Transaction Reporting technology that solves your biggest regulatory headaches

Transaction reporting is the obligation for investment firms to send their regulator full details of each reportable trade by the end of the next working day. Under MiFIR, reports go through an Approved Reporting Mechanism (ARM). eflow's transcation reporting software automates this process, checking every field before submission so errors are caught before the regulator sees them.

Using a robust combination of data enrichment, validation and report automation, eflow's technology includes three-way data reconciliation, error handling, automatic submissions, and field-by-field editing as standard. This means it quickly identifies discrepancies, including unreported transactions or reportable transactions, facilitates their immediate resolution, and streamlines the correction process by enabling firms to directly amend and reconcile trades.

Technology-led onboarding, managed by experts.

Switching transaction reporting systems is often one of compliance’s most resource-intensive projects, with data analysis, configuration, testing and sign-off competing with day-to-day duties. Many firms 'make do' with their existing technology, deterred by hefty implementation fees and past onboarding experiences marked by limited support, unclear ownership and outsourced service. eflow removes this barrier, combining technology, automation and expertise to deliver value fast.

Client Testimonial

What is MiFIR transaction reporting?

MiFIR transaction reporting requires investment firms to report details of reportable transactions in financial instruments to their national competent authority, such as the FCA, BaFin and AMF in Europe by the end of the following working day (T+1). Reports contain up to 65 fields covering the instrument, price, quantity, buyer, seller and decision-maker, and are usually submitted through an approved reporting mechanism (ARM).

What does eflow's Transaction Reporting software do?

eflow Transaction Reporting centralises and automates MiFIR reporting. It uploads trade data, enriches it through the eflow Market Data Store, cross-references records against FIRDS, runs a three-way reconciliation, then generates and submits reports automatically. Regulator feedback is ingested so errors can be corrected field by field and resubmitted.

Which firms need to submit MiFIR transaction reports?

Investment firms authorised under MiFID II or the UK equivalent must report the execution of trades in reportable financial instruments, operators of trading venues (such as exchanges, MTFs, and OTFs), UK/EEA branches of third-country investment firms, and credit institutions carrying out investment services. eflow Transaction Reporting is built specifically for these MiFIR obligations.

What is three-way reconciliation in transaction reporting?

Three-way reconciliation compares a firm's internal trade records, the reports it submitted, and the data held by the regulator or ARM, to find missing, extra or inaccurate reports. eflow runs this automatically in real time, identifying unreported or over-reported transactions so firms can amend and resubmit quickly. The FCA and other regulators expect firms to reconcile reports regularly.

How does eflow check that instruments are reportable?

eflow automatically cross-references every record against the FIRDS register (the Financial Instruments Reference Data System) to confirm whether an instrument is reportable. Trade data is also validated and enriched against multiple industry sources through the eflow Market Data Store, reducing the risk of missing or incorrect reports.

Does eflow submit reports directly to an ARM or the regulator?

Yes. eflow generates reports from validated data and submits them automatically through approved reporting mechanisms (ARMs). It is digitally connected to a range of global ARMs and NCAs.

How does eflow handle rejected or incorrect transaction reports?

eflow ingests regulator and ARM response files directly into the platform, so compliance teams can review rejections and errors in one place. Records can be corrected with field-by-field edits and resubmitted, and every action is captured in a complete digital audit trail.

Can eflow back-report historic transactions?

Yes. eflow lets firms upload historic transaction reporting files for continuity and back-test trade data to produce detailed reports for regulator requests. This supports remediation projects where past reports were missing or inaccurate.

How is eflow preparing for UK and EU transaction reporting reforms?

The FCA and EU are reforming MiFIR transaction reporting, including changes to reportable fields and scope. eflow provides regular functionality upgrades so clients' reporting stays aligned with new requirements as they take effect.

Can I switch transaction reporting provider without a gap in reporting?

Yes. eflow's migration is designed to ensure zero periods of regulatory downtime, combining automated processes with a dedicated onboarding specialist. Historic files can be imported for continuity.

What audit trail and management information does eflow provide?

eflow records every action taken across the transaction reporting platform in a complete digital audit trail. Firms can monitor, track and report on all platform activity, giving compliance teams the management information they need to evidence oversight to senior management and regulators.

Is eflow SOC 2 and ISO 27001 certified, and where is data hosted?

eflow is certified to ISO/IEC 27001:2022, the international standard for information security management systems (ISMS) and has also completed a SOC 2 [Type II] examination, conducted by an independent auditor. eflow client data is hosted on AWS Dublin (Ireland) and AWS US East (N. Virginia). Other AWS regions are available on request.

Transaction reporting technology