Version Date Author

1.1 10/26/2016 ESMA

1.4 7/17/2017 ESMA

1.5 4/24/2018 ESMA

1.6 10/12/2021 ESMA

1.7 5/31/2022 ESMA

Comments
Version 1 for publication
Correction of error message for underlying instrument and client related fields (rule IDs 148, 150, 211, 240, 212, 241, 213, 242
244)
Clarification on validation rule 270 - dependency between trading venue and instrument
Modificaiton of validation of submitting entity LEI (rule ID 021)
Validation of swap transaction legs
Correction of typos, minor clarifications

Modification LEI validation rules (rules 027, 043, 056, 072). There are two versions of the validation applying during the period
January 2018 until 2 July 2018 and from 3 July 2018 onwards and they apply to transactions executed during the respective pe

Changes of validation rules (applicable from October 2018):

- rule id 010: field 3 must not be populated also for SIs;
- rule id 014: add provision for the case when an LEI is in the "Lapsed" status for a certain period;
- rule id 096: validation of filed 28 against the reception timestamp;
- rule id 117: field 37 not mandatory for SIs;
- rule id 136: check against additional CFI codes;
- rule id 154: check against additional CFI codes;
- rule id 227: correction of a typo in one of the CFI codes.

Clarified description of rules 228 and 267.

- New rule (id 82): Date of birth in field 24 should not be later than trading date

- rule id 111: field 35 is mandatory for debt instruments, i.e. CFI of the instrument in the reference data is DB**** (bonds), DC
(convertible bonds), DT**** (medium term notes) and DN**** (municipal bonds)

-rule id 117: clarified that field 37 should not be optional in case of a SI (i.e. the field should be N/A)

-rule id 140: CFI-codes JF****, RWC***, RFC***, DE***C and DS***C are included in this validation rule

- rule id 154: CFI codes RFI*** is included in this validation rule

-rule id 166: CFI-code RF**** is included in this validation rule

-rule id 220: The error text is amended to include also MIC identification

-rule is 228: Included clarification for cases when fields 12 and 21 are left blank

-rule id 250: The following CFI-codes are included in this validation rule: RA****, RS****, RP****, RD****, RM****, RX****,
RWB***, RWS***, RWD***, RWT***, RWI***, RWM***, RWX***, RFB***, RFS***, RFD***, RFT***, RFI***, RFM***, RFX**
DB****, DC****, DW****, DT****, DG****, DA****, DN****, DD****, DM****, DY****, DX****, DE***B, DE***S, DE***D
DE***T, DE***I, DE***N, DE***M, DE***X, DS***B, DS***S, DS***D, DS***T, DS***I, DS***N, DS***M, DS***X, JE****, JC
JR****, JT****, JX****

- rule id 262: field 35 is mandatory for debt instruments, i.e. CFI of the instrument in the reference data is DB**** (bonds), DC
(convertible bonds), DT**** (medium term notes) and DN**** (municipal bonds)

-rule id 264: CFI-codes ES****, EP****, EC****, EF****, EL****, ED****, EM****, EX**** and C**** are included in this valid
rule

-rule id 270: If 'XXXX' is populated in field 36, the full instrument description must be provided and the ISIN reported in must n
present in reference data for the relevant trade date.

- New rule (id 283): If field 25 Transmission of order indicator is ‘true’, the trading venue field (field 36) should be XOFF or XXX

- New rule (id 284): field 36 is populated with 'XXXX' or 'XOFF' or a MIC pertaining to a Systematic Internaliser.

Changes of validation rules:

- rule (id 27): Included clarification that the EntityStatus shall be Active on the trading date

- rule (id 43): Included clarification that the EntityStatus shall be Active on the trading date

- rule (id 56): Included clarification that the EntityStatus shall be Active on the trading date

- rule (id 72): Included clarification that the EntityStatus shall be Active on the trading date
 TREM Exchange Interface Data Validation Rules

This document describes data validation rules for MiFIR transaction data.

The document provides comprehensive description of all validation rules that are applied. It includes rules related
to:
- the format of specific fields;
- whether a field is mandatory (if not specified explicitely that a file is mandatory, it should be considered
considered optional);
- dependencies between different fields;
- the content of fields.

There may be more than one data quality rule per field. In such cases relevant rows were duplicated (i.e. each rule
is described in a separate row).

From the technical perspective two types of rules were defined:

- syntax rules validated by the XML schema;
- content rules that should be implemented in data processing applications.
The type of each rule was specified in column G - Implementation.

The rules implemented in the schema apply to the whole file. If there is one or more such errors in the file, the
whole file will be rejected. The content rules apply to specific transactions and only invalid transactions will be
rejected.

For each content rule an error code and an error message is specified. In the case of the syntax rules (XML
schema), there is no error code / message defined. The error message is generated by the XML parser and depends
on the parser used by each user.

The error code format is CON-NNN. NNN is a number where first 2 digits are the number of the field which is
validated by the rule (e.g. 01 - field 1, 15 - field 15, etc.) and the last 2 digits is the sequence number for rules
related to a field. Codes starting with 7, 8 and 9 are used for validation rules that are not related specific business
fields (e.g. related to technical fields).

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 TREM Exchange Interface Data Validation Rules

FORMAT AND STANDARDS

Rule Field
FIELD CONTENT TO BE REPORTED TO BE USED FOR Validation rule Implementation Error code Error text Set
ID no
REPORTING
It should be specified whether the report is a new report or a
‘NEWT' - New
001 1 Report status Indication as to whether the transaction report is new or a cancellation. cancellation, this is implemented as part of the structure of the XML XML schema N/A Generated by the XML parser
‘CANC’ - Cancellation
message and is mandatory for all transaction reports.
Fields 2, 4, 6 should be populated for cancellation reports and other
268 1 Report status XML schema N/A Generated by the XML parser
should be left not populated

Identification number that is unique to the executing firm for each

transaction report .
Where, pursuant to Article 26(5) of Regulation (EU) 600/2014, a trading
venue submits a transaction report on behalf of a firm that is not subject
002 2 Transaction Reference Number {ALPHANUM-52} Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
to Regulation (EU) 600/2014, the trading venue shall populate this field
with a number that has been internally generated by the trading venue
and that is unique for each transaction report submitted by the trading
venue.

003 2 Transaction Reference Number Field is mandatory for all cancellation reports XML schema N/A Generated by the XML parser

Field should be a text string of no more than 52 characters consisting of

004 2 Transaction Reference Number XML schema N/A Generated by the XML parser
capital Latin letters (A-Z) and numbers.

If the report is a new transaction, the transaction reference number

shall pertain to a single transaction per the executing entity, i.e. the Transaction report with the same
same transaction reference number has not been used before or transaction reference number has
005 2 Transaction Reference Number Application CON-023 1
pertains to a transaction that has been cancelled (the last accepted already been sent for the firm and
report with this transaction reference number was a cancellation not cancelled
report).

If the report is a cancellation report, a transaction with the same

Transaction for cancellation
006 2 Transaction Reference Number transaction reference number should have been reported by the Application CON-024 1
cannot be found
executing entity before.

If the report is a cancellation report, this transaction should be an

active transaction (there was no cancellation report following the last Transaction has already been
007 2 Transaction Reference Number Application CON-025 1
accepted new transaction report for this transaction reference cancelled
number).

This is a number generated by trading venues and disseminated to both

the buying and the selling parties in accordance with Article 12 of [RTS
Trading venue transaction 24 on the maintenance of relevant data relating to orders in financial Field should be a text string of no more than 52 characters consisting of
008 3 {ALPHANUM-52} XML schema N/A Generated by the XML parser
identification code instruments under Article 25 of Regulation 600/2014 EU]. capital Latin letters (A-Z) and numbers.
This field is only required for the market side of a transaction executed
on a trading venue.

This field must not be populated where field 36 is populated with a MIC Trading venue transaction
Trading venue transaction
010 3 pertaining to a non-EEA Trading Venue or 'XXXX' or 'XOFF' or a MIC Application CON-030 identification code is inconsistent 2
identification code
pertaining to a Systematic Internaliser. with the trading venue

Executing entity identification {LEI}

011 4 Code used to identify the entity executing the transaction. Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
code
Executing entity identification
012 4 Field is mandatory for all cancellation reports XML schema N/A Generated by the XML parser
code

The value should be a string of 20 characters where first 18 characters

Executing entity identification
013 4 are capital letters or numbers and 2 last characters are numbers. XML schema N/A Generated by the XML parser
code

6 / 32
 TREM Exchange Interface Data Validation Rules

Where field 5 is populated with 'true', this field shall be populated with
a LEI accurately formatted and in the LEI database included in the GLEIF
database maintained by the Central Operating Unit.
1. The status of the LEI shall be "Issued", "Pending transfer" or
"Pending archival".
2. The InitialRegistrationDate of the LEI shall be equal or before the
trading date.
Executing entity identification The executing entity LEI is not
014 4 3. The EntityStatus shall be Active or if the EntityStatus is Inactive, the Application CON-040 1
code valid
LastUpdateDate shall be equal or after the trading date.

If the status of the LEI is "Lapsed" in the LEI reference data as of the
transaction execution date, an additional check should be performed in
the LEI reference data as of the transaction submission date and the
status of the LEI in this version of the reference data shall be "Issued",
"Pending transfer" or "Pending archival".

Where field 5 is populated with 'false', this field shall be populated with
a LEI accurately formatted and in the LEI database included in the GLEIF
database maintained by the Central Operating Unit.
1. The status of the LEI shall be "Issued", "Pending transfer" "Pending
Executing entity identification The executing entity LEI is not
266 4 archival" or "Lapsed". Application CON-041 1
code valid
2. The InitialRegistrationDate of the LEI shall be equal or before the
trading date.
3. The EntityStatus shall be Active or if the EntityStatus is Inactive, the
LastUpdateDate shall be equal or after the trading date.

Investment Firm covered by Indicates whether the entity identified in field 4 is an investment firm ‘true’- yes
017 5 Only 'true' or 'false' values allowed XML schema N/A Generated by the XML parser
Directive 2014/65/EU covered by Article 4.1(1) of Directive 2014/65/EU. ‘false’- no
Investment Firm covered by
018 5 Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
Directive 2014/65/EU

Code used to identify the entity submitting the transaction report to the
competent authority in accordance with Article 26(7) of Regulation (EU)
600/2014.

