BREXIT: TR Accuracy System Changes
February 10, 2021
Control Now are updating their TR Accuracy solution to support firms in meeting their changed obligations following the end of Brexit Transitional Period on the 31st December 2020.
These changes are under development and will be completed and released between 26/02/2021 – 12/03/2021. Please be aware that until this change is made, it is possible that some flags will provide inaccurate error comments.
If you have any concerns or questions, please contact your account manager or info@control-now.com.
Please find a summary of changes being worked on here;
General
For EU entities, there is no change to the solution.
For all UK entities, we have the sourced new reference data and updated validations affected by this data. Please find further details below.
New Reference Data Sources
- FCA FIRDs
- FCA trading venues
- FCA entities
Amended MiFIR Validations
72 distinct MiFIR validations are being updated for the following reasons;
- New FIRDS lookup process (61)
- New Trading Venue lookup process (48)
- New FCA entities lookup process (2)
Ref | Validation Name | FIRDS | Trading Venue | ESMA Entities |
M100a | Admitted to trading – maturity date does not match FIRDs | Y | Y | |
M100b | Admitted to trading – maturity date not required | Y | Y | |
M101a | Admitted to trading – expiry date does not match FIRDs | Y | Y | |
M101b | Admitted to trading – expiry date not required | Y | Y | |
M102a | Admitted to trading – delivery type does not match FIRDs | Y | Y | |
M102b | Admitted to trading – delivery type not required | Y | Y | |
M106 | Not admitted to trading – underlying not identified in FIRDs | Y | Y | |
M108 | Underlying index name not populated when CFI is provided | Y | Y | |
M109 | Not admitted to trading – Underlying Index Name not populated where underlying is an index | Y | Y | |
M110 | Not admitted to trading – non-derivative product | Y | Y | |
M112 | Expiry date not populated for derivative with expiry | Y | Y | |
M113 | PM Expected to be 1 for depository receipt | Y | Y | |
M116 | PM Expected to be 1 for CFD | Y | Y | |
M119 | SB – PM expected to be unit of 10 | Y | Y | |
M28 | [Validation under review TRD-110] Underlying index name populated for non index | Y | Y | |
M83 | TRs suggest product admitted to trading, but ISIN not in FIRDs. | Y | Y | |
M84 | Admitted to trading – ISIN not listed on reported EEA venue on a reported date | Y | Y | |
M89a | Admitted to trading – CFI does not match FIRDs | Y | Y | |
M89b | Admitted to trading – CFI not required | Y | Y | |
M90a | Admitted to trading – notional currency 1 does not match FIRDs | Y | Y | |
M90b | Admitted to trading – notional currency 1 not required | Y | Y | |
M91a | Admitted to trading – notional currency 2 does not match FIRDs | Y | Y | |
M91b | Admitted to trading – notional currency 2 not required | Y | Y | |
M92a | Admitted to trading – price multiplier does not match FIRDs | Y | Y | |
M92b | Admitted to trading – price multiplier not required | Y | Y | |
M93a | [Validation under review TRD-113] Admitted to trading – underlying instrument code does not match FIRDs | Y | Y | |
M93b | Admitted to trading – underlying instrument code not required | Y | Y | |
M94a | Admitted to trading – Underlying Index Name does not match FIRDs value | Y | Y | |
M94b | Admitted to trading – Underlying Index Name not required | Y | Y | |
M95a | Admitted to trading – Term of Underlying does not match FIRDS value | Y | Y | |
M95b | Admitted to trading – Term of Underlying not required | Y | Y | |
M96a | Admitted to trading – Option Type does not match FIRDS value | Y | Y | |
M96b | Admitted to trading – Option Type not required | Y | Y | |
M97a | Admitted to trading – strike price does not match FIRDs | Y | Y | |
M97b | Admitted to trading – strike price not required | Y | Y | |
M98a | Admitted to trading – strike price currency does not match FIRDs | Y | Y | |
M98b | Admitted to trading – strike price currency not required | Y | Y | |
M99a | Admitted to trading – option exercise style does not match FIRDs | Y | Y | |
M99b | Admitted to trading – option exercise style not required | Y | Y | |
M1 | LEI of Investment Firm in Seller, but SS indicator not populated | Y | ||
M104 | [Under Review TRD-224] – Net Amount for Bonds (Clean Price) – Above Threshold | Y | ||
M111 | Use either ‘NOAP’ if the price is not applicable or ‘PNDG’ if the price is not available but pending. | Y | ||
M114 | [Validation under review TRD-82] Quantity for bonds should be nominal or monetary value. | Y | ||
M120 | Upfront payment blank for CDS | Y | ||
M121 | Net amount not reported for debt instrument | Y | ||
M132 | Net amount for non-debt product | Y | ||
