The FCA has published a revised transaction reporting user pack (TRUP). The TRUP provides guidance to firms on understanding the MiFID transaction reporting obligations, implemented through SUP17 of the FCA Handbook. The TRUP has been updated and the proposed text was consulted on.
Clarification was provided on the following:
- That transaction reports must accurately reflect the change in position for the firm and its client(s) resulting from the transactions.
- That a firm “hitting” its own order on a trading venue should report the resultant transaction.
- How the unit price should be reported for different instruments.
- How to report the venue for a transaction.
- What is expected for transaction reporting arrangements within firms.
The final text of Version 3.1 became effective immediately on publication.