Where the report is submitted by the executing firm directly to the

Submitting entity identification {LEI}
019 6 competent authority, it shall be populated with the LEI of the executing Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
code
firm (where the executing firm is a legal entity).
Where the report is submitted by a trading venue, it shall be populated
with the LEI of the operator of the trading venue.
Where the report is submitted by an ARM, it shall be populated with the
LEI of the ARM.

Submitting entity identification

210 6 Field is mandatory for all cancellation reports XML schema N/A Generated by the XML parser
code

The value should be a string of 20 characters where first 18 characters

Submitting entity identification
020 6 are capital letters or numbers and 2 last characters are numbers. XML schema N/A Generated by the XML parser
code

This field shall be populated with a LEI accurately formatted and in the
LEI database included in the GLEIF database maintained by the Central
Operating Unit.
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
Submitting entity identification
021 6 2. The InitialRegistrationDate of the LEI shall be equal or before the Application CON-060 Submitting entity LEI is not valid 1
code
submission date.
3. The EntityStatus shall be Active or if the EntityStatus is Inactive, the
LastUpdateDate shall be equal or after the submission date.
The submission date should be the system date at the moment of
delivery of the data to the competent authority.

Where the transaction is for a transmitted order that has met the conditions for transmission set out in Article 4, the information in fields 7-
15 shall be populated by the receiving firm in the receiving firm’s report with the information received from the transmitting firm.

7 / 32
 TREM Exchange Interface Data Validation Rules
counterparty (CCP) and where the identity of the acquirer is not
disclosed, the LEI code of the CCP shall be used.
Where the transaction was executed on a trading venue or on an
organised trading platform outside of the Union that does not utilise a
CCP and where the identity of the acquirer is not disclosed, the MIC code
of the trading venue or of the organised trading platform outside of the
Union shall be used.
Where the acquirer is an investment firm acting as a systematic
internaliser (SI), the LEI code of the SI shall be used.

‘INTC’ shall be used to designate an aggregate client account within the

investment firm in order to report a transfer into or out of that account
with an associated allocation to the individual client(s) out of or into that
account respectively.

In case of options and swaptions, the buyer shall be the counterparty

that holds the right to exercise the option and the seller shall be the
counterparty that sells the option and receives a premium.
In case of futures and forwards other than futures and forwards relating
to currencies, the buyer shall be the counterparty buying the instrument
and the seller the counterparty selling the instrument.
In the case of swaps relating to securities, the buyer shall be the
{LEI}
counterparty that gets the risk of price movement of the underlying
{MIC} Field is mandatory for all new transaction reports. More than one value
025 7 Buyer identification code security and receives the security amount. The seller shall be the XML schema N/A Generated by the XML parser
{NATIONAL_ID} can be reported by copying this field as many times as necessary.
counterparty paying the security amount.
'INTC'
In the case of swaps related to interest rates or inflation indices, the
buyer shall be the counterparty paying the fixed rate. The seller shall be
the counterparty receiving the fixed rate. In case of basis swaps (float-
to-float interest rate swaps), the buyer shall be the counterparty that
pays the spread and the seller the counterparty that receives the spread.
In the case of swaps and forwards related to currencies and of cross
currency swaps, the buyer shall be the counterparty receiving the
currency which is first when sorted alphabetically by ISO 4217 standard
and the seller shall be the counterparty delivering this currency.
In the case of swap related to dividends, the buyer shall be the
counterparty receiving the equivalent actual dividend payments. The
seller is the counterparty paying the dividend and receiving the fixed
rate.
In the case of derivative instruments for the transfer of credit risk except
options and swaptions, the buyer shall be the counterparty buying the
protection. The seller is the counterparty selling the protection.
In case of derivative contract related to commodities, the buyer shall be
the counterparty that receives the commodity specified in the report
and the seller the counterparty delivering this commodity.
In case of forward rate agreements, the buyer shall be the counterparty
paying the fixed rate and the seller the counterparty receiving the fixed

If LEI is used, the value should be a string of 20 characters where first

18 characters are capital letters or numbers and 2 last characters are
numbers.
If national identifier is used, the value should be a string of no more
026 7 Buyer identification code XML schema N/A Generated by the XML parser
than 35 characters.
If MIC is used, the value should be a string of 4 characters (letters or
numbers).
For internal, the 'INTC' code should be reported.

8 / 32
 TREM Exchange Interface Data Validation Rules

If LEI is used, this field shall be populated with a LEI accurately

formatted and in the LEI database included in the GLEIF database
maintained by the Central Operating Unit.
The following conditions shall be met for transactions executed on 3
July 2018 or later:
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
2. The InitialRegistrationDate of the LEI shall be equal or before the
trading date.
3. The EntityStatus shall be Active on the trading date or if the
027 7 Buyer identification code Application CON-070 Buyer LEI XXX is not valid 1
EntityStatus is Inactive, the LastUpdateDate shall be equal or after the
trading date.

The following conditions shall be met for transactions executed until 2

July 2018:
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
2. The EntityStatus shall be Active on the trading date or if the
EntityStatus is Inactive, the LastUpdateDate shall be equal or after the
trading date.

If national identifier is used, it should be restricted to a passport

number (use of code CCPT in the SchmeNm/Cd tag), other national
identifier as defined in RTS Annex 2 (use of code NIDN in the
028 7 Buyer identification code XML schema N/A Generated by the XML parser
SchmeNm/Cd tag) or CONCAT (use of proprietary with value CONCAT
in the SchmeNm/Prtry tag).

If national identifier is used, the first 2 characters of the national Buyer national identification code
029 7 Buyer identification code identification code should be an ISO 3166 country code that was valid Application CON-071 XXX does not include valid 1
at the trading date country code
If MIC code is used, it should be a valid ISO 10383 MIC code indicating a
Buyer MIC XXX is not valid for the
030 7 Buyer identification code trading venue that was active at the trading date, excluding special MIC Application CON-072 1
trade date
codes 'XXXX' and 'XOFF'

In case the CONCAT code is used, the following characters are only
allowed: Capital Latin letters, Numbers, #. It should be a string of
exactly 20 characters where first two characters are letters, the next 8
characters are numbers and the remaining characters are letters or #,
where 11th and 16th character are letters. The format of the buyer
211 7 Buyer identification code Application CON-074 identification code XXX is 1
In case national identification number or passport number is used, the incorrect
following characters are only allowed: capital Latin letters (A-Z),
numbers (0-9) as well as “+” and “-“ in case the identifier starts with
"FI" and "-" when the identifier starts with "LV". It can be a string of 3
to 35 characters, where first two characters are letters.

If the CONCAT code is used, the birthdate in the CONCAT code should
240 7 Buyer identification code Application CON-073 The CONCAT code XXX is incorrect 1
- Additional details be the same as the birthdate populated in field 11.
Field 8-15 are only applicable if the buyer is a client
Fields 9-11 are only applicable if the buyer is a natural person

Where the acquirer is a client, this field should identify the country of
the branch that received the order from the client or made an
investment decision for a client in accordance with a discretionary
mandate given to it by the client as required by Article 14.3.
Where this activity was not conducted by a branch this should be
Country of the branch for the populated with the country code of the home Member State of the {COUNTRYCODE_2}
032 8 If populated, it should be a text string consisting of 2 capital letters XML schema N/A Generated by the XML parser
buyer investment firm or the country code of the country where the
investment firm has established its head office or registered office (in
the case of third country firms).
Where the transaction is for a transmitted order that has met the
conditions for transmission set out in Article 4, this field shall be
populated using the information received from the transmitting firm.

9 / 32
 TREM Exchange Interface Data Validation Rules

Country of the branch for the If populated, it should be an ISO 3166 country code that was valid at Country code XXX is not valid for
033 8 Application CON-080 1
buyer the trading date the trade date

Field should be a text string of no more than 140 characters. The

following characters are only allowed: capital letters from EEA
Full first name(s) of the buyer. In case of more than one first name, all European alphabets, i.e. Latin alphabet (A-Z), Cyrillic alphabet (А-Я), Not implemented
035 9 Buyer - first name(s) {ALPHANUM-140} N/A
names shall be included in this field separated by a comma. Greek alphabet (Α-Ω), diacritical characters and the following non- in the XML schema
alphanumerical characters: comma ",", space " ", apostrophe "'", minus
"-", dash "–".

Field is mandatory where national ID was populated in field 7 (is

036 9 Buyer - first name(s) XML schema N/A Generated by the XML parser
repeated for each national ID). Otherwise is not populated.

Field should be a text string of no more than 140 characters. The

following characters are only allowed: capital letters from EEA
Full surname(s) of the buyer. In case of more than one surname, all European alphabets, i.e. Latin alphabet (A-Z), Cyrillic alphabet (А-Я), Not implemented
037 10 Buyer - surname(s) {ALPHANUM-140} N/A
surnames shall be included in this field separated by a comma. Greek alphabet (Α-Ω), diacritical characters and the following non- in the XML schema
alphanumerical characters: comma ",", space " ", apostrophe "'", minus
"-", dash "–".

Field is mandatory where national ID was populated in field 7 (is

038 10 Buyer - surname(s) XML schema N/A Generated by the XML parser
repeated for each national ID). Otherwise is not populated.
Field must be populated with a valid date in the following format: YYYY-
039 11 Buyer - date of birth Date of birth of the buyer {DATEFORMAT} XML schema N/A Generated by the XML parser
MM-DD
Field is mandatory where national ID was populated in field 7 (is
040 11 Buyer - date of birth XML schema N/A Generated by the XML parser
repeated for each national ID). Otherwise is not populated.
Date of birth is later than trading
041 11 Buyer - date of birth Date of birth in field 11 should not be later than trading date. Application CON-110 1
date
- Buyer decision maker
Fields 12-15 are only applicable if the decision maker acts under a power of representation

Code used to identify the person who makes the decision to acquire the
financial instrument.
Where the decision is made by an investment firm, this field shall be If LEI is used, the value should be a string of 20 characters where first
populated with the identity of the investment firm rather than the 18 characters are capital letters or numbers and 2 last characters are
{LEI}
042 12 Buyer decision maker code individual making the investment decision. numbers. XML schema N/A Generated by the XML parser
{NATIONAL_ID}
Where the decision maker is a legal entity, the LEI code of the decision If national identifier is used, the value should be a string of no more
maker shall be used. than 35 characters.
Where the decision maker is a non-legal entity, the identifier specified in
Article 6 shall be used.

