Information on MiFID II transaction reporting

Reference Case Number: FOI2026/00265

Freedom of Information: Right to know request:

1. Regarding Mifid 2 Transaction reporting. How many in-scope investment firms submit transaction reports directly to the FCA and how many submit via an ARM (by count and reporting volume)?

Please provide:

a) The number of firms reporting directly to FCA and via ARM in 2024 and 2025.

b) The number of transaction reports submitted directly to FCA and via ARM in 2024 and 2025.

2. Please can you provide a statistical breakdown of all MDP rejection codes for MiFID RTS22 Transaction Report rejections for 2024 and 2025.

FCA response:

Question 1a

The table below shows the number of UK MiFID investment firms that submitted transactions reports directly to our Market Data Processor (MDP) and via an Approved Reporting Mechanism (ARM) in 2024 and 2025.

Submitting Entity	2024	2025
ARM	1312	1330
Investment Firm	30	37

Question 1b

The table below shows the number of transaction reports we received in 2024 and 2025, arranged by the submitting entity (received via an ARM or directly from a UK MiFID Investment Firm).Please note that these tables do not include transaction reports submitted by trading venues under Article 26(5) of UK MiFIR on behalf of firms that are not subject to transaction reporting requirements.

Submitting Entity	2024	2025
ARM	7,227,206,003	8,345,087,769
Investment Firm	525,936,634	559,177,816

Please note that these tables do not include transaction reports submitted by trading venues under Article 26(5) of UK MiFIR on behalf of firms that are not subject to transaction reporting requirements.

Question 2

The MDP rejection codes for RTS 22 transaction reports submitted to the FCA in 2024 and 2025 are shown below. Further information on each code can be downloaded from our website[1].

Code	2024	2025
CON-023	4.24%	17.06%
CON-024	19.95%	10.78%
CON-025	2.43%	8.25%
CON-030	0.00%	0.00%
CON-040	0.13%	0.62%
CON-041	0.00%	0.00%
CON-060	0.00%	0.00%
CON-070	0.02%	0.06%
CON-071	0.00%	0.00%
CON-072	0.01%	0.00%
CON-073	0.00%	0.00%
CON-074	0.00%	0.00%
CON-120	0.02%	0.00%
CON-122	0.00%	0.00%
CON-160	0.02%	0.07%
CON-161	0.00%	0.00%
CON-162	0.01%	0.00%
CON-163	0.00%	0.00%
CON-170	0.00%	0.00%
CON-210	0.00%	0.00%
CON-211	0.00%	0.00%
CON-212	0.00%	0.00%
CON-251	0.00%	0.00%
CON-260	0.02%	0.00%
CON-270	0.00%	0.00%
CON-280	0.00%	0.00%
CON-281	0.50%	0.36%
CON-290	0.00%	0.03%
CON-310	0.00%	0.00%
CON-331	0.01%	0.40%
CON-340	0.00%	0.00%
CON-351	0.36%	0.12%
CON-360	0.00%	0.00%
CON-361	0.77%	0.70%
CON-370	0.02%	0.15%
CON-381	0.00%	0.00%
CON-410	0.00%	0.00%
CON-411	0.07%	0.13%
CON-412	60.59%	53.05%
CON-430	0.09%	0.52%
CON-431	0.00%	0.00%
CON-440	0.00%	0.00%
CON-470	0.00%	0.00%
CON-471	0.01%	0.08%
CON-472	10.66%	7.08%
CON-473	0.01%	0.47%
CON-480	0.00%	0.00%
CON-481	0.00%	0.00%
CON-490	0.00%	0.00%
CON-511	0.00%	0.00%
CON-542	0.00%	0.00%
CON-550	0.00%	0.00%
CON-552	0.01%	0.01%
CON-560	0.00%	0.00%
CON-570	0.00%	0.00%
CON-571	0.00%	0.01%
CON-572	0.00%	0.02%
CON-573	0.00%	0.00%
CON-574	0.00%	0.00%
CON-580	0.00%	0.00%
CON-590	0.00%	0.00%
CON-591	0.01%	0.00%

Date of Release: 05/03/2026

Information on MiFID II transaction reporting - March 2026

Freedom of Information: Right to know request:

FCA response:

Question 1a

Question 1b

Question 2

More information

Data