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    Transaction Reporting for Non-Investment Firms

    Reporting for exchange members not subject to MiFIR

    Man analyzing financial charts on computer

    Regulatory transaction reporting on behalf of non-investment firm members

    Transaction reporting is a regulatory requirement in MiFIR that is designed to increase post-trade transparency on the financial markets. Nasdaq is required to collect and supply transaction information for all members that are not directly subject to MiFIR themselves. This includes all members who are not investment firms. Transaction information is submitted to the national financial authorities in each country.

    To meet its obligations, Nasdaq collects transaction information using two different methods:

    • Full file solution
    • Short code enrich solution

    Regulatory transaction reporting on behalf of non-investment firm members

    Transaction reporting is a regulatory requirement in MiFIR that is designed to increase post-trade transparency on the financial markets. Nasdaq is required to collect and supply transaction information for all members that are not directly subject to MiFIR themselves. This includes all members who are not investment firms. Transaction information is submitted to the national financial authorities in each country.

    To meet its obligations, Nasdaq collects transaction information using two different methods:

    • Full file solution
    • Short code enrich solution

    Full File Solution


    The full file solution is used with INET/Genium INET for all markets and is an XML file formatted according to ESMA guidelines. The file is submitted by the member to Nasdaq. Nasdaq validates the file and sends it to FSA.

    ESMA Guidelines for Full File Solution

    Short Code Enrich


    The short code enrichment solution is used with Genium INET for the derivatives, commodities and fixed income markets. Short codes are submitted with each order or trade entry to supply additional information needed for the regulatory transaction reporting.

    This solution is suited for members with mainly proprietary trading. If the company has significant post-trade processing, the full file submission solution will be a better fit.

    Transaction Reporting Implementation Guide

    Nasdaq MiFID II TRS


    Investment firms trading on Nasdaq markets as well as non-members have access to support with their MiFID II transaction reporting.

    Depending on the specific need and trading model, Nasdaq provides support with drafting TRS reports. Nasdaq can also transfer a customer-provided file or spreadsheet into a correctly formatted and validated XML report and return it to the customer or approved reporting mechanism (ARM) for further submission to the relevant FSA.

    Similarly, feedback files from the FSA to the customer that are delivered to Nasdaq can be converted from complicated XML status reports to easily accessible and understandable data through the TRACK reporting system. TRACK offers customers the ability to easily correct and resend their reports.

    Regulatory Reporting Service for the Nordic Markets

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    Regulatory Reporting

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