MiFID II/MiFIR: Transaction reporting according to Article 26 (5) MiFIR for non-MiFIR firms – Announcement of Release 1.1 of the Regulatory Reporting Solution (RRS)

Release date: 24 Jun 2022

029/2022 MiFID II/MiFIR: Transaction reporting according to Article 26 (5) MiFIR for non-MiFIR firms – Announcement of Release 1.1 of the Regulatory Reporting Solution (RRS)Xetra Circular 029/22

1. Introduction

Following the migration to a new technical solution for transaction reporting pursuant to Article 26 (5) MiFIR, which we informed you about in Xetra circular 035/21, and documentation updates, which were announced in Xetra circular 003/22, this circular announces RRS Release 1.1 and provides details on its simulation and production start date as well as on the availability of the updated dedicated documentation. 

Simulation start RRS Release 1.1: 

25 July 2022

Production start RRS Release 1.1: 

3 September 2022 with extracts for trade date 2 September 2022

RRS will not be available between approximately 08:00 and 12:00 noon on 3 September 2022. At approximately 12:00 noon extracts for 2 September 2022 will be available and upload processing will restart.  

The respective client documentation will be provided on the Xetra website www.xetra.com under the following path: Newsroom > Current regulatory topics > MiFID II and MiFIR > Non-MiFIR firms.

2. Required action

Non-MiFIR Trading Participants are requested to prepare for the simulation start ensuring an appropriate connectivity and the ability to use the enhanced functionality.

Please retrieve the documentation from the dedicated webpage on Xetra website www.xetra.com under Newsroom > Current regulatory topics > MiFID II and MiFIR > Non-MiFIR firms.

3.    Release scope

RRS Release 1.1 will provide the following changes: 

A.    Validation enhancements

The following validation enhancements will be introduced: 

  • Adapted LEI validations to the new ESMA MiFIR validation rules
  • Reject natural persons as buyer or seller decision maker in case of INTC client-side transaction reports
  • Reject lower case letters in TVTIC and COMPLEX_TRADE_COMPONENT_ID

B.    Introduction of the correction functionality 

The RRS Historical Correction Functionality will allow for corrections of FWB transaction reports since trade date 24 August 2020.

4.    Necessity for the correction of data between RRS Release 1.0 and RRS Release 1.1

Clients will be asked to perform the following corrections:

  • corrections of FWB transactions with missing buyer/seller information as well as investment/execution responsibles that occurred between R.1.0 (Trade date 28 March 2022) and R.1.1 (Trade date 1 September 2022)
  • corrections of short selling indicator transmissions filled with "UNDI" for DEAL transactions on Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) that occurred between 24 August 2020 and RRS Release 1.1

latest 3 months after the provision of Correction Files. 

Correction Files will be available for non-MiFIR firms via Common Report Engine (CRE). The date of their availability and further details will be communicated via Xetra Newsflash. 

Affected members will be contacted by their Key Account Managers with further information on the correction procedure. 

5.    Updated documentation

The following documentation updates will be communicated via Xetra Newsflash:

  • updated Trading venue file specifications
  • updated User Manual – Non-MiFIR Members

The documents will be available on the Xetra website under the following link: Newsroom > Current regulatory topics > MiFID II and MiFIR > Non-MiFIR firms.


Further information

Recipients:

All non-MiFIR Trading Participants of Xetra and Vendors

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination, Compliance departments, Nominated Persons

Contact:

Your Key Account Manager or client.services@deutsche-boerse.com

Related circular:

 

Xetra circular 035/21075/21, 003/22

Web:

 

www.xetra.com

Authorised by:

Frank Hoba, Annette Czypull