What validations are executed?

MiFIR validations details;

Validation Type Count Validations Comment
Cpty Identifier 45 National IDs – Up to 61 logical tests executed per validation per transaction – see ESMA table
LEI data referenced against LEI L1 with 1.3M records.
Product: FIRDs 43 Validations with ISIN present validated against FIRDs at a product and characteristic level. Over 13M active products and 1.2M terminated products in FIRDs used for validation.
Product Type: CFI 18 A total of 34,878 CFI codes used by CN to validate the accuracy of product specific fields.
General 23 Other validations inferred from ESMA documentation. Up to 75 validations per line – e.g. validation of underling index 

Table 3 – Summary of validations for TR Accuracy: MiFIR

EMIR validations details;

Validation Type Count Validations Comment
Cpty Identifier 12 LEI data referenced against LEI L1 with 1.3M records.
Product Specific 32 Validations based on ISINs and CFIs.

Validations with ISIN present validated against FIRDs at a product and characteristic level. Over 13M active products and 1.2M terminated products in FIRDs used for validation.


A total of 34,878 CFI codes used by CN to validate the accuracy of product specific fields.

Trade Economics 9 9 individual validations which validate for times, prices, quantities etc.

Some reference all other records ingested from reporting firm e.g. check to ensure 24-hour clock used in all times reported across file.
Reporting Methodology 13 11 validations to check for the reporting firm has completed trade compression and position reporting accurately.

Some validations involve looking at the whole data set for completion – e.g. check to ensure position ID uniqueness across a single trade date.
Valuation and Collateral 10 Validations specifically to test the reporting of valuation and collateral.

Some validations involve looking at the whole data set for completion – e.g. checking new positions have a valuation update reported for them within T+1 of execution.

Table 4- Summary of validations for TR Accuracy: EMIR