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.
|
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