Regulatory Reporting and Publication

Short Long Code (SLC) Manager

MiFID II introduces new data reporting requirements for Euronext that involve the compulsory use of the Euronext Regulatory Reporting Solutions for Members. The Short Long Code (SLC) Manager enables Euronext Trading Members to supply the “short and long code mapping” in order to facilitate Euronext to fulfil order record keeping obligations under RTS 24. SLC Manager is a mandatory application for all members of Euronext Cash and Derivative Markets, Euronext Synapse and Euronext Block MTF.

Business cut-off time

10:00pm CET at D+1*

Members are required to report Short and Long Code mapping data to Euronext for trading day ‘D’ before 10:00pm CET at D+1.

System opening hours

6:30am CET to 10:00pm CET *

SLC Manager is available on week days from 06:30am CET until 10:00pm CET.  The service is unavailable beyond such times and reports submitted after 10:00pm CET will be rejected and no actions are possible.

Euronext support hours

6:30am CET to 10:00pm CET*

Euronext Market Surveillance support hours.

Daily submission of reports to National Competent Authorities (NCA)

D+2*

National Competent Authorities  (NCAs) will receive RTS 24 reports at 6:30pm CET at D+2 for the orders conducted at ‘D’.

Related MiFID II articles and Euronext Rulebook references

Commission Delegated regulation 2017-580 (RTS 24)
Euronext Rulebook: Chapter 2, art 2401 (xiv); Chapter 4, art 4202-1; Chapter 5, art 5301-2

 

*: Euronext opening day calendar

To obtain access to SLC Manager, Member Connectivity Administrators (MCAs) are required to submit a service access request using the Saturn Access web form(s) available on Euronext Connect. Members are furthermore required to submit to Euronext Membership the Registration Form duly completed with information relevant to the use of the Euronext Regulatory Reporting Solution. Following the request, Members will be provided with SecurID® Card for GUI access by Euronext Customer Access Service (CAS). Upon receiving the SecurID® Card, Members may request a Certificate for API access directly via the Saturn interface using the Digicert link. Euronext will validate the request and send the Certificate to the Member via email. The Member or appointed service provider shall install the Certificate and use it to access Saturn via API.

Commodity Position Reporting

MiFID II has introduced new data reporting requirements for Euronext that involve the compulsory use of the Euronext Regulatory Reporting Solutions for Members . Pursuant to the requirements of Article 58 of MIFID II, trading venues are required to make public a weekly Commitments of Trades (CoT) report, reflecting aggregate positions held by different categories of market participants for the different Commodity Derivatives. In addition, trading venues are required to provide competent authorities with a breakdown of the positions held by all persons on the venue on a daily basis.

In this context, Euronext has deployed a Commodity Position Reporting tool as part of the overall Euronext MiFID II Reporting Services, providing Members with a direct interface to generate daily commodity position reports to Euronext.

Information from the daily reports is stored to generate the weekly CoT reports, reflecting positions held on Friday at close of trading. Euronext publishes the weekly CoT reports on its website every Wednesday before close of business (around 5pm).

Business cut-off time

2:00pm CET at D+1*

’Users are required to report their positions held at the end of the trading day ‘D’ before 2:00pm CET at D+1’’ 

Reports sent after the business cut-off time D+1 will be reported to NCA on evening of D+2 except if flagged as 'amended' (corrected reports) before the ‘business day close’. In that case, this will be reported to the NCA on the same evening.

Business day close

8:00pm CET at D+1*

Latest time by which a Member can amend a report already submitted before the business cut-off time).

Corrected reports sent after the 8pm CET business day close D+1 will be reported to the NCA on the evening of D+2.

System opening hours

6:30am CET to 10:00pm CET *

Commodity Position Reporting is available on week days from 06:30am CET until 10:00pm CET.  The service is unavailable beyond such times and reports submitted after 10:00pm CET will be rejected and no actions are possible, including modification and cancelation.

Euronext support hours

6:30am CET to 10:00pm CET*

Euronext Market Surveillance support hours.

Daily submission of reports to National Competent Authorities (NCA)

10:00pm CET*

National Competent Authorities will receive Member Commodity Position Reports at 10:00pm CET D+1 for the positions held at ‘D’.

Weekly COT report publication

Wednesday 5 pm CET*

Euronext publishes relevant Weekly COT report on Wednesday before close of business (around 5 pm CET), reflecting positions held on Friday at close of trading.

Where either Monday, Tuesday or Wednesday of the week in which the report is to be submitted is not a  working day for Euronext, the report will be submitted as soon as possible and no later than Thursday 5:30pm CET of that week

Related MiFID II articles and Euronext Rulebook references

Art. 58 Directive 2014/65/EU; Commission implementing regulation (EU) 2017/953; Commission delegated regulation (EU) 2017/1093
Euronext Rulebook: Chap 2, art 2401 (xiv)

 

*: Euronext opening day calendar

To obtain access to Commodity Position Reporting, Member Connectivity Administrators (MCAs) are required to submit a service access request using the Saturn Access web form(s) available via Euronext Connect. Members are furthermore required to submit to Euronext Membership the Registration Form duly completed with information relevant to the use of the Euronext Regulatory Reporting Solution. Following the request, Members will be provided with SecurID® Card for GUI access by Euronext Customer Access Service (CAS). Upon receiving the SecurID® Card, Members may request a Certificate for API access directly via the Saturn interface using the Digicert link. Euronext will validate the request and send the Certificate to the Member via email. The Member or appointed service provider shall install the Certificate and use it to access Saturn via API.

