The Financial Conduct Authority and the Bank of England have invited market participants to join a new taskforce focused on transaction and post-trade reporting.

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The taskforce is intended to support the design of a long-term approach to aligning reporting requirements. It will consist of three working groups: Policy, Strategy, and Architecture.

The move comes as the FCA has recently introduced stricter reporting requirements for retail CFD firms, including incident and third-party reporting. These measures are part of regulatory efforts to “improve data quality and oversight.” The taskforce focuses on transaction and post-trade reporting in wholesale markets.

Policy, Strategy, Architecture Groups Announced

The Policy group will focus on "identifying and assessing opportunities for harmonising data collected under UK MiFIR, UK EMIR and UK SFTR" and on "reviewing and sharing feedback on proposals to support the simplification of reporting of the data."

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The Strategy group will provide "strategic insight from industry experience to help simplify transaction and post-trade reporting" and explore "how harmonisation will benefit reporting firms’ overall wholesale market activity."

The Architecture group will work on "identifying and assessing opportunities to leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term modern technologies, architecture and data to simplify and streamline transaction and post-trade reporting."

Working Groups to Meet Regularly Bi-Monthly

Each group will be co-chaired by the FCA and the Bank. Members will be senior representatives from firms active in transaction and post-trade reporting, appointed in a personal capacity. The authorities said they will "seek to ensure balanced representation across the different types of firms active in wholesale markets, as well as appropriate diversity of membership."

The appointment is initially set for 18 months. The working groups will normally meet every two months, but may meet more often if required.