LONDON – Omgeo’s transaction reporting system has been declared an approved reporting mechanism by the UK Financial Services Authority (FSA). The system provides clients with a trade-management service compliant with the Market in Financial Instruments Directive (Mifid) requirements.
Mifid transaction reporting requirements cover commodity, interest rate and foreign exchange derivatives contracts. Once Mifid is implemented in November, the FSA must receive all transaction reports no later than the close of business on the next day. Trade details such as counterparty, client, date, currency, security type, price and quantity of securities must be entered into the report and sent for validation. Clients will then receive acknowledgement, confirmation details and the data sent to the regulatory body.