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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":"2019-10-07","question_submitted_on":"2019-10-07","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1698, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1698, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1698","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1698-fx-forward-reporting.md","body_sha256":"fb84a46f29af0f3e2dcb09a90131ee83b306add7ca2b1eefe1936fec3a327d0e"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1698 — Q&A — FX forward reporting [Answer Published]\"\nshortTitle: \"ESMA Q&A 1698 — Q&A — FX forward reporting [Answer Published]\"\nanswer_id: ESMA_QA_1698\ntopic: \"ESMA70-1861941480-56 Questions and Answers on MiFIR 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: 7 October 2019\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1698\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 7 October 2019\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1698\"\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_1698: 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: \"2019-10-07\"\n  question_submitted_on: \"2019-10-07\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1698, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1698, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 7 Oct 2019 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 7 October 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1698)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1698 — Q&A — FX forward reporting \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1698 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 7 October 2019; question submitted 7 October 2019 |\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**FX forward reporting**\n\n### Question\n\nHow should a transaction carried out on a trading venue on a FX forward be reported under Article 26 and Article 27 of MiFIR?\n\n***\n\n### Answer\n\n\\[ESMA 70-1861941480-56 MiFIR data reporting Q&A, Q&A 17.1\\]\n\nExample:\n\nOn March 13th, 2018, investment firms A and B enter in a EUR/GBP (the currency mentioned first is the ‘base’ currency, while the other currency is the ‘terms’ or ‘quote’ currency) FX forward instrument on a trading venue. The instrument has the following characteristics:\n\nNotional of the instrument: €1M;\n\nEffective date of the transaction: March 15th 2018 (T+2);\n\nExpiry date of the instrument: September 15th 2018;\n\nThe tenor of this instrument is 6 months;\n\nISIN code of the financial instrument: EZ1234567891;\n\nThe price of the instrument is the FX forward rate expressed as a price of base currency in the quoted currency according to the market convention for the currency pair;\n\nThe EUR/GBP FX forward rate reference is 0.8200.\n\nThe counterparty that is receiving the currency which is first when sorted alphabetically by ISO 4217 standard should be identified as the buyer\\[1\\].\n\nIn our example, investment firm A who will (in 6 months) deliver the GBP and receive the EUR is the buyer of the FX forward, while investment firm B who will (in 6 months) receive the GBP and deliver the EUR is the seller of the FX forward.\n\n(A) The relevant fields in the transaction reporting as per article 26 of MiFIR should be\\[2\\]:\n\nThe price should be populated with the forward rate expressed as a price of base currency in the quoted currency and the monetary value XML tag should be used\\[3\\].\n\nIn the quantity field #30 the executing entities (buyer and seller) should report the amount of the FX forward in the base currency. The quantity in field #30 in the transaction report is always shown as positive.\n\nIn the quantity currency field #31, the executing entities (buyer and seller) should report the base currency of the FX forward.\n\nThe price currency field should be populated with the term / quote currency (i.e. GBP in this example).\n\nAlthough the examples show the reports of firm A, the reports of firm B would be identical.\n\nB) As per article 27 of MiFIR, the trading venue or SI admitting to trade or trading this instrument shall report it in FIRDS. The following table shows the expected reporting of the instrument reference data by trading venues or SIs (only the relevant fields are displayed):\n\nNotional currency 1 should be populated with the 1st currency when sorted alphabetically by ISO 4217 standard.\n\nNotional currency 2 should be populated with the second currency when sorted alphabetically by ISO 4217 standard.\n\n\\[1\\] As per field 7 (Buyer identification code) on table 2 of Annex 1 of RTS 22\n\n\\[2\\] If this transaction is carried out outside a trading venue then field 36 should be populated with XOFF.\n\n\\[3\\] Notional currency 1 may not be the base currency of the contract.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1698)\n"}