On February 26, the UK Financial Services Authority (FSA) published issue 31 of its Market Watch newsletter. This issue of Market Watch focuses on transaction reporting. In particular, the FSA emphasized that regulated firms must have in place appropriate systems and controls covering all aspects of transaction reporting, since the FSA’s ability to identify and investigate possible market abuse depends on it receiving complete and accurate transaction reports from firms. The FSA drew attention to its Transaction Reporting User Pack, which summarizes how transaction reports should be completed, and issue 29 of Market Watch, which includes transaction reporting information to be considered by firms when assessing their system and controls.