Test reporting in the TRS2 system

On 3 January 2018, when the MiFID II Directive and the MiFIR Regulation enter into force, a new transaction reporting system (TRS2) will open for reporting. Transaction reporting as required by MiFID II and MiFIR will occur only in the new TRS2 system. All firms intending to file transaction reports in accordance with MiFID II/MiFIR starting on 3 January are encouraged to have filed test reports in the test environment of the TRS2 system before reporting live. The test environment is open 24/7, with the exception of service disruptions.

Update

(2019-08-28)

  • TRS 2 Test enviroment is now open. (2019-08-28)
  • On Wednesday, 28 August 2019, the test environment for TRS2 will not be available due to an upgrade to a new version. Finansinspektionen will announce when the system is available again.

    The upgrade includes earlier announced changes that will be implemented in the production environment on 23 September. Information regarding the versions of reporting instructions, XML schemas and validation rules is available on ESMA's website on the page with the instructions about MiFIR reporting under Transaction Reporting Guidelines and Transaction Reporting Exchange Mechanism (TREM).
  • TRS 2 Test enviroment is now open.
  • TRS2 Test environment will be closed between 7–9/6-2019 for an upgrade.

 

Old updates
  • TRS 2 Test environment is now open. Current scheme is now the same as in the Production environment. Information concerning upcoming changes will be published by ESMA, we will publish the link from this page.
  • TRS2 Test environment will be closed for an upgrade.
  • On Wednesday, 29 April 2019, the test environment of TRS2 will be closed and not available due to an upgrade to a new version of the system. Finansinspektionen will announce when the system is available again.
  • When the upgrade is done and the test enviroment is available again, it will only be possible to use the Production version of the XML Schema. It will no longer be possible to send test files according the upgraded schema that ESMA cancelled in February.
  • On Wednesday, 9 January 2019, the TRS 2 system's test environment was upgraded to a new system version. Starting on Wednesday, 9 January 2019, FI will offer the possibility to test ESMA's new XML schema and validation rules in the TRS test environment. PLEASE NOTE: Only the new XML schema can be used in the TRS 2 test environment starting on 9 January 2019. It is no longer possible to submit test files using the old schema. This also refers to test reporting and re-reporting of transactions with trade dates prior to 9 January 2019.
  • The new system version contains
  1.  changes in the validation of Buyer/Seller/BuyerDecisionMaker/SellerDecisionMaker LEI codes that originally had the status Inactive på TradeDate (CON-070/CON-120/CON-160/CON-210) but that later were updated to Active in GLEIF;
  2.  correction since the validation of LEI codes was previously based on the time stamp in InitialRegistrationDate instead of the date (without time). The test environment of the TRS 2 system is currently unavailable due to a reference data update. FI will announce when the system is available again.
  • On Friday, 28 September, the test environment for the TRS 2 system was upgraded to a new system version. The new version contains improved functionality for transaction exchanges between supervisory authorities, some changes regarding the reading and handling of reference data and the following updates:
  1. change regarding error codes CON-411 and CON-412

Previously:

  • CON-411 was issued if the instrument was missing in the reference data.
  • CON-412 was issued 1) immediately (without waiting seven days) if the instrument was not valid on a trading venue on the trading date, and 2) if the instrument was still missing after seven days had passed.

After the upgrade:

  • CON-411 will be issued 1) if the instrument is missing in the reference data or 2) if the instrument is not valid on the trading date (for seven days). The transaction report will be given the status PDNG.
  • CON-412 will be issued only after seven days have passed and no valid instrument as been added to the reference data. The transaction report will be given the status RJCT.
  1. correction of improperly issued error code CON-023 (Transaction report with the same transaction reference number has already been sent for the firm and not cancelled) for re-reporting of transactions that were first recalled within the same TR file.
  • The European Securities and Markets Authority (ESMA) has announced that in conjunction with planned system upgrades (February 2019) it will also update the existing reporting instructions, XML Schema and validation rules for transaction reporting under MiFIR. More information and new versions of the reporting instructions, XML Schema and validation rules are available on ESMA's website on the page Mifir reporting instructions under the heading Transaction Reporting Guidelines and Transaction Reporting Exchange Mechanism (TREM) on ESMA's website.
  • Several file valdiation controls were added in conjunction with the most recent system upgrade on 2018-06-27. The added controls (SEX-017 – SEX-019) require, for example, that the SubmittingEntityLEI code stated in the header of a TR file is in agreement with the SubmittingEntityLEI code in the TR file itself and that only LEI codes are used in the reporting. NOTE: BIC codes are not used in the reporting to the TRS 2 system. An updated list of file validation controls is available under Technical specifications/File format validations TRS2 (file validation rules).
  • On 14 June 2018, the TRS2 test environment was upgraded to a new system version. The new version contains primarily system performance improvements and a correction of the improperly issued error code CON-411 (Pending instrument validation) for rejected transactions.
  • On 22 March 2018, the TRS2 test environment was upgraded to a new system version. The following bug corrections will be made:
  1. Cancellations of transactions in status 'RCVD' will now receive the status RCVD instead of RJCT with CON-024 (Transaction for cancellation cannot be found);
  2. Improperly issued CON-502 (Option type does not match instrument classification);
  3. Improperly issued CON-472 (Underlying instrument is not present in reference data on transaction date);
  4. Improperly issued CON-370 (Country of branch membership is missing) for SI;
  5. Improperly issued CON-351 (Net amount is missing) for some instruments with CFI D*****;
  6. Improper RJCT on transactions with instruments traded in certain currencies, e.g. CZK and PHP;
  7. Improper RJCT with CON-552 (Expiry date is incorrect) for transactions where TradeDate is the same as ExpiryDate;
  8. Solution for improperly issued CON-070, CON-120, CON-160 and CON-210 (Buyer/Buyer decision maker/Seller/Seller decision maker LEI is not valid).

