Article 10
Management of incomplete or potentially erroneous information by CTPs
(Article 22b(3), Article 27h(1), points (a), (d) and (f), and Article 27h(3) of Regulation (EU) No 600/2014)
1. CTPs shall set up and maintain appropriate arrangements that ensure that they accurately collect, consolidate and publish the information received from data contributors and do not introduce any errors or omit information. CTPs shall correct the information where they have themselves caused the error or omission.
2. CTPs shall continuously monitor in real-time the performance of their IT systems to ensure that the input data they have received are successfully consolidated and published.
3. CTPs shall perform periodic reconciliations between the input data they receive and the output data they publish to verify whether the output data have been correctly published.
4. CTPs shall put in place mechanisms to confirm to data contributors that they have received the input data and shall assign a transaction identification code to each input data message they receive. CTPs shall refer to the transaction identification code in any subsequent communication with the data contributor in relation to a specific set of information reported.
5. CTPs shall set up and maintain arrangements to identify received input data that are incomplete, do not fulfil the requirements laid down in Articles 5 and 6, or contain information that is likely to be erroneous. Those arrangements shall include automated price and volume alerts, taking into account:
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(a) |
the sector and the segment in which the financial instrument is traded; |
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(b) |
liquidity levels, including historical trading levels; |
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(c) |
appropriate price and volume benchmarks; |
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(d) |
where needed, other parameters that are proper for the characteristics of the financial instrument. |
6. CTPs that find out that the input data they received are incomplete or do not fulfil any other reporting requirements in this Regulation shall not publish those input data and shall promptly alert the data contributor submitting those input data.
7. CTPs that find out that the input data they received are likely to be erroneous shall disseminate the corresponding output data and shall promptly flag the potential data quality issue both to the public and to the data contributor.
8. Upon receiving a notification of a data quality issue, data contributors shall acknowledge the issue and, where necessary, initiate the process of resubmitting corrected data.
9. CTPs shall monitor the timeliness of input data received from data contributors for the identification of serious and repeated breaches of the requirements laid down in Article 3.
10. CTPs shall delete and amend information in a trade report upon request from the data contributor providing the information where that data contributor cannot delete or amend its own information for technical reasons.
11. CTPs shall communicate with their clients via formalised interactive communication mechanisms through which data users may flag to the CTP any potential inaccuracies in the dissemination of output data.
12. CTPs shall publish non-discretionary policies describing the measures to enforce data quality and how those measures are applied. Those policies shall contain clear guidance on the application of such measures, ensuring adherence to non-discretionary application, proportionality, timeliness, consistency, and transparency.