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: client.support@control-now.com
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 – bd@control-now.com