LEI code

In order to be able to report transactions when the MiFID II Directive and MiFIR Regulation enter into force on 3 January 2018, both the submitting entity and legal entities on whose behalf a transaction has been executed must have an LEI code. 

When a new reporting company (Submitting Entity) is registered in the system, the company's LEI code is used to create an account with the same name as the LEI code. In order to be able to test connectivity with and reporting via the TRS2 system, the firms testing the system must state the LEI code for both the Submitting Entity and the Executing Entity. If the firm that will participate in the tests has not yet applied for or has not yet received an LEI code, FI can create a fictive account in the test environment. If this is the case, state that an LEI code is not available.

Application to open an account for the test environment

In order to access the TRS2 system's test environment, firms must send an authorisation application form to FI. There are instructions available for each application form. Email scanned authorisation application forms to rapportering@fi.se. Send original application forms to Finansinspektionen, Box 7821, 103 97 Stockholm, Sweden.

Companies reporting their own transactions

Application Authorisation TRS 2 Reporting TEST

NOTE: Only firms intending to file transaction reports to the TRS 2 system directly from their own IT systems should fill in this form and submit it to FI. If your firm's transaction reporting will be handled by an approved reporting mechanism (ARM), you do not need to submit an authorisation application to FI. The ARM applies for a test account to report on your behalf.

Approved Reporting Mechanisms

Approved Reporting Mechanisms (ARM) that intend to report on behalf of one or multiple firms subject to the reporting obligation should use the form: Application Authorisation TRS 2 Reporting, Approved Reporting Mechanism, ARM, TEST

Operators of trading venues must report according to Article 26(5) of MiFIR

Operators of trading venues that are subject to the reporting obligation in accordance with Article 26(5) of MiFIR should use the form, Authorisation Application TRS2 Reporting, Trading Venue Operators Must Report Under Art 26(5) of MiFIR, TEST

Log-in information

Log-in information is sent by certified mail to the contact person specified in the authorisation application. The letter also contains additional information needed to connect to the test environment of the TRS2 system.

Connection

It is only possible to connect to the TRS2 system's test environment using an FTP client that supports SFTP. NOTE: There is no online interface for reporting transactions in accordance with MiFID II/MiFIR.

The IP address to connect to the test environment and log-in information are sent by letter to Submitting Entities. See Log-in information. Go towards Port 22.

By connecting to Port 22, FI's server automatically encrypts the connection using a pre-installed certificate. When connecting, a window pops up asking if you trust the host key at FI. Click OK to accept the key and encrypt the channel.

The letter containing the log-in information also contains information about the folder structure on FI's SFTP server. Transaction files (TR files) to be sent to FI are placed in the Outgoing folder. Feedback files (FF and FD files) are downloaded from the Incoming folder.

Recommended tests

Tests are done in the system version that, following some minor adjustments, will be used in the production environment starting on 3 January 2018. Information about system updates is published under Updates  at the top of the page.

Recommended tests include:

  • test of the connection to FI's SFPT server
  • test of access to folders for uploading and downloading files
  • uploading of transaction files (TR file)
  • downloading of feedback files (FF and FD files)
  • receipt of approved 'ACPT' in file format (see File Validation Rules)
  • receipt of approved 'ACPT' for at least one transaction (see Content Validation Rules)
  • recall a transaction

If an error occurs during the tests, we ask Submitting Entities to inform us about the error by sending an email to rapportering@fi.se.

Schedule for test reporting

When  What will be tested
October to
16 Nov 2017
Connectivity with the system. Validation of transactions. Validation of reference data from ESMA. New, updated version of the system (October).
17 Nov 2017 Completion of testing of connectivity with the system and validation of transactions and reference data from ESMA.
18 Nov 2017 to
2 Jan 2018
Continued testing of the system that will be taken into operation.

 

Technical specifications

Reports of transactions in financial instruments in accordance with MiFID II/MiFIR are filed in accordance with the technical specifications from ESMA.

RTS22 – Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities.

The information that must be reported in transaction reports (i.e. how the fields should be filled in) is described in Annex 1, Table 2.

Commission Delegated Regulation (EU) 2017/590

Technical Reporting Instructions MiFIR Transaction Reporting

NEW: Preliminary date Q3 2019. Technical Reporting Instructions – MiFIR Transaction Reporting

Technical Reporting Instructions – MiFIR Transaction Reporting

Questions and Answers on MiFIR data reporting

Technical Reporting Instructions (Esma)

File Validation Rules

Transaction Reporting, TRS2 – Technical specifications

Content Validation Rules

NEW: Preliminary date Q3 2019

Data validation rules for MiFIR transaction data

XML schedule

NEW: Preliminary date Q3 2019. XML-schedule TRS 2 (zip file)

XML schedule TRS2 (zip file)

Reference data

The test environment uses reference data from ESMA, but not always the most recently published data.

 

 

 

Reporting Department

Questions from companies and individuals with obligations report
Telephone hours: Weekdays 9–11 a.m
Last reviewed: 2017-05-17
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