Non-MiFID Member Reporting

MiFID II introduces new Transaction Reporting requirements for Euronext under RTS 22 that involve the compulsory use of the Euronext Regulatory Reporting Solution “Non-MiFID Member Reporting”. Where a member of a Euronext trading venue is not a MiFID II Investment Firm, the obligation to report transactions under RTS 22 falls on the trading venue. To enable Euronext to fulfil the transaction reporting obligations under RTS 22, Non-MiFID members are required to supply the necessary details of the transactions via the Non-MiFID member reporting tool. 

Business cut-off time

1:59pm CET at D+1*

Latest time by which a Member need to report its D-day transaction reporting data  to Euronext.

Reports sent after the 1:59pm CET business cut-off time D+1 will be reported to the NCA on D+2

System open hours

6:30am CET to 10:00pm CET *

Saturn closes at 10:00pm CET every day: from that time Members can't access the service and send reports. Reports are rejected and no action are possible.

Euronext support hours

6:30am CET to 10:00pm CET*

Euronext Market Surveillance support hours

Daily submission of reports to National Competent Authorities (NCA)

Twice Daily

Details provided on D-day will be submitted to the NCAs overnight that evening.  Details added before the cut off on D+1 will be sent during the afternoon on D+1.

Related MiFID II articles and Euronext Rulebook references

Article 26 of Directive 2014/65/EU; Commission Delegated Regulation (EU) 2017/590
Euronext Rulebook:  Chapter 2, art 2402

 

*: Euronext opening day calendar

To obtain access to Non-MiFID Member Reporting, Member Connectivity Administrators (MCAs) are required to submit a service access request using the Saturn Access web form(s) available via Euronext Connect. Members are furthermore required to submit to Euronext Membership the Registration Form duly completed with information relevant to the use of the Euronext Regulatory Reporting Solution. Following the request, Members will be provided with SecurID® Card for GUI access by Euronext Customer Access Service (CAS). Upon receiving the SecurID® Card, Members may request a Certificate for API access directly via the Saturn interface using the Digicert link. Euronext will validate the request and send the Certificate to the Member via email. The Member or appointed service provider shall install the Certificate and use it to access the Non-MiFID Member Reporting tool via API.

Euronext Trade Publication (APA) and Transaction Reporting (ARM) Services

MiFID II extends transparency and reporting requirements to most financial instruments irrespective of their venue of execution (RM, MTF, OTF or SI), including OTC transactions. It introduces a harmonised framework for the publishing and reporting of transactions via Approved Publication Arrangements (APAs) and Approved Reporting Mechanisms (ARMs) respectively.

In the context of the transparency requirements set forth by MiFID II, Euronext has launched a new APA and ARM service for enhanced trade publication and transaction reporting, delivering a powerful suite of reporting tools that meet both the APA and ARM obligations specified under MiFID II. With these services, Euronext Members and non-Members will be able to benefit from a user-friendly and reliable entry system to report and publish their transactions, with dissemination to all major regulators across the European marketplace.

Euronext’s APA/ARM services includes a multi-asset service package and will offer pan-EU coverage for Cash, Derivatives and Commodities. The service will also provide pre-trade transparency for Systematic Internalisers’ quotes, allowing them to benefit from a single solution to meet transparency obligations.

Trades in eligible instruments can also be passed through to the CCP (LCH SA for all asset classes and, once implemented, EuroCCP for Equities, ETFs and Rights ) to benefit from the central clearing guarantee.

Euronext will apply the industry standard for publication with the FIX MMT protocol and the ESMA predefined ISO 2000022 standard for reporting to regulators.

Market Quality / Best Execution reporting

MiFID II requires trading venues to publish data on the quality of execution of transactions without charge.  Quality of execution data

Euronext currently provides monthly market quality statistics on its dedicated Market Quality webpage.

In addition, Euronext announced in November 2016 that it has selected Strategic Insight’s LiquidMetrix – the industry-leading solution for best execution, transaction cost analysis (TCA) and surveillance services – as best execution analytics platform for its equity, ETF and derivatives products. Euronext will leverage LiquidMetrix to demonstrate best execution and provide Clients with valuable insights into their multi-asset trading activity mid 2018.

Additionally, Euronext has introduced Best of Book, Euronext’s next generation best execution service for Equties. Best of Book helps retail brokers meet MiFID best execution requirements for Equities within a single platform for all liquid stocks traded across Euronext Equity markets, potentially saving brokers the need to connect to multiple platforms. Users will receive daily and monthly reports provided via LiquidMetrix, an independent data provider, to ensure compliance with best execution policy. For additional information on Best of Book, please visit the Euronext Best of Book page.