FCA Handbook - MAR 10.4 Position reporting

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MAR 10.4 Position reporting

Application

The application of this section is set out in the following table:

Type of firm	Applicable provisions
Regulated market	MAR 10.4.2G
UK firm operating a multilateral trading facility or an OTF and a UK branch of a third country investment firm operating a multilateral trading facility or an OTF	MAR 10.4.3R to MAR 10.4.6G
MiFID investment firm	MAR 10.4.7D to MAR 10.4.9D and MAR 10.4.11G
UK branch of a third country investment firm when not operating a multilateral trading facility or an OTF	MAR 10.4.7D to MAR 10.4.9D and MAR 10.4.11G
Member, participant or a client of a UK trading venue	MAR 10.4.7D

Position reporting by UK regulated markets

A regulated market which trades commodity derivatives or emission allowances must provide position reports in accordance with paragraph 7BB of the Schedule to the Recognition Requirements Regulations, as inserted by the MiFI Regulations.

[Note: article 58(1) of MiFID]

Position reporting by UK firms and UK branches of third country investment firms operating an MTF or OTF: Reports

(1)
This rule applies to a UK firm operating a multilateral trading facility or an OTF and a UK branch of a third country investment firm operating a multilateral trading facility or an OTF.
(2)
A firm must make public and provide to the FCA a weekly report with the aggregate positions held by the different categories of persons for the different commodity derivatives or emission allowances traded on the trading venue, where those instruments meet the criteria of article 83 of the MiFID Org Regulation, specifying:
1. (a)
  the number of long and short positions held by such categories;
2. (b)
  changes in those positions since the previous report;
3. (c)
  the percentage of the total open interest represented by each category; and
4. (d)
  the number of persons holding a position in each category, as specified in MAR 10.4.4R.
(3)
The firm must provide the FCA with a complete breakdown of the positions held by all persons, including the members or participants and clients, as well as those of their clients until the end client is reached, on the trading venue on a daily basis.
(4)
For the weekly report mentioned in (2) above, the firm must differentiate between:
1. (a)
  positions which in an objectively measurable way reduce risks directly relating to commercial activities; and
2. (b)
  other positions.
[Note: article 58(1) of MiFID, MiFID ITS 4 on position reporting and MiFID ITS 5 on the format and timing of weekly position reports]

(1)
For the purpose of weekly reports, the obligation for a trading venue operator to make public such a report applies when both of the following 2 thresholds are met:
1. (a)
  20 open position holders exist in a given contract on a given trading venue; and
2. (b)
  the absolute amount of the gross long or short volume of total open interest, expressed in the number of lots of the relevant commodity derivative, exceeds a level of 4 times the deliverable supply in the same commodity derivative, expressed in number of lots.
(2) Where the commodity derivative does not have a physically deliverable underlying asset and for emission allowances, (1)(b) does not apply.
(3) The threshold set out in (1)(a) applies in aggregate on the basis of all of the categories of persons regardless of the numbers of position holders in any single category of persons.
(4) For contracts where there are fewer than 5 position holders active in a given category of persons, the number of position holders in that category need not be published.
(5) For contracts that meet the conditions set out (1) for the first time, trading venues must publish the contracts’ first weekly report as soon as it is feasibly practical, and in any event no later than 3 weeks from the date on which the thresholds are first triggered.
(6) Where the conditions set out in (1) are no longer met, trading venues must continue to publish the weekly reports for a period of 3 months. The obligation to publish the weekly report no longer applies where the conditions set out in (1) have not been met continuously upon expiry of that period.

Position reporting by UK firms and UK branches of third country investment firms operating an MTF or OTF: classification of persons holding positions in commodity derivatives or emission allowances

A firm must classify persons holding positions in commodity derivatives or emission allowances according to the nature of their main business, taking account of any applicable authorisation or registration, as:

(1)
investment firms or credit institutions; or
(2)
investment funds, either as a UCITS, or an AIF or an AIFM; or
(3)
other financial institutions, including:
1. (a)
  insurance undertakings and reinsurance undertakings as defined in the Solvency II Directive; and
2. (b)
  institutions for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement; or
(4)
commercial undertakings; or
(5)
in the case of emission allowances, operators with compliance obligations under the Emission Allowance Trading Directive or the trading scheme order 2020.

