Guides

MiFID II Transaction Reporting: Market Convention & Best Practice

Published:10th June 2025

This guide covers how market conventions support MiFID II reporting where regulatory guidance is not explicit.
Highlights common data quality issues across key fields such as quantity, price, ISIN, LEI, and execution timestamps.
Provides field-level best practices to improve reporting accuracy and consistency.
Explains complex reporting scenarios including FX forwards and currency pair conventions.
Designed for compliance and operations teams looking to strengthen controls, governance, and data quality.

Qomply’s MiFID II Transaction Reporting: Market Convention & Best Practice guide provides a practical overview of how firms can apply industry-standard conventions to meet their reporting obligations in the absence of prescriptive regulatory rules. It highlights the role of market conventions and best practices in ensuring consistency, accuracy, and compliance across transaction reporting.

The guide outlines common reporting pitfalls across key data fields, including quantity, price, instrument identifiers, counterparty data, venue, and execution timestamps, alongside clear best practice approaches to address them. It also explores more complex areas such as FX forwards, currency pair conventions, and correct price and quantity reporting across different asset classes.

In addition, it covers practical considerations around LEI validation, venue identification, and timestamp formatting, as well as broader governance best practices such as reconciliation, audit processes, and clear ownership of reporting responsibilities.

Designed for compliance and operations teams, this guide helps firms strengthen data quality, align with market standards, and improve the overall accuracy and integrity of MiFID II transaction reporting.

Qomply helps financial firms achieve accurate, compliant transaction reporting across global regulatory regimes, while streamlining the operational and audit demands of regulatory reporting.

Our proprietary technology combines AI, automation and advanced data analytics to deliver scalable, audit-ready reporting intelligence. Through forensic-level quality assurance and streamlined reconciliation, Qomply helps firms strengthen data quality and reporting accuracy, automate controls, simplify audit processes and lower overall reporting costs.

Our technology provides greater oversight and operational efficiency while reducing the demands on internal teams.

For firms seeking to outsource their regulatory reporting operations, Qomply also offers a fully managed service. Combining our technology with deep regulatory expertise, Qomply Managed Services operates as an extension of, or alternative to, an in-house reporting function. This flexible model enables firms to outsource reporting operations while retaining the option to bring activities in-house as their own capabilities and resources evolve.

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