If LEI is used, this field shall be populated with a LEI accurately

formatted and in the LEI database included in the GLEIF database
maintained by the Central Operating Unit.
The following conditions shall be met for transactions executed on 3
July 2018 or later:
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
2. The InitialRegistrationDate of the LEI shall be equal or before the
trading date.
3. The EntityStatus shall be Active on the trading date or if the Buyer decision maker LEI XXX is
043 12 Buyer decision maker code Application CON-120 1
EntityStatus is Inactive, the LastUpdateDate shall be equal or after the not valid
trading date.

The following conditions shall be met for transactions executed until 2

July 2018:
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
2. The EntityStatus shall be Active on the trading date or if the
EntityStatus is Inactive, the LastUpdateDate shall be equal or after the
trading date.

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 TREM Exchange Interface Data Validation Rules

If national identifier is used, it should be restricted to a passport

number (use of code CCPT in the SchmeNm/Cd tag), other national
identifier as defined in RTS Annex 2 (use of code NIDN in the
044 12 Buyer decision maker code XML schema N/A Generated by the XML parser
SchmeNm/Cd tag) or CONCAT (use of proprietary with value CONCAT
in the SchmeNm/Prtry tag).

If national identifier is used, the first 2 characters of the national Buyer decision maker
045 12 Buyer decision maker code identification code should be an ISO 3166 country code that was valid Application CON-121 identification code XXX does not 1
at the trading date include valid country code

In case the CONCAT code is used, the following characters are only
allowed: Capital Latin letters, Numbers, #. It should be a string of
exactly 20 characters where first two characters are letters, the next 8
characters are numbers and the remaining characters are letters or #,
where 11th and 16th character are letters.
The format of the buyer decision
212 12 Buyer decision maker code Application CON-123 1
maker code XXX is incorrect
In case national identification number or passport number is used, the
following characters are only allowed: capital Latin letters (A-Z),
numbers (0-9) as well as “+” and “-“ in case the identifier starts with
"FI" and "-" when the identifier starts with "LV". It can be a string of 3
to 35 characters, where first two characters are letters.

If the CONCAT code is used, the birthdate in the CONCAT code should
241 12 Buyer decision maker code Application CON-122 The CONCAT code XXX is incorrect 1
be the same as the birthdate populated in field 15.
- Buyer decision maker details
Fields 13-15 are only applicable if the decision maker is a natural person
Field should be a text string of no more than 140 characters. The
following characters are only allowed: capital letters from EEA
Full first name(s) of the decision maker for the buyer. In case of more
Buy decision maker - First European alphabets, i.e. Latin alphabet (A-Z), Cyrillic alphabet (А-Я), Not implemented
047 13 than one first name, all names shall be included in this field separated by {ALPHANUM-140} N/A
Name(s) Greek alphabet (Α-Ω), diacritical characters and the following non- in the XML schema
a comma
alphanumerical characters: comma ",", space " ", apostrophe "'", minus
"-", dash "–".

Buy decision maker - First Field is mandatory where national ID was populated in field 12.
048 13 XML schema N/A Generated by the XML parser
Name(s) Otherwise is not populated.

Field should be a text string of no more than 140 characters. The

following characters are only allowed: capital letters from EEA
Full surname(s) of the decision maker for the buyer. In case of more than
Buy decision maker – European alphabets, i.e. Latin alphabet (A-Z), Cyrillic alphabet (А-Я), Not implemented
049 14 one surname, all surnames shall be included in this field separated by a {ALPHANUM-140} N/A
Surname(s) Greek alphabet (Α-Ω), diacritical characters and the following non- in the XML schema
comma
alphanumerical characters: comma ",", space " ", apostrophe "'", minus
"-", dash "–".

Buy decision maker – Field is mandatory where national ID was populated in field 12.
050 14 XML schema N/A Generated by the XML parser
Surname(s) Otherwise is not populated.
Buy decision maker - Date of Field must be populated with a valid date in the following format: YYYY-
051 15 Date of birth of the decision maker for the buyer {DATEFORMAT} XML schema N/A Generated by the XML parser
birth MM-DD
Buy decision maker - Date of Field is mandatory where national ID was populated in field 12.
052 15 XML schema N/A Generated by the XML parser
birth Otherwise is not populated.
Buy decision maker - Date of Date of birth is later than trading
053 15 Date of birth in field 15 should not be later than trading date. Application CON-150 1
Wherebirth
the transaction for a seller is for a transmitted order that has met the conditions for transmission set out in Article 4, the information date
in fields 16-24 shall be populated by the receiving firm in the receiving firm’s report from the information received from the transmitting
firm.

11 / 32
 TREM Exchange Interface Data Validation Rules

organised trading platform outside of the Union that utilises a CCP and
where the identity of the disposer is not disclosed, the LEI code of the
CCP shall be used.
Where the transaction was executed on a trading venue or on an
organised trading platform outside of the Union that does not utilise a
CCP and where the identity of the disposer is not disclosed, the MIC
code of the trading venue or of the organised trading platform outside
of the Union shall be used.
Where the disposer is an investment firm acting as a SI, the LEI code of
the SI shall be used

‘INTC’ shall be used to designate an aggregate client account within the

investment firm in order to report a transfer into or out of that account
with an associated allocation to the individual client(s) out of or into that
account respectively.

In case of options and swaptions, the buyer shall be the counterparty

that holds the right to exercise the option and the seller shall be the
counterparty that sells the option and receives a premium.
In case of futures and forwards other than futures and forwards relating
to currencies, the buyer shall be the counterparty buying the instrument
and the seller the counterparty selling the instrument. {LEI}
In the case of swaps relating to securities, the buyer shall be the {MIC} Field is mandatory for all new transaction reports. More than one value
054 16 Seller identification code XML schema N/A Generated by the XML parser
counterparty that gets the risk of price movement of the underlying {NATIONAL_ID} can be reported by copying this field as many times as necessary.
security and receives the security amount. The seller shall be the 'INTC'
counterparty paying the security amount.
In the case of swaps related to interest rates or inflation indices, the
buyer shall be the counterparty paying the fixed rate. The seller shall be
the counterparty receiving the fixed rate. In case of basis swaps (float-
to-float interest rate swaps), the buyer shall be the counterparty that
pays the spread and the seller the counterparty that receives the spread.
In the case of swaps and forwards related to currencies and of cross
currency swaps, the buyer shall be the counterparty receiving the
currency which is first when sorted alphabetically by ISO 4217 standard
and the seller shall be the counterparty delivering this currency.
In the case of swap related to dividends, the buyer shall be the
counterparty receiving the equivalent actual dividend payments. The
seller is the counterparty paying the dividend and receiving the fixed
rate.
In the case of derivative instruments for the transfer of credit risk except
options and swaptions, the buyer shall be the counterparty buying the
protection. The seller is the counterparty selling the protection.
In case of derivative contracts related to commodities, the buyer shall be
the counterparty that receives the commodity specified in the report
and the seller the counterparty delivering this commodity.
In case of forward rate agreements, the buyer shall be the counterparty

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 TREM Exchange Interface Data Validation Rules
organised trading platform outside of the Union that utilises a CCP and
where the identity of the disposer is not disclosed, the LEI code of the
CCP shall be used.
Where the transaction was executed on a trading venue or on an
organised trading platform outside of the Union that does not utilise a
CCP and where the identity of the disposer is not disclosed, the MIC
code of the trading venue or of the organised trading platform outside
of the Union shall be used.
Where the disposer is an investment firm acting as a SI, the LEI code of
the SI shall be used

‘INTC’ shall be used to designate an aggregate client account within the

investment firm in order to report a transfer into or out of that account
with an associated allocation to the individual client(s) out of or into that
account respectively.

In case of options and swaptions, the buyer shall be the counterparty

that holds the right to exercise the option and the seller shall be the
counterparty that sells the option and receives a premium.
In case of futures and forwards other than futures and forwards relating
If LEI is used, the value should be a string of 20 characters where first
to currencies, the buyer shall be the counterparty buying the instrument
18 characters are capital letters or numbers and 2 last characters are
and the seller the counterparty selling the instrument.
numbers.
In the case of swaps relating to securities, the buyer shall be the
If national identifier is used, the value should be a string of no more
055 16 Seller identification code counterparty that gets the risk of price movement of the underlying XML schema N/A Generated by the XML parser
than 35 characters.
security and receives the security amount. The seller shall be the
If MIC is used, the value should be a string of 4 characters (letters or
counterparty paying the security amount.
numbers).
In the case of swaps related to interest rates or inflation indices, the
For internal, the 'INTC' code should be reported.
buyer shall be the counterparty paying the fixed rate. The seller shall be
the counterparty receiving the fixed rate. In case of basis swaps (float-
to-float interest rate swaps), the buyer shall be the counterparty that
pays the spread and the seller the counterparty that receives the spread.
In the case of swaps and forwards related to currencies and of cross
currency swaps, the buyer shall be the counterparty receiving the
currency which is first when sorted alphabetically by ISO 4217 standard
and the seller shall be the counterparty delivering this currency.
In the case of swap related to dividends, the buyer shall be the
counterparty receiving the equivalent actual dividend payments. The
seller is the counterparty paying the dividend and receiving the fixed
rate.
In the case of derivative instruments for the transfer of credit risk except
options and swaptions, the buyer shall be the counterparty buying the
protection. The seller is the counterparty selling the protection.
In case of derivative contracts related to commodities, the buyer shall be
the counterparty that receives the commodity specified in the report
and the seller the counterparty delivering this commodity.
In case of forward rate agreements, the buyer shall be the counterparty

If LEI is used, this field shall be populated with a LEI accurately

formatted and in the LEI database included in the GLEIF database
maintained by the Central Operating Unit.
The following conditions shall be met for transactions executed on 3
July 2018 or later:
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
2. The InitialRegistrationDate of the LEI shall be equal or before the
trading date.
3. The EntityStatus shall be Active on the trading date or if the
056 16 Seller identification code Application CON-160 Seller LEI XXX is not valid 1
EntityStatus is Inactive, the LastUpdateDate shall be equal or after the
trading date.