[Note: article 58(4) of MiFID]

Position reporting by UK firms and UK branches of a third country investment firms operating an MTF or OTF: Procedure for reporting to the FCA

(1)
This direction applies to:
1. (a)
  a UK firm operating a multilateral trading facility or an OTF; and
2. (b)
  a UK branch of a third country investment firm operating a multilateral trading facility or an OTF.
(2)
A firm shall report to the FCA:
1. (a)
  (where it meets the minimum threshold as specified in article 83 of the MiFID Org Regulation) the weekly report referred to in MAR 10.4.3R(2), by using the form set out in Annex I of MiFID ITS 4, and publish it on its website; and
2. (b)
  in respect of the daily report referred to in MAR 10.4.3R(3):
  1. (i)
    by using the form set out in Annex II of MiFID ITS 4 available at https://www.fca.org.uk/markets/mifid-ii/commodity-derivatives; and
  2. (ii)
    in each case, the report must be provided to the FCA by 21:00 GMT the following business day.
  [Note: MiFID ITS 4 on position reporting]

Position reporting by UK firms and UK branches of a third country investment firms operating an MTF or OTF: Duplication of reporting

For the purposes of making the weekly report referred to under MAR 10.4.3R(2), the FCA will accept an email containing a link to the report, as published on the firm’s website. Emails should be sent to the FCA at COT_reports@fca.org.uk.

Position reporting by members, participants or clients of UK trading venues: trading venue participant reporting

(1)
This direction applies to a member, participant or a client of a trading venue.
(2)
A person in (1) must report to the relevant operator of a trading venue the details of their own positions held through contracts traded on that venue, at least on a daily basis, as well as those of their clients and the clients of those clients, until the end client is reached.
(3)
[deleted]

[Note: article 58(3) of MiFID]

MiFID investment firms and UK branches of third country investment firms: OTC reporting to the FCA

(1)
This direction applies to:
1. (a)
  a MiFID investment firm; and
2. (b)
  a UK branch of a third country investment firm.
(2)
An investment firm in (1) trading in a commodity derivative or emission allowance outside a trading venue must, where the FCA is the competent authority of the trading venue where that commodity derivative or emission allowance is traded, provide the FCA with a report containing a complete breakdown of:
1. (a)
  their positions taken in those commodity derivatives or emission allowances traded on a trading venue;
2. (b)
  economically equivalent OTC contracts; and
3. (c)
  the positions of their clients and the clients of those clients until the end client is reached, in accordance with article 26 of MiFIR.
(3)
The report in (2) must be submitted to the FCA, for each business day, by 21:00 GMT the following business day, using the form set out in Annex II of MiFID ITS 4 available at https://www.fca.org.uk/markets/mifid-ii/commodity-derivatives.
(4)
The obligation in (2) does not apply where there is a central competent authority for the commodity derivative other than the FCA.

[Note: 58(2) of MiFID, and MiFID ITS 4 on position reporting]

EEA MiFID investment firms who are members, participants or clients of UK trading venues: trading venue participant reporting and OTC reporting to the FCA

(1)
This guidance applies to persons subject to MAR 10.4.8D(2).
(2)
A firm subject to MAR 10.4.8D(2)may use a third party technology provider to submit to the FCA the report referred to in MAR 10.4.8 D(2) provided that it does so in a manner consistent with MiFID. It will retain responsibility for the completeness, accuracy and timely submission of the report and should populate field 5 of MiFID ITS 4 Annex II with its own reporting entity identification. It should be the applicant for, and should complete and sign, the FCA MDP on-boarding application form.
(3)
MAR 10.4.11.G(2) applies to a trading venue subject to MAR 10.4.
(4)
A firm subject to MAR 10.4.8D(2) may arrange for the trading venue where that commodity derivative or emission allowance is traded to provide the FCA with the report provided that it does so in a manner consistent with MiFID. The firm will retain responsibility for the completeness, accuracy and timely submission of the report, submitted on its behalf. The firm should populate field 5 of MiFID ITS 4 Annex II with its own reporting entity identification.