PIMFA
Transaction Reporting
Transaction reporting is the requirement for firms to report details of financial transactions to regulatory authorities. The purpose of transaction reporting is to;
- Promote transparency
- Monitor market activity
- Prevent financial crime
- Ensure compliance with regulatory requirements
Transaction Reporting is an obligation under MIFID II, and requires reports to be generated containing complete and accurate information on the types of instruments traded, when and how the instruments are traded, and by whom.
- trANSACTION reporting WORKING GROUP
The PIMFA Transaction Reporting Working Group supports members by providing guidance, best practices and regulatory interpretation to address challenges in reporting accuracy, data quality and controls.
- trANSACTION REPORTING ACADEMY
The PIMFA Transaction Reporting Academy (TRA) is an innovative, practical and results-focused learning experience that augments your core reporting skills while deepening your knowledge in key areas of the MiFIR transaction reporting requirements.
Find out more about the academy here.
latest news
FCA fines Sigma Broking £1.1m for Transaction Reporting failures
The Financial Conduct Authority (FCA) has fined Sigma Broking Limited £1,087,300 for failing to submit complete and accurate transaction reports over five years. Nearly 100% of the firm’s transactions (924,584 reports) between December 2018 and December 2023 were incorrect due to system setup failures.
This is Sigma’s second fine for similar issues – they were previously penalised £531,600 in 2022. The case highlights the FCA’s continued focus on transaction reporting compliance as a key tool in combating financial crime.
For more details, please click here.
FCA Market Watch 82: Transaction Reporting Compliance
The FCA has published Market Watch 82, highlighting persistent inefficiencies in firms’ transaction reporting frameworks and setting out expectations for improvement.
- Remedial Timelines: The FCA identified delays caused by excessive time to present plans, missing deadlines, and unjustified extension requests. Root causes include siloed teams, insufficient resourcing, reactive compliance cultures, and weak governance.
- Back Reporting Delays: Delays prevent the FCA from trusting data and limit market abuse detection. Case studies revealed issues including incomplete historical corrections, poor risk prioritisation, and data access problems.
- Breach Notifications: Of 241 notifications in Q1 2025, while 83% clearly described issues and 76% identified root causes, improvements are needed in impact assessment and remediation planning.
Firms should review their operational frameworks to ensure timely identification, addressing, and disclosure of regulatory reporting issues. The FCA expects firms to be proactive and transparent throughout remedial processes and to implement robust governance structures that prevent delays in compliance activities. This guidance is also relevant for firms subject to EMIR and SFTR reporting requirements.
To find out more, please click here.