The following conditions shall be met for transactions executed until 2

July 2018:
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
2. The EntityStatus shall be Active on the trading date or if the
EntityStatus is Inactive, the LastUpdateDate shall be equal or after the
trading date.

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 TREM Exchange Interface Data Validation Rules

If national identifier is used, it should be restricted to a passport

number (use of code CCPT in the SchmeNm/Cd tag), other national
identifier as defined in RTS Annex 2 (use of code NIDN in the
057 16 Seller identification code XML schema N/A Generated by the XML parser
SchmeNm/Cd tag) or CONCAT (use of proprietary with value CONCAT
in the SchmeNm/Prtry tag).

If national identifier is used, the first 2 characters of the national Seller national identification code
058 16 Seller identification code identification code should be an ISO 3166 country code that was valid Application CON-161 XXX does not include valid 1
at the trading date country code
If MIC code is used, it should be a valid ISO 10383 MIC code indicating a
Seller MIC XXX is not valid for the
059 16 Seller identification code trading venue that was active at the trading date, excluding special MIC Application CON-162 1
trade date
codes 'XXXX' and 'XOFF'

In case the CONCAT code is used, the following characters are only
allowed: Capital Latin letters, Numbers, #. It should be a string of
exactly 20 characters where first two characters are letters, the next 8
characters are numbers and the remaining characters are letters or #,
where 11th and 16th character are letters. The format of the seller
213 16 Seller identification code Application CON-164 identification code XXX is 1
In case national identification number or passport number is used, the incorrect
following characters are only allowed: capital Latin letters (A-Z),
numbers (0-9) as well as “+” and “-“ in case the identifier starts with
"FI" and "-" when the identifier starts with "LV". It can be a string of 3
to 35 characters, where first two characters are letters.

If the CONCAT code is used, the birthdate in the CONCAT code should
242 16 Seller identification code Application CON-163 The CONCAT code XXX is incorrect 1
be the same as the birthdate populated in field 20.
- Field 17-21 are only applicable if the seller is a client
- Fields 18-20 are only applicable if the seller is a natural person

Where the seller is a client, this field should identify the country of the
branch that received the order from the client or made an investment
decision for a client in accordance with a discretionary mandate given to
it by the client as required by Article 14.3.
Where this activity was not conducted by a branch this should be
Country of the branch for the populated with the country code of the home Member State of the {COUNTRYCODE_2}
061 17 If populated, it should be a text string consisting of 2 capital letters XML schema N/A Generated by the XML parser
seller investment firm or the country code of the country where the
investment firm has established its head office or registered office (in
the case of third country firms).
Where the transaction is for a transmitted order that has met the
conditions for transmission set out in Article 4, this field shall be
populated using the information received from the transmitting firm.

Country of the branch for the If populated, it should be an ISO 3166 country code that was valid at Country code XXX is not valid for
062 17 Application CON-170 1
seller the trading date the trade date

Field should be a text string of no more than 140 characters. The

following characters are only allowed: capital letters from EEA
Full first name(s) of the seller. In case of more than one first name, all European alphabets, i.e. Latin alphabet (A-Z), Cyrillic alphabet (А-Я), Not implemented
064 18 Seller - first name(s) {ALPHANUM-140} N/A
names shall be included in this field separated by a comma. Greek alphabet (Α-Ω), diacritical characters and the following non- in the XML schema
alphanumerical characters: comma ",", space " ", apostrophe "'", minus
"-", dash "–".

Field is mandatory where national ID was populated in field 16 (is

065 18 Seller - first name(s) XML schema N/A Generated by the XML parser
repeated for each national ID). Otherwise is not populated.

Field should be a text string of no more than 140 characters. The

following characters are only allowed: capital letters from EEA
Full surname(s) of the seller In case of more than one surname, all European alphabets, i.e. Latin alphabet (A-Z), Cyrillic alphabet (А-Я), Not implemented
066 19 Seller - surname(s) {ALPHANUM-140} N/A
surnames shall be included in this field separated by a comma. Greek alphabet (Α-Ω), diacritical characters and the following non- in the XML schema
alphanumerical characters: comma ",", space " ", apostrophe "'", minus
"-", dash "–".

Field is mandatory where national ID was populated in field 16 (is

067 19 Seller - surname(s) XML schema N/A Generated by the XML parser
repeated for each national ID). Otherwise is not populated.
Field must be populated with a valid date in the following format: YYYY-
068 20 Seller - date of birth Date of birth of the seller {DATEFORMAT} XML schema N/A Generated by the XML parser
MM-DD

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 TREM Exchange Interface Data Validation Rules

Field is mandatory where national ID was populated in field 16 (is

069 20 Seller - date of birth XML schema N/A Generated by the XML parser
repeated for each national ID). Otherwise is not populated.
Date of birth is later than trading
070 20 Seller - date of birth Date of birth in field 20 should not be later than trading date. Application CON-200 1
date
Seller decision maker details
- Fields 21-24 are only applicable if the decision maker acts under a power of representation

Code used to identify the person who makes the decision to sell the
financial instrument.
Where the decision is made by an investment firm, this field shall be If LEI is used, the value should be a string of 20 characters where first
populated with the identity of the investment firm rather than the 18 characters are capital letters or numbers and 2 last characters are
{LEI}
071 21 Seller decision maker code individual making the investment decision. numbers. XML schema N/A Generated by the XML parser
{NATIONAL_ID}
Where the decision maker is a legal entity, the LEI code of the decision If national identifier is used, the value should be a string of no more
maker shall be used. than 35 characters.
Where the decision maker is a non-legal entity, the identifier specified in
Article 6 shall be used.

If LEI is used, this field shall be populated with a LEI accurately

formatted and in the LEI database included in the GLEIF database
maintained by the Central Operating Unit.
The following conditions shall be met for transactions executed on 3
July 2018 or later:
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
2. The InitialRegistrationDate of the LEI shall be equal or before the
trading date.
3. The EntityStatus shall be Active on the trading date or if the Seller decision maker LEI XXX is
072 21 Seller decision maker code Application CON-210 1
EntityStatus is Inactive, the LastUpdateDate shall be equal or after the not valid
trading date.

The following conditions shall be met for transactions executed until 2

July 2018:
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
or "Pending archival".
2. The EntityStatus shall be Active on the trading date or if the
EntityStatus is Inactive, the LastUpdateDate shall be equal or after the
trading date.

If national identifier is used, it should be restricted to a passport

number (use of code CCPT in the SchmeNm/Cd tag), other national
identifier as defined in RTS Annex 2 (use of code NIDN in the
073 21 Seller decision maker code XML schema N/A Generated by the XML parser
SchmeNm/Cd tag) or CONCAT (use of proprietary with value CONCAT
in the SchmeNm/Prtry tag).

If national identifier is used, the first 2 characters of the national Seller decision maker
074 21 Seller decision maker code identification code should be an ISO 3166 country code that was valid Application CON-211 identification code XXX does not 1
at the trading date include valid country code

In case the CONCAT code is used, the following characters are only
allowed: Capital Latin letters, Numbers, #. It should be a string of
exactly 20 characters where first two characters are letters, the next 8
characters are numbers and the remaining characters are letters or #,
where 11th and 16th character are letters. The format of the seller decision
243 21 Seller decision maker code Application CON-213 maker identification code XXX is 1
In case national identification number or passport number is used, the incorrect
following characters are only allowed: capital Latin letters (A-Z),
numbers (0-9) as well as “+” and “-“ in case the identifier starts with
"FI" and "-" when the identifier starts with "LV". It can be a string of 3
to 35 characters, where first two characters are letters.

If the CONCAT code is used, the birthdate in the CONCAT code should
244 21 Seller decision maker code Application CON-212 The CONCAT code XXX is incorrect 1
be the same as the birthdate populated in field 24.
Seller decision maker details
- Fields 22-24 are only applicable if the decision maker is a natural person

15 / 32
 TREM Exchange Interface Data Validation Rules

Field should be a text string of no more than 140 characters. The

following characters are only allowed: capital letters from EEA
Full first name(s) of the decision maker for the seller. In case of more
Sell decision maker - First European alphabets, i.e. Latin alphabet (A-Z), Cyrillic alphabet (А-Я), Not implemented
076 22 than one first name, all names shall be included in this field separated by {ALPHANUM-140} N/A
Name(s) Greek alphabet (Α-Ω), diacritical characters and the following non- in the XML schema
a comma
alphanumerical characters: comma ",", space " ", apostrophe "'", minus
"-", dash "–".

Sell decision maker - First Field is mandatory where national ID was populated in field 21.
077 22 XML schema N/A Generated by the XML parser
Name(s) Otherwise is not populated.

Field should be a text string of no more than 140 characters. The

following characters are only allowed: capital letters from EEA
Full surname(s) of the decision maker for the seller. In case of more than
Sell decision maker – European alphabets, i.e. Latin alphabet (A-Z), Cyrillic alphabet (А-Я), Not implemented
078 23 one surname, all surnames shall be included in this field separated by a {ALPHANUM-140} N/A
Surname(s) Greek alphabet (Α-Ω), diacritical characters and the following non- in the XML schema
comma
alphanumerical characters: comma ",", space " ", apostrophe "'", minus
"-", dash "–".

Sell decision maker – Field is mandatory where national ID was populated in field 21.
079 23 XML schema N/A Generated by the XML parser
Surname(s) Otherwise is not populated.
Sell decision maker - Date of Field must be populated with a valid date in the following format: YYYY-
080 24 Date of birth of the decision maker for the seller {DATEFORMAT} XML schema N/A Generated by the XML parser
birth MM-DD
Sell decision maker - Date of Field is mandatory where national ID was populated in field 21.
081 24 XML schema N/A Generated by the XML parser
birth Otherwise is not populated.
Sell decision maker - date of Date of birth is later than trading
082 24 Date of birth in field 24 should not be later than trading date. Application CON-240 1
birth date
have been met.
- Where a firm acts both as a receiving firm and a transmitting firm it shall populate field 25 to indicate that it is a transmitting firm and shall
‘true’ shall be populated by the transmitting firm within the transmitting
firm’s report where the conditions for transmission specified in Article 4 ‘true’
083 25 Transmission of order indicator Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
were not satisfied ‘false’
‘false’ – in all other circumstances

084 25 Transmission of order indicator Only 'true' or 'false' values allowed XML schema N/A Generated by the XML parser

When the executing entity is dealing on its own account or matched

Transmission of order indicator is
215 25 Transmission of order indicator principal basis (value ‘DEAL’ or ‘MTCH’ populated in field 29) this field Application CON-251 1
incorrect
must be populated with ‘false’.

