MiFID requirements in terms of reference data are fully met by Telekurs Financial and the relevant data are readily obtainable through the company’s display applications and in its VDF. Market data (pre- and post-trade data) are also available in the MDF and in the Telekurs iD display product.
As the implementation of MiFID continues across the MiFID zone, Telekurs Financial will maintain its dialogue with its clients, the industry and the MiFID working groups and will remain flexible in providing products and services to meet the changing needs across the industry.
Shares admitted to trading on regulated Markets
This attribute shows whether a share is admitted to trading on a regulated market. Where available, additional data for listing will be provided.
MiFID liquid share
The regulators will determine which shares are defined as “liquid” within the meaning of MiFID. This will be based on the average number of transactions (> 500) and average daily turnover (> EUR 2 million). It is expected that around 500 shares will be classified EEA-wide as “liquid shares”. The regulators will have to update this list at least once a year. Where available, additional data on the scope covered by the flags will be provided.
Classification of trading venues
According to MiFID, trading venues will be classified as follows:
- Regulated markets: Telekurs Financial will continue to list these as operators and trading venues in VDF with their own “G-Key” (Telekurs company code) and exchange code (EC).
- MTFs / Systematic Internalisers: These platforms will be listed in the VDF as operators and trading venues and will be allocated their own “G-Key” (Telekurs company code) and exchange code (EC).
Best Trading Venue
Best Execution Policy requires traders to be familiar with (among other things) the Best Trading Venues for the individual financial instruments. The Best Trading Venues are described in Valordata Feed by means of 12 different criteria and delivered in the corresponding data structures. Also available are the structures needed for reporting the "most relevant market in terms of liquidity" according to MiFID.
Product groups and market segments / trading times
Under Best Execution Policy, investors must be assured of the best possible execution of their trading orders. For this, traders need to be familiar with the product groups and market segments and with the trading times for each market segment on the relevant exchanges. Telekurs Financial has created the appropriate data structures for communicating this information to clients. Moreover, it is possible to specify the exchanges and their market segments on which each instrument can be traded.
MiFID complex / MiFID non-complex instruments
Knowledge of whether a financial instrument is classified under MiFID as a complex instrument or a non-complex instrument has a direct influence on the consultancy task which the bank performs for its client. Based on a complex system of rules, Telekurs Financial thus classifies financial instruments as MiFID complex instruments and MiFID non-complex instruments.
MiFID reportable instruments
Transactions in financial instruments that are listed on regulated markets must be reported to the supervisory authorities. Telekurs Financial flags the instruments concerned as MiFID reportable instruments.
CFI
The Classification of Financial Instruments (CFI) is required for bank reporting to the supervisory authorities. Telekurs Financial has already been offering CFI for several years, and this now covers some 2.6 million instruments.
Competent Authority
Each MiFID-relevant financial instrument is assigned to a Competent Authority. This is the national supervisory authority responsible for the instrument in question. Securities houses are required to report transactions to the Competent Authority responsible for the instrument in question. Telekurs Financial has created the appropriate structures for providing the Competent Authority.
