Euroclear has published a Whitebook entitled Enhancing CREST: November 2007 - MiFID compliant transaction reporting through CREST. The Whitebook provides information about the changes being made to CREST to enable firms to report transactions to the FSA following the implementation of MiFID on 1 November 2007. Euroclear states that following the Whitebook it will publish a Guide to Transaction Reporting through CREST which will give specific examples of how to report special transactions through CREST.
In the Whitebook it is stated that Euroclear UK & Ireland is developing its regulatory transaction reporting service in two phases. The first phase is to be implemented prior to the implementation of MiFID and will offer a fully compliant reporting service to the FSA for those instruments admitted to trading on a main EU regulated market or prescribed market with an ISIN code in CREST. Reporting agents will be able to report exchange listed instruments that have been traded off-exchange. The second phase will be introduced in the second half of 2008. This phase is expected to offer a full reporting service to the FSA for transactions in all instruments using fully compliant ISO 20022 messages. Euroclear UK & Ireland will also investigate offering transaction reporting to other competent authorities across the EEA.
Also, the final version of A guide to MiFID transaction reporting for the FSA via the CREST ARM is available on the Euroclear UK & Ireland transaction reporting post MiFID main web page.