Code used to identify the firm transmitting the order

Transmitting firm identification {LEI} The value should be a string of 20 characters where first 18 characters
085 26 This shall be populated by the receiving firm within the receiving firm’s XML schema N/A Generated by the XML parser
code for the buyer are capital letters or numbers and 2 last characters are numbers.
report with the identification code provided by the transmitting firm.

This field shall be populated with a LEI accurately formatted and in the
LEI database included in the GLEIF database maintained by the Central
Operating Unit.
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
Transmitting firm identification Firm transmitting identification
086 26 or "Pending archival". Application CON-260 1
code for the buyer code for the buyer LEI is not valid
2. The InitialRegistrationDate of the LEI shall be equal or before the
trading date.
3. The EntityStatus shall be Active or if the EntityStatus is Inactive, the
LastUpdateDate shall be equal or after the trading date.

Code used to identify the firm transmitting the order.

Transmitting firm identification {LEI} The value should be a string of 20 characters where first 18 characters
089 27 This shall be populated by the receiving firm within the receiving firm’s XML schema N/A Generated by the XML parser
code for the seller are capital letters or numbers and 2 last characters are numbers.
report with the identification code provided by the transmitting firm

This field shall be populated with a LEI accurately formatted and in the
LEI database included in the GLEIF database maintained by the Central
Operating Unit.
1. The status of the LEI shall be "Issued", "Lapsed", "Pending transfer"
Transmitting firm identification Firm transmitting identification
090 27 or "Pending archival". Application CON-270 1
code for the seller code for the seller LEI is not valid
2. The InitialRegistrationDate of the LEI shall be equal or before the
trading date.
3. The EntityStatus shall be Active or if the EntityStatus is Inactive, the
LastUpdateDate shall be equal or after the trading date.

Transaction details

16 / 32
 TREM Exchange Interface Data Validation Rules

Date and time when the transaction was executed.

For transactions executed on a trading venue, the level of granularity
shall be in accordance with the requirements set out in Article 3 [RTS 25
on clock synchronization under article 50 of Directive 2014/65/EU ].
For transactions not executed on a trading venue, the date and time
shall be when the parties agree the content of the following fields:
quantity, price, currencies in fields 31, 34 and 44, instrument
{DATE_TIME_FORMAT}
094 28 Trading date time identification code, instrument classification and underlying instrument Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
code, where applicable. For transactions not executed on a trading
venue the time reported shall be at least to the nearest second.
Where the transaction results from an order transmitted by the
executing firm on behalf of a client to a third party where the conditions
for transmission set out in Article 4 were not satisfied, this shall be the
date and time of the transaction rather than the time of the order
transmission.

Field must be populated with a valid date and time in the following
format: YYYY-MM-DDThh:mm:ss.ssssssZ
095 28 Trading date time XML schema N/A Generated by the XML parser
The minimum precision is seconds
Trading date time must be before the reception date time (i.e. when
096 28 Trading date time Application CON-280 Trading date time is in the future 1
the file including the transaction was received by the NCA).
Trading date cannot be earlier than the agreed date of the first trading
269 28 Trading date time date to be reported under MiFIR or earlier than 5 years before the Application CON-281 Trade date is too far in the past 1
current date.

Indication of whether the transaction results from the executing firm

carrying out matched principal trading under Article 4(38) of Directive
‘DEAL’ - Dealing on own
2014/65/EU or dealing on own account under Article 4(6) of Directive
account
097 29 Trading capacity 2014/65/EU. Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
‘MTCH’ - Matched principal
Where the transaction does not result from the executing firm carrying
‘AOTC’ - Any other capacity
out matched principal trading or dealing on own account, the field shall
indicate that the transaction was carried out under any other capacity.

Only one of the following values can be populated: ‘DEAL’, ‘MTCH’,

098 29 Trading capacity XML schema N/A Generated by the XML parser
‘AOTC’.
When using 'DEAL' either Buyer or
When using 'DEAL' Buyer Identification or Seller Identification or both
Seller should be identical with the
216 29 Trading capacity of them should be identical with the executing entity identification Application CON-290 1
executing entity identification
code.
code

The number of units of the financial instrument, or the number of

derivative contracts in the transaction.
The nominal or monetary value of the financial instrument.
For spread bets, the quantity shall be the monetary value wagered per {DECIMAL-18/17} in case
point movement in the underlying financial instrument. the quantity is expressed as
For credit default swaps, the quantity shall be the notional amount for number of units
099 30 Quantity Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
which the protection is acquired or disposed of. {DECIMAL-18/5} in case the
For increase or decrease in notional amount derivative contracts, the quantity is expressed as
number shall reflect the absolute value of the change and shall be monetary or nominal value
expressed as a positive number.
The information reported in this field shall be consistent with the values
provided in fields 33 and 46.

The format should be one of the following:

- decimal number of max 18 digits out of which max 5 are fraction digits
in case of monetary or nominal value
100 30 Quantity - decimal number of max 18 digits out of which max 17 are fraction XML schema N/A Generated by the XML parser
digits in case of number of units

The quantity can be only a positive number.

17 / 32
 TREM Exchange Interface Data Validation Rules

Currency in which the quantity is expressed. Field is mandatory where monetary or nominal value was used in field
102 31 Quantity currency {CURRENCYCODE_3} XML schema N/A Generated by the XML parser
Only applicable if quantity is expressed as nominal or monetary value. 30

103 31 Quantity currency Reported value should be a text string consisting of 3 capital letters XML schema N/A Generated by the XML parser
A valid ISO 4217 currency code that was active at the trading date or is
a pre-EURO currency should be populated.
Currency code is not valid for the
104 31 Quantity currency Application CON-310 1
trade date
The following special currency codes are not allowed: XAG, XAU, XBA,
XBB, XBC, XBD, XDR, XEU, XFU, XPD, XPT, XXX.

Indication as to whether the transaction is an increase or decrease of

Derivative notional notional of a derivative contract. ‘INCR’ - Increase
105 32 Only one of the following values can be populated: ‘INCR’, ‘DECR’. XML schema N/A Generated by the XML parser
increase/decrease Field only applies when there is change in notional for a derivative ‘DECR’ - Decrease
contract.

Traded price of the transaction excluding, where applicable, commission

and accrued interest. {DECIMAL-18/13} in case
In the case of option contracts, it shall be the premium of the derivative the price is expressed as
contract per underlying or index point. monetary value
In the case of spread bets it shall be the reference price of the {DECIMAL-11/10} in case
underlying instrument. the price is expressed as
percentage or yield
106 33 Price For credit default swaps (CDS) it shall be the coupon in basis points. {DECIMAL-18/17} in case Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
Where price is reported in monetary terms, it shall be provided in the the price is expressed as
major currency unit. basis points
Where price is currently not available but pending, the value shall be ’PNDG’ in case the price is
’PNDG’ not available
Where price is not applicable, the value shall be ‘NOAP’ . ‘NOAP’ in case the price is
The information reported in this field shall be consistent with the values not applicable
provided in fields 30 and 46.

The format of the reported value should be one of the following:

- decimal number of max 18 digits out of which max 13 are fraction
digits in case of monetary value
- decimal number of max 18 digits out of which max 5 are fraction digits
in case of basis points
107 33 Price - decimal number of max 11 digits out of which max 10 are fraction XML schema N/A Generated by the XML parser
digits in case of number of percentage or yield
- code 'PNDG' (pending price) or 'NOAP' (price not applicable)
- price can be positive, negative or 0, amounts should be reported using
PlusOrMinusIndicator

In case the CFI code is reported in field 43 (transaction in a financial

instrument that is not admitted to trading):
260 33 Price For debt instruments, i.e. CFI reported in field 43 is D*****, where the Application CON-330 Price notation is incorrect 8
quantity is reported in unit terms, the reported price shall not be in
percentage terms.

In case the CFI code is available in the instrument reference data

(transaction in an instruments admitted to trading):
261 33 Price For debt instruments, i.e. where CFI of the instrument in the reference Application CON-331 Price notation is incorrect 4
data is D*****, where the quantity is reported in unit terms, the
reported price shall not be in percentage terms.

Currency in which the price is expressed (applicable if the price is

108 34 Price Currency {CURRENCYCODE_3} Field is mandatory where monetary value was used in field 33 XML schema N/A Generated by the XML parser
expressed as monetary value).
109 34 Price Currency Reported value should be a text string consisting of 3 capital letters XML schema N/A Generated by the XML parser
A valid ISO 4217 currency code that was active at the trading date
should be populated.
Currency code is not valid for the
110 34 Price Currency Application CON-340 1
trade date
The following special currency codes are not allowed: XAG, XAU, XBA,
XBB, XBC, XBD, XDR, XEU, XFU, XPD, XPT, XXX.

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 TREM Exchange Interface Data Validation Rules

The net amount of the transaction means the cash amount which is paid
by the buyer of the debt instrument upon the settlement of the In case the CFI code is reported in field 43 (transaction in a financial
transaction. This cash amount equals to: (clean price * nominal value) instrument that is not admitted to trading):
111 35 Net amount +any accrued coupons. As a result, the net amount of the transaction {DECIMAL-18/5} The field is mandatory for debt instruments, i.e. CFI reported in field 43 Application CON-350 Net amount is missing 8
excludes any commission or other fees charged to the buyer of the debt is DB**** (Bonds), DC**** (convertible bonds), DT**** (mendium
instrument. term notes) or DN**** (municipal bonds).
Field only applies when the financial instrument is debt.

In case the CFI code is available in the instrument reference data

(transaction in an instruments admitted to trading):
262 35 Net amount The field is mandatory for debt instruments, i.e. CFI of the instrument Application CON-351 Net amount is missing 4
in the reference data is DB**** (Bonds), DC**** (convertible bonds),
DT**** (mendium term notes) and DN**** (municipal bonds)

The format of the reported value should be decimal number of max 18

113 35 Net amount digits out of which max 5 are fraction digits. It can be a non-negative XML schema N/A Generated by the XML parser
number (including 0).

Identification of the venue where the transaction was executed.

