Approved Publication Arrangement
This article may be too technical for most readers to understand.(December 2019) |
With MiFID II directive being in force in January 2018, Approved Publication Arrangements (APA) data should increase transparency in the OTC markets by publishing quotes for pre-trade transparency, and trades for post-trade transparency. An APA is an organisation authorised to publish trade reports on behalf of investment firms according to Article (4)(1)(52) MiFID II.[1][2]
In finance, people usually use APA to refer to the data they provide, and not only the organization which provides the data.
Background[]
APAs, and are new categories of Data Reporting Services Providers (DRSPs) that did not exist under MiFID I.
For the APA data, one distinguishes three asset classes: bonds, derivatives of all kind (interest rate/Credit/FX/Commodity/Equity), and Structured Finance. Each APA data record contains information such as
- Agreement Time and Date in the variable
TRADING_DATE_AND_TIME
in ISO 8601 format, e.g.2019-08-08T03:14:15.926000+00:00
- Publication Time
- ISIN to uniquely identify the financial instrument (if
INSTRUMENT_ID_TYPE
is set toISIN
), for instanceINSTRUMENT_ID=HU0000403118
refers to a government bond of Hungary with maturity date 2027-10-27. - Name of the financial instrument
- Price (and currency)
- Volume
- Trade type (
INSTRUMENT_ID_TYPE
)
Example[]
A (shortened) example record in JSON format looks like this:
[
{
"TRADING_DATE_AND_TIME": "2019-08-08T03:14:15.926000+00:00",
"INSTRUMENT_ID_TYPE": "ISIN",
"INSTRUMENT_ID": "HU0000403118",
"PRICE": 111.2548,
"VENUE_OF_EXECUTION": "SINT",
"PRICE_NOTATION": "PERC",
"PRICE_CURRENCY": "HUF",
"NOTATION_OF_QUANTITY_IN_MEASUREMENT_UNIT": "N/A",
"QUANTITY_IN_MEASUREMENT_UNIT": "N/A",
"QUANTITY": 1,
"NOTIONAL_AMOUNT": 500000000,
"NOTIONAL_CURRENCY": "HUF",
"PUBLICATION_DATE_AND_TIME": "2019-08-08T07:58:31.154134+00:00",
"VENUE_OF_PUBLICATION": "BAPA",
"TRANSACTION_ID": "12345678-aaaa-bbbb-cccc-1234567890ab",
}
]
See also[]
- Request for quote
- LEI
- ISIN
- MiFID II
References[]
- ^ "Approved Publication Arrangement (APA)". missions-euets.com. 27 February 2014. Retrieved 9 July 2019.
{{cite web}}
: CS1 maint: url-status (link) - ^ "What do APAs mean for your MiFID II reporting?". 25 May 2017. Retrieved 9 July 2019.
Further reading:
- https://www.cnbc.com/2017/12/15/mifid-2-all-you-need-to-know.html ― a concise summary on the topic, understandable for laymen.
- Finance stubs
- Finance