The FCA has updated its webpage on its market data processor (MDP) system under MiFID II.
The FCA explains that the new MDP system will receive MiFID II market data from the UK financial industry and also market data, where applicable, from non-UK EEA financial market participants. This includes commodity derivatives position reports, incoming data reporting services providers, and other EEA competent authorities. The MDP system will also provide the interface to the European Securities and Markets Authority’s new Financial Instrument Reference Data System, including Transparency Calculations and Double Volume Cap, and the existing Transaction Reporting Exchange Mechanism.
The webpage also explains that entities who want to become a submitting entity under MiFID II need to complete a confidentiality agreement. Once the agreement has been received and validated by the FCA, a market interface specification will be sent to the applicant. Entities that need to submit data should follow the FCA’s on-boarding process and timetable to be ready for when the new regime comes into application in January 2018. The FCA will also support industry testing with a dedicated Industry Test Environment during 1 July 2017 to 31 December 2017. In this period all submitting entities seeking to demonstrate conformance and compliance with the FCA’s technical specification from 3 January 2018 will be on-boarded on to the MDP.
View FCA updates information about its MiFID II market data processor system, 31 October 2016