Use the ISO 10383 segment MIC for transactions executed on a trading
venue, Systematic Internaliser (SI) or organised trading platform outside
of the Union. Where the segment MIC does not exist, use the operating
MIC.
Use MIC code ‘XOFF’ for financial instruments admitted to trading, or
traded on a trading venue or for which a request for admission was
made, where the transaction on that financial instrument is not
114 36 Venue executed on a trading venue, SI or organised trading platform outside of {MIC} Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
the Union, or where an investment firm does not know it is trading with
another investment firm acting as an SI.
Use MIC code ‘XXXX’ for financial instruments that are not admitted to
trading or traded on a trading venue or for which no request for
admission has been made and that are not traded on an organised
trading platform outside of the Union but where the underlying is
admitted to trading or traded on a trading venue.

The reported value should be a string of 4 characters (letters or

115 36 Venue numbers). XML schema N/A Generated by the XML parser

The reported code should be a valid ISO 10383 MIC code that was Venue MIC is not valid for the
116 36 Venue Application CON-360 1
active at the trading date trade date

If the instrument reported in field 41 is present in reference data,

'XXXX' cannot be reported in field 36. I.e. if 'XXXX' populated in field 36 The reported MIC code is
(Tx\TradVn), full instrument description must be provided in FinInstrm\ inconsistent with the instrument
270 36 Venue Application CON-361 6
Othr (FinInstrm\Id must not be used) and ISIN reported in FinInstrm\ (instrument admitted to trading
Othr\FinInstrmGnlAttrbts\Id must not be present in reference data for or underlying not reported)
the relevant trade date.

If field 25 Transmission of order indicator is ‘true’, the trading venue

283 36 Venue Application CON-362 Trading venue field is incorrect 6
field should be XOFF or XXXX.

Code used to identify the country of a branch of the investment firm

whose market membership was used to execute the transaction.
Where a branch’s market membership was not used, this field shall be
populated with the country code of the home Member State of the This field is mandatory where:
investment firm or the country code of the country where the firm has MIC populated in field 36 pertains to an EEA trading venue or trading
Country of the branch Country of branch membership is
117 37 established its head office or registered office (in the case of third {COUNTRYCODE_2} platform outside the Union, excluding Systematic Internalisers (i.e. this Application CON-370 1
membership missing
country firms). field is not applicable can be left blank for transactions executed on
Systematic Internalisers).
This field shall only be populated for the market side of a transaction
executed on a trading venue or on an organised trading platform outside
of the Union.

19 / 32
 TREM Exchange Interface Data Validation Rules

Country of branch membership is

Country of the branch
284 37 This field must not be populated where field 36 is populated with Application CON-372 inconsistent with the MIC 1
membership
'XXXX' or 'XOFF' or a MIC pertaining to a Systematic Internaliser. populated in field 36.
Country of the branch
118 37 Reported value should be a text string consisting of 2 capital letters XML schema N/A Generated by the XML parser
membership
Country of the branch If populated, it should be an ISO 3166 country code that was valid at Country code is not valid for the
119 37 Application CON-371 1
membership the trading date trade date

Monetary value of any up-front payment received or paid by the seller.

In case the CFI code is reported in field 43 (transaction in a derivative
Where the seller receives the up-front payment, the value populated is
120 38 Up-front payment {DECIMAL-18/5} instrument that is not admitted to trading): Application CON-380 Up-front payment is missing 8
positive. Where the seller pays the up-front payment, the value
Field is mandatory where the CFI reported in field 43 is SC**** (CDS)
populated is negative.

In case the CFI code is available in the instrument reference data

(transaction in an instruments admitted to trading):
263 38 Up-front payment Application CON-381 Up-front payment is missing 4
Field is mandatory where the CFI of the instrument in the reference
data is SC**** (CDS)

The format of the reported value should be decimal number of max 18

digits out of which max 5 are fraction digits in case of monetary or
121 38 Up-front payment nominal value XML schema N/A Generated by the XML parser
Up-front payment can be positive, negative or 0, amounts should be
reported using PlusOrMinusIndicator
122 39 Up-front payment currency Currency of the up-front payment. {CURRENCYCODE_3} Field is mandatory where field 38 was populated XML schema N/A Generated by the XML parser
123 39 Up-front payment currency Reported value should be a text string consisting of 3 capital letters XML schema N/A Generated by the XML parser
A valid ISO 4217 currency code that was active at the trading date
should be populated.
Currency code is not valid for the
124 39 Up-front payment currency Application CON-390 1
trade date
The following special currency codes are not allowed: XAG, XAU, XBA,
XBB, XBC, XBD, XDR, XEU, XFU, XPD, XPT, XXX.

Identifier, internal to the reporting firm to identify all the reports related
to the same execution of a combination of financial instruments in
The reported value should be a text string of no more than 35
125 40 Complex trade component id accordance with Article 12. The code must be unique at the level of the {ALPHANUM-35} XML schema N/A Generated by the XML parser
characters consisting of capital Latin letters (A-Z) and numbers.
firm for the group of reports related to the execution.
Field only applies when the conditions specified in Article 12 apply.

Instrument details
219 A general explanation of the instrument related fields is provided in the 'InstrumentValidation' tab.

Field is:
Code used to identify the financial instrument
1. mandatory for transactions executed on a trading venue or with an
This field applies to financial instruments for which a request for
investment firm acting as a SI or transactions in instruments that exist
admission to trading has been made, that are admitted to trading or
on the reference data list from ESMA
127 41 Instrument identification code traded on a trading venue or on a systematic internaliser. It also applies {ISIN} XML schema N/A Generated by the XML parser
2. optional for transactions in instruments that do not exist on the
to financial instruments which have an ISIN and are traded on organised
reference data list from ESMA that are executed OTC or on organised
trading platform outside of the Union where the underlying is a financial
trading platforms outside EEA
instrument traded on a trading venue.

The reported value should be a string of 12 characters (letters or

129 41 Instrument identification code numbers). XML schema N/A Generated by the XML parser

The check digit of the ISIN code should be valid according to the
algorithm of ISIN validation, as defined in the ISO 6166:2013 standard,
130 41 Instrument identification code Application CON-410 The ISIN code is invalid 1
Annex C Formula for computing the modulus 10 double-add-double"
check digit.
The instrument should be present in reference data for the trading
date for the following transactions:
1. The transaction is executed on a trading venue within EEA (MIC code If no more than 7 days has passed
in field 36 belongs to a trading venue within the EEA); after the transaction submission
2. The transaction is an OTC transaction in instrument admitted to (i.e. it is the 7th day or before) the
trading (field 36 populated with 'XOFF') and field 47 and 48 are not Application CON-411 transaction shall be pending with 3
populated; the following message:
3. The transaction is executed on a SI or an organised trading platform
outside EEA and field 47 and 48 are not populated. Pending instrument validation

In the case of transactions on EEA venues (point 1 above), the

220 41 Instrument identification code instrument should be valid on the particular trading venue where the
transaction was executed. In the case of the other transactions (point 2
and203), /the
32instrument should be valid on any (at least one) EEA trading
venue or SI.
 in field 36 belongs to a trading venue within the EEA);
2. The transaction is an OTC transaction in instrument admitted to
trading (field 36 populated with 'XOFF') and field 47 and 48 are not
populated;
3. The transaction is executed on a SI or an organised trading platform TREM Exchange Interface Data Validation Rules
outside EEA and field 47 and 48 are not populated.

In the case of transactions on EEA venues (point 1 above), the

220 41 Instrument identification code instrument should be valid on the particular trading venue where the
transaction was executed. In the case of the other transactions (point 2 If at least 7 days has passed after
and 3), the instrument should be valid on any (at least one) EEA trading the transaction submission (i.e. it
venue or SI. is the 8th day after the
submission) the transaction shall
be rejected with the following
Application CON-412 3
error message:

Instrument or MIC is not valid in

reference data on transaction
date
Fields 42-56 are not applicable where:
transactions are executed on a trading venue or with an investment firm acting as a SI; or
field 41 is populated with an ISIN that exists on the reference data list from ESMA
Field is:
1. not applicable for transactions executed on a trading venue or with
an investment firm acting as a SI or transactions in instruments that
exist on the reference data list from ESMA (if populated, it is ignored
132 42 Instrument full name Full name of the financial instrument {ALPHANUM-350} XML schema N/A Generated by the XML parser
but the transaction is not rejected)
2. mandatory for transactions in instruments that do not exist on the
reference data list from ESMA that are executed OTC or on organised
trading platforms outside EEA

Field should be a text string of no more than 350 characters where any
133 42 Instrument full name XML schema N/A Generated by the XML parser
character is allowed.

Field is:
1. not applicable for transactions executed on a trading venue or with
an investment firm acting as a SI or transactions in instruments that
Taxonomy used to classify the financial instrument exist on the reference data list from ESMA (if populated, it is ignored
134 43 Instrument classification {CFI_CODE} XML schema N/A Generated by the XML parser
A complete and accurate CFI code shall be provided. but the transaction is not rejected)
2. mandatory for transactions in instruments that do not exist on the
reference data list from ESMA that are executed OTC or on organised
trading platforms outside EEA

The reported value should be a string of 6 capital letters.

135 43 Instrument classification XML schema N/A Generated by the XML parser

The reported CFI should be an allowed CFI according to the ISO Instrument classification identifier
222 43 Instrument classification Application CON-430 7
10962:2015. is incorrect

The instrument classification should be consistent with option style

(field 53):
1. If field 53 = EURO, then one of the following CFI codes should be
used: O*E***, H**A**, H**D**, H**G**, RW***E, RF***E CFI code is inconsistent with
136 43 Instrument classification Application CON-431 8
2. If field 53 = AMER, then one of the following CFI codes should be option exercise style.
used: O*A***, H**B**, H**E**, H**H**, RW***A, RF***A
3. If field 53 = BERM, then one of the following CFI codes should be
used: O*B***, H**C**, H**F**, H**I**, RW***B, RF***B

Field is:
Currency in which the notional is denominated.
1. not applicable for transactions executed on a trading venue or with
In the case of an interest rate or currency derivative contract, this will be
an investment firm acting as a SI or transactions in instruments that
the notional currency of leg 1 or the currency 1 of the pair.
exist on the reference data list from ESMA (if populated, it is ignored
223 44 Notional currency 1 In the case of swaptions where the underlying swap is single-currency, {CURRENCYCODE_3} XML schema N/A Generated by the XML parser
but the transaction is not rejected)
this will be the notional currency of the underlying swap. For swaptions
2. optional for transactions in instruments that do not exist on the
where the underlying is multi-currency, this will be the notional currency
reference data list from ESMA that are executed OTC or on organised
of leg 1 of the swap.
trading platforms outside EEA

A valid ISO 4217 currency code that was active at the trading date or is
a pre-EURO currency should be populated.
Currency code is not valid for the
139 44 Notional currency 1 Application CON-440 7
trade date
The following special currency codes are not allowed: XAG, XAU, XBA,
XBB, XBC, XBD, XDR, XEU, XFU, XPD, XPT, XXX.

