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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

CHAPTER III PUBLICATION ARRANGEMENTS (Article 64(1) and (2) and Article 65(1) of Directive 2014/65/EU)

Article 14 Machine readability

  1. (1)

    APAs and CTPs shall publish the information which has to be made public in accordance with regulations 14(1) and 15(1) of the Data Reporting Services Regulations 2017 in a machine readable way.

  2. (3)

    Information shall only be considered published in a machine readable way where all of the following conditions are met:

    1. (a)

      it is in an electronic format designed to be directly and automatically read by a computer;

    2. (b)

      it is stored in an appropriate IT architecture in accordance with Article 8(7) that enables automatic access;

    3. (c)

      it is robust enough to ensure continuity and regularity in the performance of the services provided and ensures adequate access in terms of speed;

    4. (d)

      it can be accessed, read, used and copied by computer software that is free of charge and publicly available.

    For the purposes of point (a) of the first subparagraph, the electronic format shall be specified by free, non-proprietary and open standards.

  3. (4)

    For the purposes of paragraph 3(a), electronic format shall include the type of files or messages, the rules to identify them, and the name and data type of the fields they contain.

  4. (5)

    APAs and CTPs shall:

    1. (a)

      make instructions available to the public, explaining how and where to easily access and use the data, including identification of the electronic format;

    2. (b)

      make public any changes to the instructions referred to in point (a) at least three months before they come into effect, unless there is an urgent and duly justified need for changes in instructions to take effect more quickly;

    3. (c)

      include a link to the instructions referred to in point (a) on the homepage of their website.

Article 15 Scope of the consolidated tape for shares, depositary receipts, ETFs, certificates and other similar financial instruments

  1. (1)

    A CTP shall include in its electronic data stream data made public pursuant to Articles 6 and 20 of Regulation (EU) No 600/2014 relating to all financial instruments referred to in those Articles.

  2. (2)

    When a new APA or a new trading venue starts operating, a CTP shall include the data made public by that APA or trading venue in the electronic data stream of its consolidated tape as soon as possible, and in any case no later than six months after the start of the APA's or trading venue's operations.

Article 15a Scope of the consolidated tape for bonds, structured finance products, emission allowances and derivatives

  1. (1)

    A CTP shall include in its electronic data stream the data of one or more of the following asset classes:

    1. (a)

      bonds, excluding exchange traded commodities (ETCs) and exchange traded notes (ETNs);

    2. (b)

      ETC and ETNs bond types;

    3. (c)

      structured finance products;

    4. (d)

      securitised derivatives;

    5. (e)

      interest rate derivatives;

    6. (f)

      foreign exchange derivatives;

    7. (g)

      equity derivatives;

    8. (h)

      commodity derivatives;

    9. (i)

      credit derivatives;

    10. (j)

      contracts for differences;

    11. (k)

      C10 derivatives;

    12. (l)

      emission allowance derivatives;

    13. (m)

      emission allowances.

  2. (2)

    A CTP shall include in its electronic data stream the data made public pursuant to Articles 10 and 21 of Regulation (EU) No 600/2014 that meet both of the following coverage ratios:

    1. (a)

      the number of transactions published by a CTP in an asset class listed in paragraph 1 represents at least 80 % of the total number of transactions in the relevant asset class published in the United Kingdom by all APAs and all trading venues during the assessment period referred to in paragraph 3;

    2. (b)

      the volume of transactions published by a CTP in an asset class listed in paragraph 1 represents at least 80 % of the total volume of transactions in the relevant asset class published in the United Kingdom by all APAs and all trading venues during the assessment period referred to in paragraph 3.

    For the purposes of point (b), the volume of transactions shall be determined in accordance with the measure of volume specified in Table 4 of Annex II to Commission Delegated Regulation (EU) 2017/583.

  3. (3)

    A CTP shall assess the coverage ratios set out in paragraph 2 every six months, based on data covering the preceding 6 months. The assessment periods shall start on 1 January and 1 July each year. The first period shall cover the first six months of the year 2019.

  4. (4)

    A CTP shall ensure that it reaches the minimum coverage ratios set out in paragraph 2 as soon as possible, and in any case not later than:

    1. (a)

      31 January of the calendar year following the period covering 1 January to 30 June;

    2. (b)

      31 July of the calendar year following the period covering 1 July to 31 December.

Article 16 Identification of original and duplicative trade reports in shares, depositary receipts, ETFs, certificates and other similar financial instruments

  1. (1)

    Where an APA publishes a trade report which is a duplicate, it shall insert the code "DUPL" in a reprint field to enable recipients of the data to differentiate between the original trade report and any duplicates of that report.

  2. (2)

    For the purposes of paragraph 1, an APA shall require each investment firm to comply with one of the following conditions:

    1. (a)

      to certify that it only reports transactions in a particular financial instrument through that APA;

    2. (b)

      to use an identification mechanism which flags one report as the original one ("ORGN"), and all other reports of the same transaction as duplicates ("DUPL").

Article 17 Publication of original reports in shares, depositary receipts, ETFs, certificates and other similar financial instruments

A CTP shall not consolidate trade reports with the code "DUPL" in the reprint field.

Article 18 Details to be published by the APA

  1. (1)

    An APA shall make public:

    1. (a)

      for transactions executed in respect of shares, depositary receipts, exchange-traded funds (ETFs), certificates and other similar financial instruments, the details of a transaction specified in Table 2 of Annex I to Delegated Regulation (EU) 2017/587 and, use the appropriate flags listed in Table 3 of Annex I to Delegated Regulation (EU) 2017/587;

    2. (b)

      for transactions executed in respect of bonds, structured finance products, emission allowances and derivatives the details of a transaction specified in Table 1 of Annex II to Delegated Regulation (EU) 2017/583 and use the appropriate flags listed in Table 2 of Annex II to Delegated Regulation (EU) 2017/583.

  2. (2)

    Where publishing information on when the transaction was reported, an APA shall include the date and time, up to the second, it publishes the transaction.

  3. (3)

    By way of derogation from paragraph 2, an APA that publishes information regarding a transaction executed on an electronic system shall include the date and time, up to the millisecond, of the publication of that transaction in its trade report.

  4. (4)

    For the purposes of paragraph 3, an "electronic system" shall mean a system where orders are electronically tradable or where orders are tradable outside the system provided that they are advertised through the given system.

  5. (5)

    Timestamps referred to in paragraphs 2 and 3 shall, respectively, not diverge by more than one second or millisecond from the Coordinated Universal Time (UTC) issued and maintained by one of the timing centres listed in the latest Bureau International des Poids et Mesures (BIPM) Annual Report on Time Activities.

Article 19 Non-discrimination

APA and CTPs shall ensure that the information which has to be made public is sent through all distribution channels at the same time, including when the information is made public as close to real time as technically possible or 15 minutes after the first publication.

Article 20 Details to be published by the CTP

A CTP shall make public:

  1. (a)

    for transactions executed in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments, the details of a transaction specified in Table 2 of Annex I to Delegated Regulation (EU) 2017/587 and use the appropriate flags listed in Table 3 of Annex I to Delegated Regulation (EU) 2017/587;

Article 21 Entry into force and application

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

It shall apply from 3 January 2018.

However, Article 15a(4) shall apply from 1 January 2019 and Articles 14(2), 15(1), (2) and (3), and 20(b) shall apply from 3 September 2019.