TR ACCURACY PRODUCT RELEASE – 21.01.2022

January 14, 2022

We have the following features due for release on the 21st January 2022 at 1700 UK local time.

KEY POINTS

  • MiFIR – 5 new validations, 34 validation amendments, 1 new MI, 4 MI amendments
    1 new (optional) client reference data file

WHAT DO YOU NEED TO DO?

All MiFIR users, who wish to validate their Decision Makers IDs should update their ‘CRD_DM’ reference data and request CN Support to set it to ‘Local’.

Please see items 2-5 in the table below for more details.

Ref Product Change Affected feature Client Description Issue key
1 Accuracy: MiFIR New Validation M1a – seller = executing entity – special case New validation – a subset of M1 that flags transactions with missing SSI flag, where the seller is one of the executing entity IDs set up for the account, but the transaction has been executed but a different executing entity. TRD-566
2 Accuracy: MiFIR New Validation M87 – Country of branch for execution decision maker – Unexpected value (DM ref data) We are bringing back previously decommissioned validation verifying the correctness of Country of the branch supervising the person responsible for the execution TRD-564
3 Accuracy: MiFIR New Validation M52 – Country of branch for investment decision maker – Unexpected value (DM ref data) We are bringing back previously decommissioned validation verifying the correctness of Country of the branch responsible for the person making the investment decision TRD-563
4 Accuracy: MiFIR New Validation M240 – Execution Decision Maker Not identified in Ref Data We are bringing back previously decommissioned validation verifying whether ID used in ‘Execution within firm’ exists in reference data TRD-562
5 Accuracy: MiFIR New Validation M239 – Investment Decision Maker not identified in Client Ref Data We are bringing back previously decommissioned validation verifying whether ID used in ‘Investment decision within firm’ exists in reference data TRD-560
6 Accuracy: MiFIR Enhancement: Validation M139 – Trading date time (28) possible defaulted value We are applying 1% tolerance on the frequency of timestamp 00:01:00 (under MiFID 1 allowed as default timestamp). Validation will flag only if 00:01:00 is used in more than 1% of reported transactions. TRD-653
7 Accuracy: MiFIR Enhancement: Validation Validations M89a-102b – veryifying correctness of MiFIR fields 42-56 (instrument details fields) We have improved identifications of instruments in the scope of validations – previously instruments listed exclusively with SIs may have not be triggered. TRD-574
8 Accuracy: MiFIR Fix: Validation MT027c – Buyer LEI XXX is not valid (CON-070) We have resolved an issue with retrieving a correct LEI status for the ESMA validation Q2 2022 changes (MT validations). TRD-554
9 Accuracy: MiFIR Fix: Validation M110 – Instrument identification code (41) not admitted to trading – non-derivative product We are amending the validation to check the reportability of underlying for instruments listed only on an SI. TRD-553
10 Accuracy: MiFIR Fix: Validation M106 – Underlying (47/48) not identified – overreporting We are amending the validation to check the reportability of underlying for instruments listed only on an SI. TRD-552
11 Accuracy: MiFIR Fix: Validation M232 – Instrument Identification Code (41) is invalid for XOFF We are amending the validation criteria to not flag when the instrument is listed solely on an SI. TRD-573
12 Accuracy: MiFIR New MI MiFIR MI (debug mode) – ‘Report Status’ Count We have created a new MI report available in debug mode. Report is breaking down cancellations and updates to explain any inconsistencies in the Summary Report status count. TRD-572
13 Accuracy: MiFIR Enhancement: MI MiFIR MI – File Summary We have added information about optional ‘Decision Makers’ reference data to the Summary Report. TRD-545
14 Accuracy: MiFIR Fix: MI MiFIR MI – File Summary We are making an improvement to TR Accuracy Summary MI (count of validated records/new/cancellations/updates calculation) TRD-571
15 Accuracy: MiFIR Fix: MI MiFIR MI – Bond Pricing We have resolved issue with Bonds MI not displaying data. TRD-477
16 Accuracy: MiFIR Fix: MI MiFIR MI – Transmission of order We have corrected an issue with displaying summary on the ‘Transmission of order’ MI. TRD-565

Please let us know if you have any questions:

Control Now Ltd, founded in 2017, is a provider of Transaction Reporting Assurance software tools to empower market participants to perform oversight of their Regulatory Reporting Processes. Control Now Ltd provide TR Accuracy (Data Quality Assurance) and TR Completeness (Reconciliations) services. Please get in touch for a Free Health Check