1. European
  2. ESMA - European Securities and Markets Authority
  3. Guidelines
  4. 2016
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  1. Guidelines - Transaction reporting, order record keeping and clock synchronisation under MiFID II (updated 7 August 2017) (ESMA/2016/1452)
  2. 5 Guidelines on transaction reporting
  3. Part I - General principles
  4. 5.4 Execution of a transaction on a Trading Venue
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Version date: 10 October 2016 - onwards

5.4 Execution of a transaction on a Trading Venue

For the purpose of Field 36, a transaction should be considered to be executed on a Trading Venue only when

i) the buying and selling interest of two parties is brought together by the Trading Venue either on a discretionary or non-discretionary basis

or

ii) the buying and selling interest of two parties is not brought together by the Trading Venue either on a discretionary or non-discretionary basis, but the transaction is nonetheless subject to the rules of that Trading Venue and is executed in compliance with those rules.

Where an Investment Firm is not the direct market facing entity the Investment Firm is not regarded as executing on the Trading Venue for the purposes of transaction reporting.

5.4.1 Trading venue transaction identification code (Field 3)

Pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580, "operators of trading venues shall maintain an individual trading venue transaction identification code" for each transaction resulting from the full or part

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