Field is mandatory where Field 43 is populated with:

137 44 Notional currency 1 1. Other instruments with the following CFI attributes: O*****, S*****, Application CON-441 Notional Currency 1 is missing 8
C*****, R*****, F*****, E*****, D*****, H*****, J*****
138 44 Notional currency 1 Reported value should be a text string consisting of 3 capital letters XML schema N/A Generated by the XML parser

21 / 32
 TREM Exchange Interface Data Validation Rules

Field is:
1. not applicable for transactions executed on a trading venue or with
In the case of multi-currency or cross-currency swaps the currency in an investment firm acting as a SI or transactions in instruments that
which leg 2 of the contract is denominated. exist on the reference data list from ESMA (if populated, it is ignored
224 45 Notional currency 2 {CURRENCYCODE_3} XML schema N/A Generated by the XML parser
For swaptions where the underlying swap is multi-currency, the but the transaction is not rejected)
currency in which leg 2 of the swap is denominated 2. optional for transactions in instruments that do not exist on the
reference data list from ESMA that are executed OTC or on organised
trading platforms outside EEA

Notional currency 2 was

245 45 Notional currency 2 Field can be only populated when field 44 was also populated Application CON-450 populated but Notional currency 1 7
is missing.

A valid ISO 4217 currency code that was active at the trading date or is
a pre-EURO currency should be populated.
Currency code is not valid for the
142 45 Notional currency 2 Application CON-451 7
trade date
The following special currency codes are not allowed: XAG, XAU, XBA,
XBB, XBC, XBD, XDR, XEU, XFU, XPD, XPT, XXX.

This field is mandatory where field 43 is populated with:

1. Swaps with the following CFI attributes : SF****
140 45 Notional currency 2 2. Futures with the following CFI attributes: FFC*** Application CON-452 Notional Currency 2 is missing 8
3. Financial instrument with the following CFI attributes: JF****,
RWC***, RFC***, DE***C and DS***C

This field should not be populated where field 43 is populated with:

1. Options with the following CFI attributes: O**S**, O**D**, O**T**,
O**N**
2. Futures with the following CFI attributes: FFS***, FFD***, FFN***,
FFV***, FC****
3. Swaps with the following CFI attributes: ST****
4. Complex options with the following CFI attributes: HT****, HE****,
HF**** Notional currency 2 is not
250 45 Notional currency 2 5. Other classes of instruments with the following CFI attributes: Application CON-453 applicable for the given 8
RA****, RS****, RP****, RD****, RM****, RX****, RWB***, instrument
RWS***, RWD***, RWT***, RWI***, RWM***, RWX***, RFB***,
RFS***, RFD***, RFT***, RFI***, RFM***, RFX***, E*****, C*****,
DB****, DC****, DW****, DT****, DG****, DA****, DN****,
DD****, DM****, DY****, DX****,
DE***B, DE***S, DE***D, DE***T, DE***I, DE***N, DE***M, DE***X,
DS***B, DS***S, DS***D, DS***T, DS***I, DS***N, DS***M, DS***X,
JE****, JC****, JR****, JT****, JX****

141 45 Notional currency 2 Reported value should be a text string consisting of 3 capital letters XML schema N/A Generated by the XML parser

Number of units of the underlying instrument represented by a single

Field is:
derivative contract.
1. not applicable for transactions executed on a trading venue or with
Monetary value covered by a single swap contract where the quantity
an investment firm acting as a SI or transactions in instruments that
field indicates the number of swap contracts in the transaction. For a
{DECIMAL-18/17} exist on the reference data list from ESMA (if populated, it is ignored
143 46 Price multiplier future or option on an index, the amount per index point. XML schema N/A Generated by the XML parser
but the transaction is not rejected)
For spreadbets the movement in the price of the underlying instrument
2. mandatory for transactions in instruments that do not exist on the
on which the spreadbet is based.
reference data list from ESMA that are executed OTC or on organised
The information reported in this field shall be consistent with the values
trading platforms outside EEA
provided in fields 30 and 33.

The format of the reported value should be a decimal number of max

144 46 Price multiplier XML schema N/A Generated by the XML parser
18 digits out of which max 17 are fraction digits
145 46 Price multiplier Price multiplier should be always a positive number (excluding 0) XML schema N/A Generated by the XML parser

22 / 32
 TREM Exchange Interface Data Validation Rules

ISIN code of the underlying instrument.

For ADRs, GDRs and similar instruments, the ISIN code of the financial
instrument on which those instruments are based.
For convertible bonds, the ISIN code of the instrument in which the bond
can be converted.
Field is:
For derivatives or other instruments which have an underlying, the
1. not applicable for transactions executed on a trading venue or with
underlying instrument ISIN code, when the underlying is admitted to
an investment firm acting as a SI or transactions in instruments that
trading, or traded on a trading venue. Where the underlying is a stock
exist on the reference data list from ESMA (if populated, it is ignored
dividend, then ISIN code of the related share entitling the underlying {ISIN}
146 47 Underlying instrument code but the transaction is not rejected) XML schema N/A Generated by the XML parser
dividend.
2. mandatory for transactions in instruments that do not exist on the
For Credit Default Swaps, the ISIN of the reference obligation shall be
reference data list from ESMA that are executed OTC or on organised
provided.
trading platforms outside EEA
In case the underlying is an Index and has an ISIN, the ISIN code for that
3. optional for index derivatives
index.
Where the underlying is a basket, include the ISIN of each constituent of
the basket that is admitted to trading or is traded on a trading venue.
Field 47 shall be reported as many times as necessary to list all
reportable instruments in the basket.

The underlying instrument should be present in reference data for the

trading date for the following transactions: If no more than 7 days has passed
1. The transaction is an OTC transaction: after the transaction submission
a) field 36 is populated with 'XXXX'; and (i.e. it is the 7th day or before) the
b) the underlying instrument is not an index; transaction shall be pending with
Application CON-471 6
2. The transaction was executed on a non-EEA organised trading the following message:
platform:
a) field 36 is populated with a non-EEA MIC code or 'XOFF'; and Pending underlying instrument
b) the instrument (field 41) is not populated or populated with an XXX validation
instrument that is not present in the reference data; and
c) the underlying instrument is not an index;
148 47 Underlying instrument code
In the case of baskets, if more than one basket constituent is If at least 7 days has passed after
populated, all of them should be present in the instrument reference the transaction submission (i.e. it
data. is the 8th day after the
submission) the transaction shall
Where the submitting entity populates not only the reportable be rejected with the following
components but also non-reportable ones, the report is pended and, Application CON-472 6
error message:
after the 7 calendar days, rejected (unless the non-reportable
components become reportable within that 7 calendar day period). Underlying instrument XXX is not
valid in reference data on
transaction date

The reported value should be a string of 12 characters (letters or

149 47 Underlying instrument code numbers). XML schema N/A Generated by the XML parser

The check digit of the ISIN code should be valid according to the
algorithm of ISIN validation, as defined in the ISO 6166:2013 standard,
150 47 Underlying instrument code Application CON-470 The ISIN code XXX is invalid 5
Annex C Formula for computing the modulus 10 double-add-double
check digit.
More than one value can be reported by copying this field as many
226 47 Underlying instrument code XML schema N/A Generated by the XML parser
times as required.

For swap transactions where field 43 is populated with S*****, at least

one swap leg consisting of a single instrument, an index or a basket
No underlying reported for swap
281 47 Underlying instrument code should be reported with the direction indication (i.e. the underlying Application CON-473 5
transaction.
must be reported using the UndrlygInstrm\Swp\SwpIn or
UndrlygInstrm\Swp\SwpOut XML elements).

Field is:
1. not applicable for transactions executed on a trading venue or with
{INDEX}
an investment firm acting as a SI or transactions in instruments that
Or
exist on the reference data list from ESMA (if populated, it is ignored
271 48 Underlying index name When the underlying is an index, the name of the Index. {ALPHANUM-25} - if the XML schema N/A Generated by the XML parser
but the transaction is not rejected)
index name is not included
2. optional for transactions in instruments that do not exist on the
in the {INDEX} list
reference data list from ESMA that are executed OTC or on organised
trading platforms outside EEA

23 / 32
 TREM Exchange Interface Data Validation Rules

In case of transactions in instruments that do not exist on the reference

246 48 Underlying index name data list from ESMA that are executed OTC or on organised trading XML schema N/A Generated by the XML parser
platforms outside EEA, either field 47 or field 48 must be populated.

This field is mandatory where field 43 is populated with

1. Options with the following CFI attributes: O**I**, O**N**
Direct underlying index name is
154 48 Underlying index name 2. Futures with the following CFI attributes: FFI***, FFN*** Application CON-480 8
missing
3. Entitlements with the following CFI attributes: RWI***, RFI***

This field should not be populated where field 43 is populated with:

1. Debt instruments with the following CFI attributes: DB****, DT****, Underlying index name is not
264 48 Underlying index name DY**** Application CON-481 applicable for the given 8
2. Other instruments with the following CFI attributes: ES****, EP****, instrument
EC****, EF****, EL****, ED****, EM****, EX****, C****

Field should be a text string of no more than 25 characters where any

character is allowed.

or
155 48 Underlying index name XML schema N/A Generated by the XML parser
one of the following values: EONA’, ‘EONS’, ‘EURI’, ‘EUUS’, ‘EUCH’,
‘GCFR’, ‘ISDA’, ’LIBI’, ‘LIBO’, ‘MAAA’, ‘PFAN’, ‘TIBO’, ‘STBO’, ‘BBSW’,
‘JIBA’, ‘BUBO’, ‘CDOR’, ‘CIBO’, ‘MOSP’, ‘NIBO’, ‘PRBO’, ‘TLBO’, ‘WIBO’,
‘TREA’, ‘SWAP’, ‘FUSW’.