M138 | [Validation under review TRD-224] Net Amount for Bonds (Clean Price) – Below Threshold | Y | ||
M160 | Underlying Index ID – Not an Index | Y | ||
M19 | Derivative increase or decrease in notional not applicable for non-derivatives | Y | ||
M2 | SS indicator not required for aggregated TRs | Y | ||
M20 | Price for options should be monetary value. | Y | ||
M22 | CDS Price – should be basis points. | Y | ||
M231 | Quantity for CFDs should be reported in units. | Y | ||
M232 | Invalid Instrument Identification code for Venue: XOFF | Y | ||
M236 | [validation under development TMD-45] SS indicator populated for a derivative transaction | y | ||
M247 | Quantity should be nominal for Swaps | Y | ||
M252 | Expiry date longer that maturity of underlying product | Y | ||
M32 | Commodity derivative indicator not applicable for non-commodity derivatives | Y | ||
M33 | SS indicator not required for exchange traded products | Y | ||
M34 | SS indicator not required for executions with CCPs | Y | ||
M35 | SS indicator required for executions with clients | Y | ||
M18 | Buyer not identified in reference data | Y | ||
M200 | [Validation under review TRD-66] On exchange and transmission of order | Y | ||
M242 | SI and INTC: Client side | Y | ||
M243 | SI and INTC: Market side | Y | ||
M246 | Country of the branch membership for SI | Y | ||
M25 | Seller not identified in reference data | Y | ||
M37a | TVTIC not populated when exchange traded | Y | ||
M37b | TVTIC not populated when executed off exchange but brought under exchange rules | Y | ||
M49 | [Validation under review TRD-84] Venue = SI but neither Buyer or Seller populated. | Y | ||
M188 | Executing Entity is MiFIR investment firm = False | Y | ||
M189 | [Validation under review TRD-4] Executing Entity is MiFIR investment firm = True | Y |
Amended EMIR Validations
36 distinct EMIR validations are being updated for the following reasons;
- New FIRDS lookup process (34)
- New Trading Venue lookup process (4)
Ref | Validation Name | FIRDS | Trading_venues |
E113 | Venue ID: Traded OTC, ISIN not listed on TV | Y | Y |
E114 | Venue ID: Traded OTC, ISIN listed on TV | Y | Y |
E104 | Incorrect ISIN provided for underlying index | Y | |
E105 | Underlying ISIN is for an index, but Underlying Type = ‘I’ | Y | |
E115 | FIRDs Mismatch: product_classification | Y | |
E116 | [Validation under review TRD-207] FIRDs Mismatch: Venue of execution | Y | |
E117 | FIRDs Mismatch: Underlying ID Type (Single product ISIN) | Y | |
E118 | [Validation under review TRD-215] FIRDs Mismatch: Underlying ID Type (Basket) | Y | |
E119 | FIRDs Mismatch: Underlying ID Type (Index) | Y | |
E114 | Venue ID: Traded OTC, ISIN listed on TV | Y | |
E115 | FIRDs Mismatch: product_classification | Y | |
E116 | [Validation under review TRD-207] FIRDs Mismatch: Venue of execution | Y | |
E117 | FIRDs Mismatch: Underlying ID Type (Single product ISIN) | Y | |
E118 | [Validation under review TRD-215] FIRDs Mismatch: Underlying ID Type (Basket) | Y | |
E119 | FIRDs Mismatch: Underlying ID Type (Index) | Y | |
E119 | FIRDs Mismatch: Underlying ID Type (Index) | Y | |
E120 | FIRDs Mismatch: Underlying (single product ISIN) | Y | |
E121 | FIRDs Mismatch: Underlying (Index) | Y | |
E122 | [Validation under review TRD-212] FIRDs Mismatch: Notional currency 1 | Y | |
E123 | [Validation under review TRD-212] FIRDs Mismatch: Notional currency 2 | Y | |
E136 | Underlying and Asset Class mismatch: Equity | Y | |
E137 | Underlying and Asset Class mismatch: Commodity | Y | |
E138 | Underlying and Asset Class mismatch: Credit | Y | |
E139 | Underlying and Asset Class mismatch: Currency | Y | |
E140 | Underlying and Asset Class mismatch: Interest Rate | Y | |
E141 | Product ISIN and Asset Class mismatch: Equity | Y | |
E142 | Product ISIN and Asset Class mismatch: Commodity | Y | |
E143 | Product ISIN and Asset Class mismatch: Credit | Y | |
E144 | Product ISIN and Asset Class mismatch: Currency | Y | |
E145 | Product ISIN and Asset Class mismatch: Interest Rate | Y | |
E161 | ISIN in Product Identification Code – country code incorrect | Y | |
E162 | ISIN in Product Identification Code – check digit incorrect | Y | |
E163 | ISIN in Underlying Identification – country code incorrect | Y | |
E164 | ISIN in Underlying Identification – check digit incorrect | Y | |
E19 | Aii code type used for an ISIN (Instrument ID) | Y | |
E24 | Basket component not in FIRDs. | Y | |
E25 | Government Bonds not classified as Interest Rate derivatives. | Y | |
E26 | Government Bonds reported with Interest Rate derivatives fields. | Y | |
E27 | Aii code type used for an ISIN (Underlying Instrument ID) | Y | |
E112 | Venue ID: Traded OTC, no ISIN | Y | |
E92 | Venue identified as other counterparty | Y |