EU Review of RTS on Transaction Reporting and Order Book Data Under MiFIR Review

The European Securities and Markets Authority has published a consultation on the review of regulatory technical standards on transaction data reporting and on order book data under the revised Markets in Financial Instruments Regulation. The proposed changes to the RTS stem from the MiFIR Review amendments. We discuss the overall MiFIR Review changes in our bulletin "MiFID II: the EU's latest adaptations". The deadline for comments is January 3, 2025. ESMA aims to publish a final report and submit the draft technical standards to the EC by the end of Q2 2025.

The consultation paper is split into two parts each covering one draft technical standard. The first part covers the proposed amendments to RTS 22 in relation to transaction reporting by investment firms. The MiFIR Review amended the scope of financial instruments and the information to be reported. In addition to the proposed changes to fulfil its mandate, ESMA is proposing additional enhancements on various aspects such as the identification of transactions in DLT financial instruments and extension of the scope for transmission of an order agreement.

The second part relates to proposed changes to RTS 24 in relation to order book data and for which ESMA must specify the format of the order book data reporting by trading venues. ESMA explains that these RTS aim to enhance the information available to stakeholders by improving, simplifying and further harmonizing data reporting requirements. ESMA believes that the implementation of the revised standards should also result in an overall reduction of the reporting burden for market participants that are subject to different reporting regimes.

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