Trading Venue Transaction Identification Code (TVTIC)
European Union Electricity Market Glossary

 


 

 

 

Trading Venue Transaction Identification Code (TVTIC) is a number generated by trading venues and disseminated to both the buying and the selling parties in accordance with Article 12 of the Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments (RTS 24).

 

Pursuant to Article 12 of the said 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 partial execution of an order that has gone through its matching system.

 

Under MiFID II reporting framework TVTIC is to be reported in the Field 3 in the Table 2 Annex to the Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (RTS 22).

 

Investment firms are required to populate the Field 3 with the relevant TVTIC generated by the operator of the trading venue "for the market side of a transaction executed on a trading venue".

 

ESMA Guidelines Transaction reporting, order record keeping and clock synchronisation under MiFID II (ESMA/2016/1452) stipulate that a transaction is 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.

 

The said Guidelines moreover explain that "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".

 

Guidelines accentuate that operators of trading venues may also generate TVTICs for transactions falling under point ii) of the definition of 'executed on a trading venue' provided above if a TVTIC is generated in such circumstances and an investment firm receives the TVTIC from the trading venue, the investment firm may choose to populate Field 3 of Commission Delegated Regulation (EU) 2017/590 with the relevant TVTIC generated by that operator of the trading venue.

 

 

 

 

 

 

 

IMG 0744

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Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities, OJ L 87, 31.3.2017, p. 449–478 - RTS 22

 

Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments, OJ L 87, 31.3.2017, p. 193–211 - RTS 24

 

Guidelines Transaction reporting, order record keeping and clock synchronisation under MiFID II, 10 October 2016, ESMA/2016/1452, corrected on 7 August 2017

 





 

 

 

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MiFID II reporting

 

 

 

 

 

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Last Updated on Friday, 25 August 2017 13:31
 

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