Release Notes

UPDATE: Cboe Europe: Upcoming Mandatory Changes to Regulatory Transaction Reporting Gateway Schema and Upload Interface, effective 23rd September 2019

September 18, 2019 16:01:57


Dear Cboe Europe Participants,

Mandatory changes to the schema used for reporting and feedback

Further to the below XML schema change and the original live date having been delayed by ESMA, Cboe would like to highlight that the ESMA XML schema version v1.1.0 update is now scheduled to go live effective Monday 23rd September 2019. Full details continue to be available at https://www.esma.europa.eu/policy-rules/mifid-ii-and-mifir/mifir-reporting-instructions.

Certification (UAT) Testing

To confirm, this change has already been live in the UAT environment since December 2018 and will go live in Production on Monday 23rd September 2019. Participants submitting transaction reports to the Cboe RTRG should make sure that their systems can support the updated schemas when they go live. It is expected that no changes need to be made to the transaction reports submitted; however, the schema for the feedback files Participants receive contains some potentially breaking changes.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk

Cboe Europe Equities

T. +4420 7012 8901 (UK); +31 20 299 6801 (NL)

E.[email protected] | cboe.com


From: Trade Desk EU <[email protected]&rt;
Sent: 20 December 2018 16:06
To: Trade Desk EU <[email protected]&rt;
Subject: Cboe Europe: Upcoming Mandatory Changes to Regulatory Transaction Reporting Gateway Schema and Upload Interface

Dear Cboe Europe Participants

Please be aware of the two upcoming changes to the Cboe Europe Equities (Cboe) Regulatory Transaction Reporting Gateway (RTRG). The first change is an XML Schema change that will impact all participants who are currently using the RTRG system or are in the process of certifying. The second change involves amendments to the Upload Interface which will impact current RTRG users and all Participants who wish to cross-border trade EU27 securities post Brexit.

1) Mandatory changes to the schema used for reporting and feedback

The European Securities and Markets Authority (ESMA) have announced that as part of upcoming system updates, they will update the XML Schemas used in transaction reporting as well as the reporting instructions and validation rules. ESMA plans to go live with the new version 1.1.0 of the XML Schemas in February 2019 in their production environment, the exact date is still to be confirmed by ESMA. The Cboe Regulatory Reporting Gateway (RTRG) system will update the XML Schema at the same time and in line with ESMA.

These XML Schemas (versioned as 1.1.0) have been published in advance and are available athttps://www.esma.europa.eu/policy-rules/mifid-ii-and-mifir/mifir-reporting-instructions.This document is the only technical support that ESMA offers and Cboe strongly recommends that this document is reviewed by Participants in full to assess the impact of the changes on their current transaction reporting solution. Cboe isunable to provide official support for technical changes to a third party system.

Participants submitting transaction reports to the Cboe RTRG should make sure that their systems can support the updated schemas when they go live in February 2019. It is expected that no changes need to be made to the transaction reports submitted; however, the schema for the feedback files Participants receive contains some potentially breaking changes.

The schemas are now available for use in the Certification environment and the Cboe Trade Desk will send out another notice with specific dates for when these schemas are to go live in Production environments, once more information is made available by ESMA. Until this time, the current XML Schemas should be used in PROD.

Certification (UAT) Testing

The Certification environment will begin to use the new schemas effective immediately.

2) Changes to the upload interface required by Cboe Europe's Brexit strategy

Cboe Europe is in the process of executing its Brexit strategy that includes establishing itself as a EU27 Market Operator in Amsterdam in order to mitigate possible constraints to cross-border trading following the UK???s departure from the EU in 2019. Cboe is taking this step to ensure that, in the absence of an agreed ???exit deal??? between the UK and the EU27, it can continue to serve its customers.

Cboe is working under the assumption that the UK will have a similar transaction reporting requirement for non-UK based firms post-Brexit following a potential ???no deal??? outcome.

Cboe will require entities not under UK jurisdiction to submit additional information in order for Cboe to meet its Transaction Reporting obligation derived from non-UK Participant trading on the UK platform.

In summary:

* UK regulated firms will need to submit transaction reports to the AFM through the RTRG for activity conducted on the Cboe EU venue.

* EEA regulated firms will need to submit transaction reports to the FCA through the RTRG for activity conducted on the Cboe UK venue.

* Non EEA or UK regulated firms will need to submit transaction reports to the AFM (for activity Cboe EU) and the FCA (for activity on Cboe UK) through the RTRG.

For current users of the RTRG, this means that Participants may need to upload two separate files to the reporting gateway.

The jurisdiction for a given set of transaction reports can be ascertained by the looking at the regulated entity column for the associated symbol in the Cboe Europe Symbol Reference Data File.Please note that all symbols will have their regulated entityset to UK until Brexit go-live changes are implementedin Production. However, the Cboe live symbols file in UAT provides the values to be expected post Brexit in the regulated_entity column.

The UAT files and the reference data specification which outlines the expected values for the regulated_entity column can be found here.

A summary of the interface changes can be found below and more details can be found in the RTRG Specification:

* The naming convention for Participant file submissions will differ depending on the required regulator for submission.

* The sftp directory structure will be modified to contain EU and UK folders for transaction reports for the AFM and FCA respectively.

* The current directory structure will be maintained for backwards compatibility up until the point Cboe Europe starts operating its Amsterdam venue. This means that participants do not have to use the new directory structure from the Production date, however participants are strongly advised to begin using the new structure in PROD before the opening of the Amsterdam venue.

* Note that, in the interim period until Cboe Europe starts operating its Amsterdam venue, all files will be submitted to the FCA, irrespective of which directory they are uploaded to.

Certification (UAT) Testing

The changes to the interface to allow Participants to migrate their existing transaction reporting will be available in CERTIFICATION from Monday 14th January 2019 and PRODUCTION from Friday 18th January 2019.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk

Cboe Europe Equities

11 Monument Street | London, EC3R 8AF

T. +44 207 012 8901

E.[email protected] | cboe.com