Majority of MiFIR/EMIR transaction reports 'inaccurate'

'Huge gaps for market abuse'

Research by ACA Group has detected more than six million transaction reporting costs that it says “expose huge gaps for market abuse and systemic risk monitoring”.

The risk specialist found the transaction reporting errors across a sample of 30 review projects averaging 200,000 errors per review. Some 97% of reports under MiFIR and EMIR regulation contain inaccuracies, according to ACA Group. Despite this, the majority of firms (87%) have expressed confidence in their reporting, regardless of the errors. FCA scraps MiFID research rules on small-caps ACA Group stated that there is evidence suggesting firms "either remain naïve around their reporting obligations, have misplaced confidence of the quality of their reporting, or simply do not ...