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ISDA Responds to FCA Consultation on Improving the UK MIFIR Transaction Reporting Regime

Infrastructure
Data & Reporting February 23, 2026
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On February 20, ISDA responded to the Financial Conduct Authority’s (FCA) consultation on improving the UK Markets in Financial Instruments Regulation (MIFIR) transaction reporting regime.

The consultation aims to reduce the regulatory burden on firms, support sustained economic growth in the UK, enhance the FCA’s ability to fight financial crime and protect market integrity. ISDA supports several of the proposals, including removing FX derivatives and transactions executed on EU trading venues from scope, reducing the back reporting period from five years to three years and cutting the number of reportable fields.

ISDA argues against the introduction of conditional single-sided reporting and proposes that the unique product identifier replaces the international securities identification number as the over-the-counter derivatives identifier.

The FCA will now produce a policy statement for the MIFIR transaction reporting changes, which is expected to be published in the middle of 2026.

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