--- title: "ESMA Q&A 1694 — Q&A — Financial instruments’ volatile attributes [Answer Published]" shortTitle: "ESMA Q&A 1694 — Q&A — Financial instruments’ volatile attributes [Answer Published]" answer_id: ESMA_QA_1694 topic: "ESMA70-1861941480-56 Questions and Answers on MiFIR reporting" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "MiFIR" mifir_level3: true mica_level2: false legal_basis: "MiFIR" date: 5 October 2017 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1694 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 5 October 2017" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1694" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "ESMA" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "ESMA Answer" locator: "ESMA Q&A entry ESMA_QA_1694: field 'ESMA Answer', no 'Answer provided by' line" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2017-10-05" question_submitted_on: "2017-10-05" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1694, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1694, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer by ESMA, published in its Q&A tool · not legislation · published 5 Oct 2017 [Answer Published]** *Answer Published · ESMA Q&A register, 5 October 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1694)* | | | |---|---| | **Full title** | ESMA Q&A 1694 — Q&A — Financial instruments’ volatile attributes \[Answer Published\] | | **Prepared by** | ESMA | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1694 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 5 October 2017; question submitted 5 October 2017 | | **Legal basis** | MiFIR | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Financial instruments’ volatile attributes** ### Question (a) How to complete reference data and transaction reports for financial instruments with a fixed rate that is a volatile attribute. (b) How to complete reference data and transaction reports for financial instruments with a strike price that is a volatile attribute. *** ### Answer \[ESMA 70-1861941480-56 MiFIR data reporting Q&A, Q&A 14.1\] (a) Where a swap rate or forward rate financial contract is quoted as the fixed rate and it is considered to be an attribute of the transaction rather than an attribute of the financial instrument, the respective reports should be completed as follows: Transaction report\[1\] - the price (field 33) of the transaction should be populated with the fixed rate value. The upfront payment (field 38) should be populated with a value of zero. Reference data report\[2\] - the relevant fixed rate leg (field 43 or 44) of the financial contract should not be populated The above is applicable to the financial instruments with specific CFI codes for which the fixed rate is considered as a volatile attribute. The CFI validation document will be kept up to date to reflect that the fixed rate related fields should be non-applicable for the relevant CFI codes. (b) Where the strike price of a financial contract is considered to be an attribute of the transaction rather than an attribute of the instrument then the respective reports shall be completed as follows: Transaction report - the price (field 33) of the transaction shall be populated with the strike price value. The upfront payment (field 38) shall be populated with the value of the option premium. Reference data – the strike price field shall not be populated. The above is applicable to the financial instruments with specific CFI codes for which the strike price is considered as a volatile attribute. The CFI validation document will be kept up to date to reflect that this field should be non-applicable for these codes. If the trading model deviates from (a) and (b) above then the transaction report shall be completed in line with ESMA’s published guidelines for transaction reporting, order record keeping and clock synchronisation under MiFID II\[3\]. In all cases transaction reports must be reported consistently with reference data. \[1\] COMMISSION DELEGATED REGULATION (EU) 2017/590 with regard to regulatory technical standards for the reporting of transactions to CAs. Available at the following link \[2\] COMMISSION DELEGATED REGULATION (EU) 2017/585 with regard to regulatory technical standards for the data standards and formats for financial instrument reference data. Available at the following link \[3\] https://www.esma.europa.eu/sites/default/files/library/2016-1452\_guidelines\_mifid\_ii\_transaction\_reporting.pdf *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1694)