UKMIR Trade Repository Pricing

Direct reporting services are offered to firms who wish to contract directly with Regulatory Reporting and are party to the transactions submitted. These firms have access the Regulatory Reporting support model and will have full access to Regulatory Reporting resources to facilitate their reporting.

Single entity or group

TR participants contracting with Regulatory Reporting for the purpose of reporting their own legal entity’s reports (one reporting firm LEI) or multiple legal entities of a same parent entity or group (multiple reporting firm LEI) will be charged standard UKMIR pricing.

A fixed licence fee of £ 3,090 per annum will be charged per account.

Caps of £ 154,500 for non CCPs and £ 200,000 for CCPs per annum apply per account.

High-frequency traders (HFTs) and electronic trading participants (ETPs) contracting with Regulatory Reporting as TR participants will be charged a fixed licence fee per account, per annum, based on the volume bands below. To qualify as HFT/ETP more than 90% or reported volumes need to be from algorithmic trading. Should the volume of UTIs exceed the volume band paid for, an additional charge will apply.

A cap of £ 154,500 will apply.

To be classified as a retail client, the client will need to have not been authorised or regulated by your respective competent authority to operate in the financial market.

To qualify for retail flow, more than 90% of a HFT’s / ETP’s reportable volume must be against individuals as clients.

Retail UTIs submitted will be charged per the below tariff bands for the retail reporting firm LEIs.

The license fee (Retail price) is based on predicted volumes. The minimum license fee is £ 51,500. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with retail clients, predicts their volume per annum is 20,000,000. The HFT is charged £ 103,000. If actual volume is 26,000,000, there will be an additional £ 2,575 (1,000,000 x 0.002575) charge.

The wholesale flow is for HFTs / ETPs where they don’t qualify for retail flow. 

Wholesale UTIs submitted will be charged per the below tariff bands for the wholesale reporting firm LEIs.

The fixed license fee (Wholesale price) is based on predicted volumes. The minimum license fee is £ 103,000. If actual volume exceeds the predicted volume band, there is an additional charge per UTI, as outlined below.

For example, a HFT with institutional clients, predicts their volume per annum is 25,000,000. The HFT is charged £ 123,600. If actual volume is 26,000,000, there will be an additional £ 4,944 (1,000,000 x 0.004944) charge.

Report submitting entities

TR participants contracting with Regulatory Reporting for the purpose of submitting their counterparties reports will be charged standard UKMIR pricing as “delegated service provider” and will require explicit permission to submit transaction reports on behalf of each reporting firm LEI.

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of £ 5,150 per annum. Above 50,000 UTIs a year, standard UKMIR pricing will apply starting from £ 0.069525 per UTI.

If a report submitting firm submits above 750,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of £ 51,500 per annum and standard UKMIR pricing will apply starting from £ 0.041715 per UTI.

A cap of £ 154,500 per annum applies per delegated reporting client.

Reporting firms which have delegated their reporting to a counterparty/clearer submitting to Regulatory Reporting on their behalf, can be granted a view-only access to their reports. These firms will be required to contract with Regulatory Reporting and will be charged a fixed fee of £ 2,060 p.a.

Collaborative reporting services are offered to firms who wish to contract with Regulatory Reporting but are not party to the transactions submitted (third parties).

Technical routers are third-party firms contracting with Regulatory Reporting as ISV partners for the purpose of assisting their Clients in submitting reports. Technical routers will be charged £ 2,060 per annum. Regulatory Reporting will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard UKMIR pricing.

Technical routers clients grant their technical router access their secure file transfer protocol account (incl. SSH key) to route their reports to Regulatory Reporting. Technical routers may leverage access to their client’s data to offer additional services outside of Regulatory Reporting's remit. It is worth noting that a technical router client can only submit data via a single technical router contracted with Regulatory Reporting.

Technical router clients have access to the Regulatory Reporting support model, rules engine services and will have full access to Regulatory Reporting resources to facilitate their reporting.

Aggregators are high-volume third-party firms contracting with Regulatory Reporting as TR participants for the purpose of submitting their clients reports. Aggregators submit their client’s transaction reports in Regulatory Reporting’s standard format and own the relationship with their clients, including the right to amend data.

Aggregators will be charged a dedicated UKMIR pricing in accordance to the UTI volume submitted by their retail or wholesale clients.

Aggregator clients must grant their aggregator explicit permission to report on their behalf. Aggregator clients can be granted a view-only access to their reports by contracting with Regulatory Reporting and will be charged a fixed fee of £ 2,060 per annum. Aggregators may leverage access to their client’s data to offer additional services outside of Regulatory Reporting’s remit.

Aggregator clients will however not have access to Regulatory Reporting support model and rules engine services.

To qualify for retail flow, the majority (90% or more) of UTI’s submitted by an aggregator must be in respect of trades executed on behalf of the aggregator’s clients who are individuals (“Retail Clients”).

A fixed license fee of £ 103,000 per annum will be charged. This license fee includes 1,623,092 retail UTIs per annum.

Additional UTIs submitted by an aggregator will be charged per the below tariff for the retail reporting firm LEIs.

High volume aggregators will be capped at £ 206,000 per annum which is the equivalent of 16,412,727 UTI’s per annum.

The wholesale flow is for aggregators that do not qualify for retail flow.

A fixed license fee of £ 3,090 per annum will be charged. This license fee includes 2,000 wholesale UTIs per annum.

