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FAQs on transaction reporting – Question II.2.3.6

In some cases where trades are executed via a broker, these trades are in the broker’s books for some time until the position is allocated to the respective customers.

Are these brokers considered to be market participants? If so, (how) would this interfere with them being OMPs?

By consequence: do these trades with brokers as counterparties need to be reported under REMIT? Or are only the allocations (give-up/take-up) to be reported?


Answer:

Our understanding is that firms may have several business activities. When a firm is an executing broker (exchange member) and is also an Organised Market Place (it runs a Broker platform) the firm has two different types of business and it should be treated as such. For their executing broker business the firm may need to register with the competent NRA as market participant. Further details can be found in Annex III to the TRUM available on the REMIT Portal.

Last update: 16/11/2015   RSS_Icon Subscribe to this Page’s RSS