The True Cost of MiFID Transaction Reporting: Corrections & Back Reporting
Key Takeaways
- 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
How Qomply can help
Qomply’s Regulatory Reporting Hub combines regulatory expertise with AI, automation and data analytics to deliver scalable, audit-ready reporting intelligence that reduces errors, lowers remediation costs, and minimises operational and regulatory risk.
Covering regimes including MiFIR, EMIR Refit, SFTR, CFTC, CSA, MAS, ASIC and HKMA, Qomply also offers a fully managed service and operates globally from London.
Purpose-built solutions and services for regulatory reporting
Designed to improve accuracy, reduce risk, and support confident transaction reporting.
