The European Securities and Markets Authority (ESMA) has published a set of instructions on the Financial Instruments Reference Data System (FIRDS), “Instructions on access and download of full and delta reference data files”.  

FIRDS will cover the reference data collection and publication requirements under both Regulation (EU) No.600/2014 on markets in financial instruments (MiFIR) and Regulation (EU No.596/2014 on market abuse (MAR). Trading venues and systematic internalisers are obliged to submit the requisite reference data for relevant financial instruments to national competent authorities (NCAs), which will then subsequently transmit it to ESMA for publication on its website. The UK Financial Conduct Authority (FCA), in particular, has confirmed that the FIRDS will be able to be used by firms to check the instrument scope of the MiFIR post-trade transparency obligations.

The ESMA instructions contain: (i) a description of the reference data files generated by the FIRDS system; and (ii) instructions on how to download the full and delta reference data files from the ESMA website.

If members have any questions or comments, please contact Adam Jacobs-Dean, Oliver Robinson or Adele Rentsch.