Additional UTIs submitted by wholesale aggregator clients will be charged to aggregators per the below tariff for the wholesale reporting firm LEIs.

Service providers are very high-volume third-party firms contracting with the Trade Repository. Service providers own the relationship with their clients including the right to amend data, but service provider clients have access to the Regulatory Reporting system and support model. No qualifying criteria, anyone can request to be classified as a service provider.

The £ 540,750 annual fee consists of £ 360,500 base fee, and £ 180,250 for their clients to have access to the Regulatory Reporting system and the Regulatory Reporting Support team.

The total sum of UTIs submitted by all the Service Provider’s clients will be charged to the Service Provider per the below tariff.

TR participants are able to seamlessly transfer their reporting to other TRs. Porting services are offered in accordance with ESMA’s ‘Guidelines On Portability Between Trade Repositories’ to firms contracted with Regulatory Reporting and onboarded to production who wish to switch their live reporting to Regulatory Reporting or to another TR.

When a TR participant firm requires onboarding from another TR, standard UKMIR pricing applies for the latest state of outstanding derivatives ported to Regulatory Reporting. The volume of UTIs ported counts towards applicable capping.

Additional Professional Services ("PS") days will be charged on a time and material basis if the TR participant firms wants to transfer any other data to Regulatory Reporting.

When a TR participant firm requires offboarding from Regulatory Reporting, billing will apply on a time and material basis at the applicable standard PS daily rate.

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to Regulatory Reporting will be charged to TR participants which selected Regulatory Reporting as their new TR.

In case of Regulatory Reporting withdrawing, no fees can be charged for ensuring the porting TR participant firms data to other TRs

TR participants are able to request the update of LEIs of transactions they have reported to Regulatory Reporting. This service offers the update of an old LEI to a new LEI on historical TR records in accordance with ESMA’s QA on UKMIR implementation (TR QA40), enabling seamless transition to reporting transactions with the new LEI.

A £ 3,296 fixed fee is charged to account for up to 100,000 transaction reports updated to cover Trade Repository costs related to administrative tasks, quality assurance and notifications to the relevant competent authorities.

A further £ 206 is charged for each subsequent batch of 100,000 transaction reports updated in the TR.

Standard UKMIR pricing will apply after the change has taken place for any transaction reports submitted from activation date onwards.

Direct reporting services are offered to firms who wish to contract directly with Regulatory Reporting and are party to the transactions submitted. These firms have access to the Regulatory Reporting support model and will have full access to Regulatory Reporting resources to facilitate their reporting.

Trade Repository (‘TR’) participants contracting with Regulatory Reporting for the purpose of reporting their own legal entity’s reports or multiple legal entities of a same parent entity or group will be charged standard UKMIR pricing.

Standard TR customers are charged a fixed licence fee of £3,250 per annum (which includes 2,000 UTIs), plus the price per band based on the number of Unique Trade Identifier contracts (UTIs) reported during a given year, as shown in the following table.

CCP’s can either elect to pre-pay a flat fee of £200,000 for unlimited reporting or can be charged according to the uncapped standard banding above. Preferences will be confirmed annually.

TR participants contracting with Regulatory Reporting for the purpose of submitting their counterparties’ reports will be charged as a “delegated service provider” per the following.  

If a report submitting firm submits below 50,000 UTIs a year, the delegated service provider will be charged a small report submitting entity fee of £5,330 per annum. Above 50,000 UTIs a year, standard UKMIR pricing will apply.

If a report submitting firm submits above 750,000 UTIs a year, the delegated service provider will be charged a standard report submitting entity fee of £53,303 per annum and standard UKMIR pricing will apply.

For Delegated Reporting, a cap of £159,908 per annum applies per delegated reporting client.

There will be an additional fixed price per additional domain added post onboarding of £775.

Technical routers are third-party firms contracting with Regulatory Reporting as Independent Software Vendor (ISV) partners for the purpose of assisting their clients in submitting reports. Technical routers will be charged £2,132 per annum. Regulatory Reporting will contract with the technical router’s clients as TR participants, which will be offered direct reporting services and will be charged standard UKMIR pricing.

Technical routers clients grant their technical router access to their secure file transfer protocol account (incl. SSH key) to route their reports to Regulatory Reporting. A technical router client can only submit data via a single technical router contracted with Regulatory Reporting.

Technical router clients have access to the Regulatory Reporting support model and Regulatory Reporting resources to facilitate their reporting.

The daily rate for Professional Services (PS) is £1,600. Each new UKMIR client will be charged an onboarding fee equivalent to half a day’s PS rate. This onboarding fee is waived for new clients who have contracted for an initial term of 5 years or more.

An additional 1-day PS rate will be charged for Managed File Transfer (MFT) set-up.

View Only onboarding fees will be charged in accordance with the previously outlined fees depending on the number of firms submitting on their behalf.

When a TR participant firm requires onboarding from another TR, standard UKMIR pricing applies for the latest state of outstanding derivatives ported to Regulatory Reporting. The volume of UTIs ported counts towards applicable capping.

Additional PS days will be charged on a time and material basis if the TR participant firm elects to transfer any other data to Regulatory Reporting.

In case of another TR withdrawing, fees relating to the voluntary porting from other TRs to Regulatory Reporting will be charged to TR participants that select Regulatory Reporting as their new TR.

In case of Regulatory Reporting withdrawing, no fees can be charged for ensuring the porting TR participant firms data to other TRs.