Question 2.1.10 Data Field (9)

With regard to the Trading Capacity and the connected information final beneficiary we have a question: Our understanding is that a Trading Capacity setting of Agent only adds value in the context of also providing a final beneficiary that is then the actual owner of the transaction. A setting of Agent without the indication of the final beneficiary will need to be considered as if it were for the member (acting as an agent) until the actual beneficiary is acknowledged.

The current assumption is that the final beneficiary information for exchange trades will be provided starting April 2016 based on a back-to-back Non-Standard ACER Transaction between the member and the final beneficiary.

(The direct information for the final beneficiary is not an information that is available on the exchange platforms).

Based on these facts, our best effort suggestion is that all exchange trades should be reported as P – Principal until in April 2016 the complete set including the final beneficiaries (with their related Non-standard transaction between member and final beneficiary) can and needs to be reported.

Answer

The definition of Trading Capacity is available in the TRUM. If the Organised Market Place knows that the trading capacity of the market participant is “Agent”, then “A” should be reported irrespective or the availability of the Beneficiary ID in Data Field (8). This always adds value to the transaction report.