On September 5, the UK Financial Conduct Authority (FCA) launched a new webpage dedicated to market data reporting and the development of its new market data processor system (MDP system). The MDP system is being developed for the FCA in response to data reporting requirements under the amended and restated Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation (together, MiFID II). The MDP system will apply to submitting entities, which include approved reporting mechanisms, consolidated tape providers, approved publication arrangements, regulated markets, operators of multilateral trading facilities, operators of organized trading facilities, systematic internalizers, other UK MiFID investment firms, UK branches of third-country firms, and European Economic Area data reporting service providers, trading venues or investment firms. Submitting entities will submit MiFID II market data to the MDP system in the form of transaction reports, instrument reference data, transparency reports, double volume cap reports and commodity derivative position reports. The FCA plans to initiate onboarding for those entities in scope through the course of this month, with industry testing of the system taking place from July 1, 2017, to December 31, 2017, ready for the MiFID II “go-live” date of January 3, 2018.
The FCA’s new webpage on the MDP system can be accessed here.