FCA has published guidelines for investment firms using Trade Data Monitors (TDMs) to meet post-trade reporting obligations. Investment firms must check the systems they use monitor data for errors and facilitate its consolidation and public accessibility. This requirement will be deemed fulfilled if either the FCA or an external auditor has confirmed that the arrangement is fit for purpose, in which case the arrangement would be awarded TDM status. (Source: Guidelines for Investment Firms using TDMs)