ZEN, the FSA’s new surveillance and monitoring system went live on 8 August 2011 replacing the Sabre II system. The new system is intended to give the FSA enhanced regulatory capabilities, including:

  • A market abuse monitoring, alerting and reporting function;
  • Support for increased transaction volumes; and
  • Support for reporting transactions identified using the Alternative Instrument Identifier.

Firms have until 13 November 2011 to comply with the requirement to report transactions through ZEN. Although it has been possible to report transactions through Zen from 8 August 2011, the November date is referred to by the FSA as the “hard go live” date. There is no need to notify the FSA or the Transaction Reporting System (TRS) to commence reporting through the Zen system. Firms can test their systems are compatible by contacting the TRS Service Desk on +44 (0)870 013 0467. More information is also set out in the “Dear TRS User” letter (link opposite).

The FSA has also entered in to an agreement to sell the markets transaction reporting section of the TRS business to the London Stock Exchange (LSE). At present, firms should continue to report market transactions required under SUP 17 in the usual way. There will be a six month transitional period following completion of the sale. Firms will be notified about this in due course and will be invited to merge to the LSE’s UnaVista platform. More information is on the FSA webpage (link opposite).

Further reading

Dear Compliance Officer letter

Dear TRS User letter

FSA transaction reporting system webpage