’ Added new optional report displaying all reports that would be flagged by disabled validations and exceptions to validations managed by client via Blacklist. TRD-103
6 Accuracy: EMIR New MI New EMIR MI: OTC FX Derivatives Buy/Sell A new EMIR MI report to help firms monitor they are reporting correctly where the underlying is a currency.
In the case of cross-currency swaps and swaps and forwards related to currencies, the counterparty receiving the currency which appears first when sorted alphabetically by International Organization for Standardization (ISO 4217) standard shall be identified as the buyer and the counterparty delivering that currency shall be identified as the seller. (ITS, Article 3a(6))
TRD-74
7 Accuracy: EMIR Fix: Validation E107 – exception for unknown underlying bond Amending validation to not flag where underlying is a government bond that’s not present in FIRDS. TRD-291
8 Accuracy: EMIR Fix: Validation E143 – exception for unknown underlying bond Amending validation to not flag where ISIN suggests that underlying is a bond, but there isn’t enough information to determine issuer of the bond (government). TRD-290
9 Accuracy: EMIR Fix: Validation Add exceptions to E90 Fixed issue with validation where false positive results are received for Asset class = IR where traded products are: caps, floors, cross currency swaps or where underlying is a government bond or where underlying is unknown. TRD-289
10 Accuracy: EMIR Fix: Validation E90 double flagging with E141, E142, E143, E144, E145 Amending validation to avoid double flagging when one of the related validation has already been triggered TRD-288
11 Accuracy: EMIR Enhancement: MI NEW EMIR MI: EMIR: Time: Hour Distribution New graph in ‘Trading Time Bunching’ MI: displaying trends in execution, confirmation and clearing times. TRD-71
12 Accuracy: EMIR Fix: MI EMIR MI Update: Reporting Firm breakdown Amending the Summary MI to exclude Collateral reports from the high level counterparty view. TRD-73
13 Accuracy: EMIR Fix: MI EMIR MI UPDATE: Collateral reporting methodology Updating the MI to exclude Action type = K reports from summary. TRD-72
14 Accuracy: EMIR Delete: Validation Delete E111 Deleting validation E111, as existing MI: ‘Trading time bunching’ is already displaying potentially hardcoded timestamps. TRD-292
15 Accuracy: MiFIR New Validation New validation: M222 Investment Decision Within Firm not populated when client selling with discretionary mandate Validation to check grouped orders where investment firm trading for its clients with a discretionary mandate has been reported correctly. TRD-230
16 Accuracy: MiFIR New Validation New validation: M221 Investment Decision Within Firm: Not populated when client buying with discretionary mandate Validation to check grouped orders where investment firm trading for its clients with a discretionary mandate has been reported correctly. TRD-229
17 Accuracy: MiFIR New Validation New Validation: M224 Seller decision maker code (21) populated for a market side cpty New MIFIR validation flagging where seller DM has been identified for a market side of transaction. TRD-228
18 Accuracy: MiFIR New Validation New Validation: M223 Buyer decision maker code (12) populated for a market side cpty New MIFIR validation flagging where seller DM has been identified for a market side of transaction. TRD-227
19 Accuracy: MiFIR New Validation New validation: M220 Investment Decision Within Firm: Populated for INTC to market side Validation to check grouped orders where investment firm trading for its clients with a discretionary mandate has been reported correctly. TRD-226
20 Accuracy: MiFIR New Validation New validation M254 – Call option not matching CFI A new validation which will identify a call option as identified in the instrument description field which doesn’t match the CFI code reported. TRD-199
21 Accuracy: MiFIR New Validation New validation: M236 Short Sell Indicator populated for a derivative TRA MIFID: New validation flagging “Short selling indicator” populated for derivatives TRD-47
22 Accuracy: MiFIR New Validation New validations: MiFID M234/M235 TRA MIFID: 2 new validations checking correctness of “Country of the branch for the buyer/seller” against ISO3166. TRD-44
