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MiFID II

As a Recognised Investment Exchange, ICE Futures Europe has several obligations under MiFID II and MiFIR. All Members of the Exchange are required to provide information to ensure compliance with the MiFID Regulations regardless of their own obligations under MiFID.

This page summarises some of the main MiFID obligations fulfilled by the Exchange. It includes information that is published by the Exchange as well as other MiFID II obligations.

Any MiFID-related queries should be directed to: [email protected]

MiFID Public Data Disclosure

MiFID requires trading venues to make the following information public.

Commitment of Traders “CoT” is a weekly report for the close of the week’s positions published on the following Wednesday. It is required by Article 58 of MiFID II as detailed in ITS 2017/1093.

Best Execution is a quarterly set of nine tables detailing the Exchange’s listing performance, order processing, transaction execution performance from a variety of perspectives. It is required by Article 27(3) of MiFID II as detailed in RTS 2018/575.

Pre-Trade Transparency is the publication of orders and quotes in compliance with Article 13(1) of MiFIR.

Post-Trade Transparency is the publication of transaction information in compliance with Article 13(1) of MiFIR.

ISIN Values used by Reporting Entities to report positions under Position Reporting.

Trading Schedule

Trading Schedule is a calendar set out by the Exchange to show the Trading Schedule of the Exchange (IFEU and NDEX), specifying business days and local public holidays throughout the business year.

NDEX Trading Schedule is a calendar set out by the Exchange to show the Trading Schedule of the Exchange (IFEU and NDEX), specifying business days and local public holidays throughout the business year.

MiFID Regulatory Reporting and Retention Obligations

MiFID requires trading venues to retain or report the following information. The Exchange requires its Members support to discharge these obligations.

Order Retention. All Orders must be retained for five years and must include specific information. The Exchange requires its Members and their Clients to provide the specific information in ICE Identifier Admin (IIA). Persons who require access to IIA should contact ICE Administration.

Transaction Reporting. All transactions executed by Members who are not subject to MiFIR’s transaction reporting requirements must be reported to the FCA by the Exchange by Trade Date + 1. Again the Exchange requires certain specific information to be provided in IIA.

Position Reporting. All positions held in commodity derivatives and emission allowance derivatives must be reported to the FCA each day detailing the individual beneficial owner of the position. The Exchange requires its Members to report this information to it via a secure files transfer by 14:00 on the next UK business day for each trading day. The Exchange does allow non-Members to report their positions directly to the Exchange in the same fashion and for one Member to report on behalf on another Member.

The following documents may assist readers in understanding how Members and their Clients comply with the Exchange’s requirements to enable the Exchange to itself comply with MiFID II and MiFIR.

Brexit

Brexit MiFID Summary is a brief guide to what is changing and what is not changing in respect of MiFID II and MiFIR at IFEU as transition period for the UK’s exit from the EU finishes.

Position Reporting

MiFID II EU Position Reporting is a guide stating Exchange Validations and Member Requirements for Commodity Position Reporting.

MiFID Position Holder Categories is a guide to determining the position holder categories when reporting positions.

The ICE MFT Service allows Members and relevant market participants to automate or ad-hoc downloading and uploading of MiFID data files. Members and market participants requesting use of the ICE MiFID MFT Service should complete the attached MiFID Access Request Form and return it to the email address included at the top of the form.

Transaction Reporting

MiFID II Transaction Reporting is a guide stating Exchange Validations and Member Requirements for Transaction Reporting.

ICE Identifier Admin User Guide is a guide for Exchange Members on how to utilise ICE Identifier Admin (IIA).

MiFID Attestation Setup is a step-by-step guide for Exchange Members on how to complete the annual attestation.

Transaction Reporting Correction Process is a guide for Exchange Members explaining how they correct transaction details for the Exchange’s reporting under MiFIR.

Transaction Reporting Data Updates is a guide for Exchange Members when they wish to change the details of a trade that the Exchange is reporting under MiFIR.

Order Retention

MiFID II Order Error Updates

Other MiFID Reports

MiFID II also requires trading venues to provide certain reports to their Members:

Orders to Transactions Ratios Guidance are provided for each Mic to Members daily in compliance with RTS9, R2017/566. The reports may be found in Members’ MFT folders in ‘mifid/reports/otr’

Orders to Transactions Ratios

High Frequency Message Rates are provided for each MIC monthly in compliance with Delegated Regulation R2017/565. The reports may be found in Members’ MFT folders in ‘mifid/reports/hft’.

A daily trading summary report is provided in MFT showing the clearing member, clearing account, RIM and RIM country as well as the product name and the number of trades and lots traded. This should enable Members to confirm that their RIMs and RIM countries are correct. The reports may be found in Members’ MFT folders in ‘mifid/reports/trade_count’.

Key MiFID Circulars