Firms need to ensure that they have signed up with an "approved reporting mechanism" (ARM) through whom they submit transaction reports to the FSA.

They will then need to ensure their systems report transactions in line with the technical specifications released by their ARM which includes details of the validation that will be carried out on the transaction reports by the ARM. Where a transaction report fails validation the ARM will notify the reporting firm.

A second level of validation is carried out by the FSA when the ARM submits the transaction reports. Where a transaction report fails to be validated by the FSA, an error report is submitted to the ARM.

Transaction reports rejected by the FSA will result in an error report for each transaction containing reasons for the rejection and details of the original transaction report. This will be a copy of the rejected transaction report preceded by an error code detailing the content errors in respect of particular fields in the transaction report.

The error codes used are shown in the table below:

 
Category Code Description Supplementary
Field		 Accompanying data
Content CON-100 Record is not of the correct length None Transaction report
Content CON-101 Mandatory field is missing Field number Transaction report
Content CON-102 Field does not conform to the expected format Field number Transaction report
Content CON-103 Field does not contain a valid value Field number Transaction report
Content CON-104 Duplicate transaction report None Transaction report
Content CON-105 Original transaction report not found for update or cancellation None Transaction report
Content CON-999 Unassigned content error Field number Transaction report


Some ARMs translate the error reports and map the field number reference to the corresponding field name in their system.

For those ARMs that do not conduct any mapping we have included below a table mapping the field numbers to more meaningful field names to assist in the analysis of error reports.

If one transaction report fails several validations, it will be duplicated in the file along with an error message for each failed validation.

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Resubmission of rejected transaction reports

Rejected Transaction reports will need to be re-sent to the FSA after correction.

 
Field No. Field Name Type Length Start Pos.
1 Reporting Firm Identification Alphanum 11 1
2 Reporting Firm Code Type Alphanum 1 12
3 Trading Date Date 10 13
4 Trading Time Time 8 23
5 Buy/Sell Indicator Alphanum 1 31
6 Trading Capacity Alphanum 1 32
7 Instrument Identification (ISIN) Alphanum 12 33
8 Instrument Identifier Type Alphanum 1 45
9 Instrument Description Text 120 46
10 Underlying Instrument Identification Alphanum 12 166
11 Instrument Type Alphanum 1 178
12 Mature/Exercise/Delivery Date Date 10 179
13 Derivative type Alphanum 1 189
14 Put/Call Identifier Alphanum 1 190
15 Strike Price Numeric 19 191
16 Price Multiplier Numeric 19 210
17 Unit Price Numeric 19 229
18 Price notation Alphanum 3 248
19 Quantity Numeric 19 251
20 Counterparty Code Text 40 270
21 Counterparty Code Type Alphanum 1 310
22 Venue Identification Alphanum 11 311
23 Transaction Reference Number Text 40 322
24 Report Status Alphanum 1 362
25 Client/Counterparty2 code Text 40 363
26 Client code type Alphanum 1 403