Guides

The True Cost of MiFID Transaction Reporting: Corrections & Back Reporting

Published:5th March 2024

Based on FCA data, this guide shows the scale of transaction report cancellations and what this reveals about industry-wide data quality issues.
Explains the main causes of back reporting, including misclassification, data errors, and weak controls.
Breaks down the true cost of reporting errors across external fees, internal resources, and regulatory risk.
Shows how regulator acceptance does not guarantee compliance, increasing the need for robust validation.
Designed for compliance and operations teams looking to reduce costs and improve reporting accuracy.

Recent FCA data shows that, on average, two-thirds of MiFID firms cancel their transaction reports every year - with each firm cancelling around 502,000 transactions annually.

Cancellations typically occur when reports contain errors or are mistakenly submitted for unreportable transactions. These issues, often driven by poor data quality and weak accuracy controls, amplify the burden of back reporting and expose firms to operational disruption and regulatory risk.

The result? A costly, resource-heavy process that diverts valuable time and resources while inviting greater scrutiny across the business.

Download Qomply’s “True Cost of MiFID Transaction Reporting” guide to uncover:

The real causes and costs behind back reporting
How poor data quality drives regulatory risk
Practical steps to identify and prevent errors before submission

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.

Request a tailored demo