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The Critical Need for Daily Independent Assurance in MiFIR Reporting

The Critical Need for Daily Independent Assurance in MiFIR Reporting

The Critical Need for Daily Independent Assurance in MiFIR Reporting

Markets in Financial Instruments Regulation (MiFIR) transaction reporting requirements place a significant burden on investment firms to ensure complete and accurate data submission. The National Competent Authorities (NCAs) mandate that firms must have robust systems and controls in place to ensure the accuracy and completeness of transaction reports. Independent assurance testing is crucial for truly validating MiFIR compliance.


Many firms rely solely on acceptance by Approved Reporting Mechanisms (ARMs) or NCAs, but this can create a false sense of security. Some firms conduct monthly or quarterly sample-based testing, whereas the n-Tier platform can provide fully automated daily assurance for 100% of transactions submitted.

Markets in Financial Instruments Regulation (MiFIR) transaction reporting requirements place a significant burden on investment firms to ensure complete and accurate data submission. The National Competent Authorities (NCAs) mandate that firms must have robust systems and controls in place to ensure the accuracy and completeness of transaction reports. Independent assurance testing is crucial for truly validating MiFIR compliance.


Many firms rely solely on acceptance by Approved Reporting Mechanisms (ARMs) or NCAs, but this can create a false sense of security. Some firms conduct monthly or quarterly sample-based testing, whereas the n-Tier platform can provide fully automated daily assurance for 100% of transactions submitted.

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Key Benefits of Daily Independent Assurance:

Accuracy

Verifies accuracy and completeness of reported data

Transparency

Identifies under-reporting and/or over-reporting issues

Oversight

Provides an additional layer of data governance and regulatory control

Efficiency

Enables discrepancies to be reviewed and resubmitted with minimal delays and effort

Assurance

Helps avoid regulatory penalties and reputational damage

How n-Tier Delivers Robust MiFIR Assurance:

n-Tier’s platform provides automated, independent assurance testing for 100% of trades submitted daily, identifying discrepancies and enhancing compliance. This assurance testing runs in parallel with current reporting systems to offer an additional level of confidence in the completeness and accuracy of MiFIR report submissions:

  • Ingests daily NCA submissions, via MDP (Market Data Processor).
  • Reconstructs reports from original source data for true validation.
  • Connects to multiple sources, including OMS(s), FIX logs, Product Data, and Customer Data to reconstruct MiFIR reports, rather than connecting to one transformed data source.
  • Provides a consolidated view of all the data to manage the correction process.
  • Applies enhanced, client-specific customizable validation using the zero-code environment.
  • Highlights discrepancies for manual or automated correction.
  • Enables cross-report analytics across multiple reporting regimes.
  • Leverages n-Tier’s deep financial industry and data expertise.
  • Validation capabilities are fully integrated into n-Tier’s multi-jurisdictional, fully scalable platform.

By implementing n-Tier’s solution, firms can achieve robust MiFIR compliance assurance while realising significant time and cost savings compared to manual processes.

Please contact n-Tier today for a free assessment of your MiFIR reporting and to discuss how our platform can strengthen your MiFIR compliance.
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