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published 24 May 2024 [Answer 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":"2024-05-24","question_submitted_on":"2024-05-27","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_2204, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_2204, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2204","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-2204-reporting-of-accumulator-contracts.md","body_sha256":"1aa11b14773142c6ae95b81e455534e7b120583c2f6ad40256d41f28ef079061"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 2204 — Q&A — Reporting of accumulator contracts [Answer Published]\"\nshortTitle: \"ESMA Q&A 2204 — Q&A — Reporting of accumulator contracts [Answer Published]\"\nanswer_id: ESMA_QA_2204\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: 27 May 2024\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2204\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 27 May 2024\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2204\"\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_2204: 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: \"2024-05-24\"\n  question_submitted_on: \"2024-05-27\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_2204, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2204, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 24 May 2024 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 27 May 2024 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2204)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2204 — Q&A — Reporting of accumulator contracts \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2204 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 24 May 2024; question submitted 27 May 2024 |\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**Reporting of accumulator contracts**\n\n### Question\n\n(a) How should accumulators - i.e. derivative contracts whereby the buyer commits to buy a predefined number of underlying financial instruments at a predefined price, per day, over a certain “accumulation” period - be classified?\n\n(b) Should the IF report the single transactions executed when settling the accumulator contract?\n\n(c) Should the IF report the transactions concluded with third parties to secure the financial instruments to be sold to the accumulator’s buyer?\n\n(d) How should the accumulator contract be reported?\n\n***\n\n### Answer\n\n(a) For the purposes of transaction data reporting, accumulators should be classified as either forwards or options, depending as to whether they embed option features (e.g. knock-out price or gearing ratio).\n\n(b) No.\n\n(c) Yes, they should be reported according to the general rules, as applicable.\n\n(d) Accumulators should be reported as displayed below:\n\nRTS 22 Field Number\n\nRTS 22 Field Name\n\nContent to be reported\n\n30\n\nQuantity\n\nNumber of derivative contracts purchased.\n\n33\n\nPrice\n\nPrice at which the buyer has committed to purchase the underlying financial instruments during the accumulation period.\n\n\\[For contracts classified as options\\]\n\nThe premium of the derivative contract per underlying.\n\n38\n\nUp-front payment\n\nIf applicable, the monetary value of any up-front payment.\n\n42\n\nInstrument full name\n\nFull name of the financial instrument, which must contain the term \"accumulator\".\n\n43\n\nClassification\n\nJE\\*\\*\\*\\* or O\\*\\*\\*\\*\\*\n\n46\n\nPrice multiplier\n\nMaximum number of shares to be purchased over the entire accumulation period.\n\n47\n\nUnderlying ISIN\n\nISIN of the underlying.\n\n51\n\nStrike price\n\n\\[Only for contracts classified as options\\]\n\nPre-determined price at which the holder will have to buy the underlying financial instrument.\n\n55\n\nExpiry date\n\nExpiration date of the accumulator.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2204)\n"}