23 Accuracy: MiFIR New Validation New Validation: M238 Seller decision maker code (21) not populated with Investment Manager ID TRA MIFID: A new validation for reporting firms who provide a discretionary management service for their clients. TRD-38
24 Accuracy: MiFIR New Validation New Validation: Buyer decision maker code (12) not populated with Investment Manager ID (M237) TRA MIFID: A new validation for reporting firms who provide a discretionary management service for their clients. TRD-39
25 Accuracy: MiFIR Fix: Validation M167 – Validation for Agency cross flagged for transfers Amending validation to distinguish transfers from agency cross transactions and avoid flagging false positives. TRD-271
26 Accuracy: MiFIR Fix: Validation Assume that individual = client (11 validations:M85, M86, M194, M196, M167, M18, M25, M38, M41, M44, M45) We have re-defined how validations interpret Natural Persons. From now on, the NPs do not need to be added to Clients reference data (CRD_CL) for validations to assume they are on clients list. This allows to not input any sensitive information in CRD_CL and store it on the Portal, as well as reduces the need for frequent updates of the file for each Accuracy run TRD-265
27 Accuracy: MiFIR Fix: Validation Bug: M3/M5 incorrectly flagging for joint accounts Fixing a bug that causes incorrect flagging for joint account owners TRD-264
28 Accuracy: MiFIR Fix: Validation M32 – correction for “commodity_underlying” CN amending the logic to correctly recognise CFI codes of underlying commodity derivatives. TRD-263
29 Accuracy: MiFIR Fix: Validation M41 – do not flag if related validations are already flagged Added a condition to validation M41 to avoid double flagging by related validations. TRD-236
30 Accuracy: MiFIR Fix: Validation M38 – do not flag if related validations are already flagged Added a condition to validation M38 to avoid double flagging by related validations. TRD-235
31 Accuracy: MiFIR Fix: Validation M83 – to become M83a and M83b Splitting existing validation into 2: to highlight the cases where instrument was admitted to trading on the trading date TRD-234
32 Accuracy: MiFIR Fix: Validation M60, M62, M124 – add clause to avoid double flagging Amending 3 validations to avoid double flagging of the same issue by different validations. TRD-43
33 Accuracy: MiFIR Fix: Validation M163 – add exceptions Adding exceptions so validation does not flag for non-iso country code that is known to be used in ISINs TRD-50
34 Accuracy: MiFIR Fix: Validation Update validation M21 – Price for spreadbets should be monetary value. Update to our validation for the reporting of unit price type for spreadbets. Add a clause for where the underlying is an index. TRD-45
35 Accuracy: MiFIR Fix: Validation correct validation M231 Quantity field validations for CFD Validation updated to improve correct identification of CFD products. TRD-40
36 Accuracy: MiFIR Fix: Validation M28 – validation update Adjusting validation to flag for all instruments not admitted to trading irrespective of venue used. TRD-46
37 Accuracy: MiFIR Delete: Validation M141 No ISIN for non EEA exchange – warning Validation deleted – duplicating M140. TRD-293
38 Accuracy: MiFIR Delete: Validation Delete M242 Validation deleted as entities registered as SIs may be still trading in a non-SI capacity. TRD-279
39 Accuracy: MiFIR Delete: Validation Delete validation M162 TRA MIFID – validations deleted (duplicating other validations). TRD-49
40 Accuracy: MiFIR Delete: Validation Delete M215 – SB/CFD: Underlying Currency doesn’t match LSE Listed Currency We have deleted M215. It used to look at underlying products and check against our database of LSE listed products and return the currencies the product is listed in.

A lot of LSE products are dual listed, so they are listed in other currencies, causing this validation to be triggered, when the record was valid.

We have deleted this validation and will reimplement when we have a larger source of world wide listings.

TRD-42
41 Accuracy: MiFIR Delete: Validation Delete Validation: M13 – INTC has been used where “Trading capacity” is populated with ‘DEAL’. Deleted a validation based upon guidance received by email from the FCA prior to MiFIR go live.

CN no longer have access to the email and cannot support the validation from other Q&A’s/commentary – so deleting validation.

TRD-41

Please let us know if you have any questions: .