Geographical scope: this will be limited to financial instruments tradeable on trading venues in the UK only.  The exclusion of instruments tradeable only on European trading venues (identified by EU national identifiers) will represent a significant saving for firms.

FX derivatives: due to the duplicative and sometimes patchy nature of the data, transaction reports will no longer be required for FX derivatives transactions.

Corporate events: the exclusions have been widened to include all eligible post-trade risk reduction services.

Greater clarity for the reporting of fractional instruments.

Clarifying the definition of “transaction”: through linking acquisitions and disposals to changes in economic exposure (for derivatives, increases in notional are acquisitions, and decreases are disposals). Reportability for entering into, closing out and modifying derivative positions is also clarified.  Note that the meaning of “execution” has also been tightened.

Branch execution: This is also the subject of further clarificatory rules and guidance, as well as principles-based examples in the Transaction Reporting Users Pack.

Reporting fields: the number of these is being reduced from 65 to 52, and trading venues are also required to populate fewer fields. 

Change to FCA supervisory expectations: the FCA is reducing the default back reporting period for correcting transaction reporting errors from five years to three years.