Hi all,
Do we have any update regarding adding value 6 to tag 2524 for “Trade reported”? I know we are waiting for the GTC community to confirm this but did not get any updates. Thank you.
No update at this point. The regulatory subgroups have a number of such extensions they would like to have but have not submitted them to the standard GTC process. The overhead to create an Extension Pack for a single new valid value is rather large.
Do we have a target date when the value of 6 will be made official ? I only ask as a few buy-side firms do not want to accept a value of 6 in Trade Reported Indicator (Tag 2524) given it is not official.
This means we have to built custom implementation over and above the Vendor implementation which will be throwaway work after the value of 6 is made official.
Given the tight timelines, I would request creating an Extension Pack for the tags which have been agreed and make this official rather than further delay given that firms will have no time to work with standards if delayed any further.
Would also want to get an update on this please?
Regulatory subgroups have now submitted input material to the GTC for a few extensions related to MiFID, one of them being 3 additional valid values for TradeReportingIndicator(2524). One of them is about the opposite of the existing status 0=Trade has not (yet) been reported, i.e. “Trade has been reported”. Please note that the semantic of the existing field is about the status of a trade report and not about an instruction to a counterparty to report. There is a subtle difference between the two but you can agree with your counterparty in the context of MiFID that the status “Trade has been reported” means that you do not have to report it. That may be different in other regulatory environments around the world. The actual value (e.g.) will be determined by the GTC but I can confirm that currently, the next available value is 6.
Do we have any further update on when the value of 6 is being finalised by GTC? Strangely, the MiFID/MiFIR II Trade Reporting Implementation Guidelines document (v1.7) published yesterday seems to have dropped the requirement to have a new value which indicates the trade is reported or will be reported. I hope that is an overlook.
Extensions for TradeReportingIndicator(2524) are part of the GTC submission which will become “MiFID II and MiFIR Extensions Part 4”. The content is currently being reviewed internally in conjunction which includes communication with the submitter for clarifications of requirements. It will be on the agenda of the next GTC meeting on Oct 19.
Guidelines contain references to GTC submissions awaiting approval and publication and use “tbd” as long as official values have not been published. The trade reporting guideline has been published directly by the regulatory subgroup. Thank you for pointing out the missing third value which makes it inconsistent with the submission to the GTC which is asking for three values, including the generic one that this thread is about, indicating the opposite status of value 0=“Trade has not (yet) been reported”.