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Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2020-09-28","question_submitted_on":"2020-09-28","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1511, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1511, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1511","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1511-transaction-reporting.md","body_sha256":"d08d4687ec7ef789f7781ccc0038c4c5bf817d7ce817ecac6832643c3c232db3"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1511 — Q&A — Transaction reporting [Answer Published]\"\nshortTitle: \"ESMA Q&A 1511 — Q&A — Transaction reporting [Answer Published]\"\nanswer_id: ESMA_QA_1511\ntopic: \"* Transaction reporting\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 28 September 2020\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1511\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 28 September 2020\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1511\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1511: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2020-09-28\"\n  question_submitted_on: \"2020-09-28\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1511, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1511, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 28 Sep 2020 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 28 September 2020 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1511)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1511 — Q&A — Transaction reporting \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1511 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 28 September 2020; question submitted 28 September 2020 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Transaction reporting**\n\n### Question\n\nConsider a scenario where an Investment Firm A executes a reportable transaction through an execution algorithm provided by another Investment Firm B .\n\na) How should field 59 (Execution within firm) of RTS 22 be reported when Investment Firm A uses the execution algorithm provided by Investment Firm B?\n\nb) Would Investment Firm A’s reporting differ if Firm B was not a MiFID II Investment Firm and therefore did not have the obligation to report this transaction under Art. 26 MiFIR?\n\nc) Where Investment Firm B is using Investment Firm A’s membership to access the market, is Investment Firm B executing the transaction and does Investment Firm B have to transaction report?\n\n***\n\n### Answer\n\n(a) The reporting obligations are the same as where Investment Firm A decides to send an order for execution to Investment Firm B. Investment Firm A should populate field 59 with the person or algorithm identifier within their firm that is primarily responsible for using Investment Firm B’s algorithm. Investment Firm A shall not populate a code for Investment Firm B’s algo, only its own information.\n\nThe scenario is:\n\nIF A → IF B (algorithm) → CCP (Trading Venue or Investment Firm)\n\nAssuming that Investment Firm A is buying an instrument and dealing on own account trading capacity, and Investment Firm B is acting in “any other” trading capacity, the respective reports should be completed as follows:\n\nN\n\nField\n\nInvestment Firm A’s report\n\nInvestment Firm B’s report\n\n4\n\nExecuting entity identification code\n\n{LEI} of Investment Firm A\n\n{LEI} of Investment Firm B\n\n7\n\nBuyer identification code\n\n{LEI} of Investment Firm A\n\n{LEI} of Investment Firm A\n\n16\n\nSeller identification code\n\n{LEI} of Investment Firm B\n\n{LEI} of CCP\n\n29\n\nTrading capacity\n\n‘DEAL’\n\n‘AOTC’\n\n59\n\nExecution within firm\n\nNatural person’s ID or code of algorithm within Investment Firm A\n\nCode for Investment Firm B’s execution algorithm\n\n(b) No. Investment Firm A’s reporting is the same as specified in a).\n\n(c) Yes. Investment Firm B is conducting the activity of executing a client order according to Art. 3 of RTS 22\\[1\\]. The scenario is:\n\nIF A → IF B (algorithm) → IF A (membership) → CCP (Trading Venue)\n\nAssuming that both Investment Firm A is buying an instrument and dealing on own account, and the subsequent steps in Investment Firm B and A are in “any other” trading capacity, the respective reports should be completed as follows:\n\nN\n\nField\n\nIF A’s report 1\n\nIF B’s report\n\nIF A’s report 2\n\n4\n\nExecuting entity identification code\n\n{LEI} of Investment Firm A\n\n{LEI} of Investment Firm B\n\n{LEI} of Investment Firm A\n\n7\n\nBuyer identification code\n\n{LEI} of Investment Firm A\n\n{LEI} of Investment Firm A\n\n{LEI} of Investment Firm B\n\n16\n\nSeller identification code\n\n{LEI} of Investment Firm B\n\n{LEI} of Investment Firm A\n\n{LEI} of CCP\n\n29\n\nTrading capacity\n\n‘DEAL’\n\n‘AOTC’\n\n‘AOTC’\n\n59\n\nExecution within firm\n\nNatural person’s ID or code of algorithm within Investment Firm A\n\nCode for Investment Firm B’s execution algorithm\n\n‘NORE’\n\nIn order to match Investment Firm B’s reports and reflect its involvement in more than one part of ‘the chain’, Investment Firm A has to submit two reports:\n\none for its trade as a client with Investment Firm B (Report 1).\n\none for its market-side trade with the Central Counterparty or another Investment Firm (Report 2).\n\n\\[1\\] Commission Delegated Regulation (EU) 2017/590.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1511)\n"}