Our role
We mainly use transaction reports to identify situations of potential market abuse and to undertake market surveillance. This helps alert us to potential new risks to market confidence arising from significant market developments.
The Transaction Monitoring Unit
The Transaction Monitoring Unit (TMU) is the team responsible for monitoring firms’ compliance with the transaction reporting rules (SUP 17) and is integral to redeveloping our transaction monitoring system (Sabre II).
We are happy to answer your questions about transaction reporting and we include useful transaction reporting guidance in our regular newsletter, Market Watch. This also contains information about Market Conduct issues.
We encourage you to regularly review the integrity of your transaction report data and we are happy to give you a sample of your transaction reports so you can check them against your internal records. Please complete the form to submit a data integrity request direct to the TMU inbox.
We also deal with transactional data requests from foreign regulators, together with our Legal Policy and International Co-operation department.
The implications of the Markets in Financial Instruments Directive (MiFID)
MiFID replaces the existing Investment Services Directive and will significantly change the regulatory regime governing transaction reporting. It will extend the coverage of the current regulatory regime on regulated markets in some areas and will narrow it in many others.
Firms gearing up for MiFID may want to visit our resources page which aims to answer common queries firms have about the implications of this Directive.
For more detailed information on these changes, please see:
- Policy Statement 07/18
- Transaction Reporting Users Pack (TRUP) [PDF]
- Consultation Paper 06/14
- Consultation Paper 06/19
- Policy Statement 07/2
- Consequential Handbook Amendments CP07/16
- MiFID Presentation [PDF]
Approved Reporting Mechanisms (ARMs)
Currently, one of the ways you can report transactions to us is through Approved Reporting Mechanisms.
MiFID sets out the regime governing these systems. According to Article 12 of MiFID level 2, we need to approve and monitor the reporting channels that firms use to submit transaction reports (these systems are known as Approved Reporting Mechanisms).
See further information on ARMs which includes a list of all Approved Reporting Mechanisms.