FIRDS / FITRS Processor

Now includes FCA FIRDS
FIRDS / FITRS – Instrument Reference Data and Transparency Data

ABOUT

The requirement to provide daily reports to the regulator containing detailed Instrument Reference Data presents UK & MiFID II trading venues and systematic internalisers with the problem of sourcing that data. Fortunately, the FCA and ESMA (UK and EU regulators respectively) are committed to providing that data daily. These data sources have the benefit of being the same data used to validate the reports submitted. ESMA is also committed to providing transparency data on a regular basis.

OUR SOLUTION

Oktris provides a solution for both FCA & ESMA FIRDS (reference data), and also ESMA FITRS (transparency data). All solutions automate the task of taking the large data sets from the UK and EU regulators, and placing them into an easy to work with database which can be queried using standard technology for convenient integration with existing trading applications. FIRDS allows an investment firm to generate the necessary regulatory reports that are dependent on reference data. The FITRS solution allows a firm to identify if something would be eligible for pre and post trade waivers and deferrals prior to initiating trading. Both data sets lend themselves to market intelligence mining – Some examples may be “which trading venues or SIs are active in which asset classes”, “who are the most active in specific OTC derivative areas, and which areas are growing”, and so on.

Use Cases

FIRDS example use cases

  • Validate or act as a backup for other sources of reference data. As of 6th February 2019, Oktris ESMA FIRDS contains 29,242,602 records representing 19,325,853 unique ISINs.
  • Is this ISIN a TOTV product subject to reporting requirements?
  • Generate regulatory reports of Instrument reference data – MiFID II RTS 23.
  • Pull specific elements of reference data to include in other reports. E.g. populating the “instrument classification” field in transaction reports.
  • Reconcile instrument reference data submissions with the FIRDS data to confirm processing has been successful.
  • Look up ISINs of TOTV instruments given only a part of an instrument name.
  • Market intelligence – e.g. answer questions such as “which trading venues or SIs are active in which asset classes?”, “who are the most active in specific OTC derivative areas, and which areas are growing?”

FITRS example use cases

  • Determine if there is a need to publish pre-trade transparency information for a trade of this size in this instrument? This can be done before trading with a “what if”, allowing tweaking of a potential trade to either be published or not based on size.
  • BEFORE trading, determine if post-trade transparency publication can be deferred for a trade of this size in this instrument? This can be done before trading with a “what if”, allowing tweaking of a potential trade to either be deferred or not based on size.
  • An indication of average daily volumes for equity instruments.
  • An indication of average daily transaction values for equity instruments.
  • An indication of number of transactions for equity instruments.

Components

The capability to process Financial Instrument Reference and Transparency Data produced by the UK & European Regulators, making it directly available to firms in an easy to use fashion, and also the basic underlying pre-requisite for MDP reports.
Scheduling, Scripts

Automatic solution, set it up once

Scripts

To control the process

Processors

for the FCA & ESMA data

Oktris Database

Generated from FIRDS / FITRS Files

Oktris FIX engine

Easy integration with other financial systems

Do you want to hear more about our solution?