Field is:
{INTEGER-3}+'DAYS' - days 1. not applicable for transactions executed on a trading venue or with
{INTEGER-3}+'WEEK' - an investment firm acting as a SI or transactions in instruments that
weeks exist on the reference data list from ESMA (if populated, it is ignored
272 49 Term of the underlying index In case the underlying is an index, the term of the index. XML schema N/A Generated by the XML parser
{INTEGER-3}+'MNTH' - but the transaction is not rejected)
months 2. optional for transactions in instruments that do not exist on the
{INTEGER-3}+'YEAR' - years reference data list from ESMA that are executed OTC or on organised
trading platforms outside EEA

247 49 Term of the underlying index This field is not applicable if field 48 was not populated XML schema N/A Generated by the XML parser
This field consists of two elements:
1. Unit - a code where one of the following values should be populated:
156 49 Term of the underlying index XML schema N/A Generated by the XML parser
'DAYS', 'WEEK', 'MNTH', 'YEAR'
2. Value - an integer number of up to 3 numerical digits

This field is mandatory where field 43 is populated with

1. Options with the following CFI attributes: O**N** Term of the underlying index is
157 49 Term of the underlying index Application CON-490 8
2. Futures with the following CFI attributes: FFN*** missing

Indication as to whether the derivative contract is a call (right to

purchase a specific underlying asset) or a put (right to sell a specific
underlying asset) or whether it cannot be determined whether it is a call
or a put at the time of execution. Field is:
In case of swaptions it shall be: 1. not applicable for transactions executed on a trading venue or with
‘PUTO’ - Put
- ‘PUTO’, in case of receiver swaption, in which the buyer has the right to an investment firm acting as a SI or transactions in instruments that
‘CALL’ - Call
enter into a swap as a fixed-rate receiver. exist on the reference data list from ESMA (if populated, it is ignored
273 50 Option type ‘OTHR’ - where it cannot be XML schema N/A Generated by the XML parser
-‘Call’, in case of payer swaption, in which the buyer has the right to but the transaction is not rejected)
determined whether it is a
enter into a swap as a fixed-rate payer. 2. optional for transactions in instruments that do not exist on the
call or a put
In case of Caps and Floors it shall be: reference data list from ESMA that are executed OTC or on organised
-‘PUTO’, in case of a Floor. trading platforms outside EEA
-‘Call’, in case of a Cap.
Field only applies to derivatives that are options or warrants.

Field is mandatory where field 43 is populated with:

158 50 Option type 1. Options with the following CFI attributes: O***** or H***** Application CON-500 Option type is missing 8
2. Warrants with the following CFI attributes: RW****

24 / 32
 TREM Exchange Interface Data Validation Rules

This field should not be populated where field 43 is populated with:

Option type is not applicable for
251 50 Option type 1. Instruments with the following CFI attributes: F*****, S*****, Application CON-501 8
the given instrument
E*****, C*****, D*****, J*****

If CFI code is
1. 'OC****', 'H**A**', 'H**B**', 'RW**C*' or 'H**C**', then option
type should be 'CALL'
Option type does not match
159 50 Option type 2. 'OP****', 'H**D**', 'H**E**', 'RW**P*' or 'H**F**', then option Application CON-502 8
instrument classification
type should be 'PUTO'
3. 'OM****', 'H**G**', 'H**H**', 'RW**B*' or 'H**I**', then option
type should be 'OTHR'

Only one of the following values can be populated: 'PUTO', 'CALL',

160 50 Option type XML schema N/A Generated by the XML parser
'OTHR'

{DECIMAL-18/13} in case
the price is expressed as
Pre-determined price at which the holder will have to buy or sell the
monetary value Field is:
underlying instrument, or an indication that the price cannot be
{DECIMAL-11/10} in case 1. not applicable for transactions executed on a trading venue or with
determined at the time of execution.
the price is expressed as an investment firm acting as a SI or transactions in instruments that
Field only applies to an option or warrant where strike price can be
percentage or yield exist on the reference data list from ESMA (if populated, it is ignored
274 51 Strike price determined at the time of execution. XML schema N/A Generated by the XML parser
{DECIMAL-18/17} in case but the transaction is not rejected)
the price is expressed as 2. optional for transactions in instruments that do not exist on the
Where price is currently not available but pending, the value shall be
basis points reference data list from ESMA that are executed OTC or on organised
’PNDG’
’PNDG’ in case the price is trading platforms outside EEA
Where strike price is not applicable the field shall not be populated.
not available

Field is mandatory where field 43 is populated with:

161 51 Strike price 1. Options with the following CFI attributes: O***** or H***** Application CON-510 Strike Price is missing 8
2. Warrants with the following CFI attributes: RW****
This field should not be populated where field 43 is populated with:
Strike price is not applicable for
252 51 Strike price 1. Instruments with the following CFI attributes: F*****, S*****, Application CON-511 8
the given instrument
E*****, C*****, D*****, J*****

The format of the reported value should be one of the following:

- decimal number of max 18 digits out of which max 13 are fraction
digits in case of monetary value
- decimal number of max 18 digits out of which max 17 are fraction
digits in case of basis points
- decimal number of max 11 digits out of which max 10 are fraction
162 51 Strike price XML schema N/A Generated by the XML parser
digits in case of number of percentage or yield
- code 'PNDG'
- strike price can be positive, negative or 0, amounts should be
reported using PlusOrMinusIndicator

163 52 Strike price currency Currency of the strike price {CURRENCYCODE_3} Field is mandatory where monetary value was used in field 51. XML schema N/A Generated by the XML parser
164 52 Strike price currency Reported value should be a text string consisting of 3 capital letters XML schema N/A Generated by the XML parser
A valid ISO 4217 currency code that was active at the trading date
should be populated.
Currency code is not valid for the
165 52 Strike price currency Application CON-520 7
trade date
The following special currency codes are not allowed: XAG, XAU, XBA,
XBB, XBC, XBD, XDR, XEU, XFU, XPD, XPT, XXX.

Field is:
Indication as to whether the option may be exercised only at a fixed date 1. not applicable for transactions executed on a trading venue or with
‘EURO’ - European
(European, and Asian style), a series of pre-specified dates (Bermudan) an investment firm acting as a SI or transactions in instruments that
‘AMER’ - American
or at any time during the life of the contract (American style). exist on the reference data list from ESMA (if populated, it is ignored
275 53 Option exercise style ‘ASIA’ - Asian XML schema N/A Generated by the XML parser
but the transaction is not rejected)
‘BERM’ - Bermudan
This field is only applicable for options, warrants and entitlement 2. optional for transactions in instruments that do not exist on the
‘OTHR’ - Any other type
certificates. reference data list from ESMA that are executed OTC or on organised
trading platforms outside EEA

25 / 32
 TREM Exchange Interface Data Validation Rules

Field is mandatory where field 43 is populated with:

166 53 Option exercise style 1. Options with the following CFI attributes: O***** or H***** Application CON-530 Option exercise style is missing. 8
2. Warrants with the following CFI attributes: RW**** and RF****
This field should not be populated where field 43 is populated with: Option exercise style is not
253 53 Option exercise style 1. Instruments with the following CFI attributes: F*****, S*****, Application CON-531 applicable for the given 8
E*****, C*****, D*****, J***** instrument
Only one of the following values can be populated: 'EURO', 'AMER',
167 53 Option exercise style XML schema N/A Generated by the XML parser
'ASIA', 'BERM', 'OTHR'

Field is:
1. not applicable for transactions executed on a trading venue or with
an investment firm acting as a SI or transactions in instruments that
Date of maturity of the financial instrument. exist on the reference data list from ESMA (if populated, it is ignored
276 54 Maturity date {DATEFORMAT} XML schema N/A Generated by the XML parser
Field only applies to debt instruments with defined maturity. but the transaction is not rejected)
2. optional for transactions in instruments that do not exist on the
reference data list from ESMA that are executed OTC or on organised
trading platforms outside EEA

This field is mandatory where field 43 is populated with

168 54 Maturity date Application CON-540 Maturity date is missing 8
1. D*****
Field must be populated with a valid date in the following format: YYYY-
169 54 Maturity date XML schema N/A Generated by the XML parser
MM-DD
The maturity date should be equal or later than the trading day (field
170 54 Maturity date Application CON-541 Maturity date is incorrect 7
28).
This field should not be populated where field 43 is populated with:
Maturity date is not applicable for
254 54 Maturity date 1. Instruments with the following CFI attributes: R*****, O*****, Application CON-542 8
the given instrument
F*****, S*****, E*****, C*****, H*****, J*****

Field is:
1. not applicable for transactions executed on a trading venue or with
an investment firm acting as a SI or transactions in instruments that
Expiry date of the financial instrument. Field only applies to derivatives exist on the reference data list from ESMA (if populated, it is ignored
277 55 Expiry date {DATEFORMAT} XML schema N/A Generated by the XML parser
with a defined expiry date. but the transaction is not rejected)
2. optional for transactions in instruments that do not exist on the
reference data list from ESMA that are executed OTC or on organised
trading platforms outside EEA

Field is mandatory where field 43 is populated with:

1. Options with the following CFI attributes: 'O*****'
171 55 Expiry date Application CON-550 Expiry date is missing 8
2. Futures with the following CFI attributes: F*****
3. Forwards with the following CFI attributes: JC**F*

This field is should not be populated where field 43 is populated with:

Expiry date is not applicable for
255 55 Expiry date 1. Instruments with the following CFI attributes: E*****, C*****, Application CON-551 8
the given instrument
D*****

Field must be populated with a valid date in the following format: YYYY-
172 55 Expiry date XML schema N/A Generated by the XML parser
MM-DD

173 55 Expiry date The expiry date should be equal or later than the trading day (field 28). Application CON-552 Expiry date is incorrect 7

Field is:
1. not applicable for transactions executed on a trading venue or with
‘PHYS’ - Physically settled
Indication as to whether the transaction is settled physically or in cash. an derivative investment firm acting as a SI or transactions in
‘CASH’ - Cash settled
Where delivery type cannot be determined at time of execution, the instruments that exist on the reference data list from ESMA (if
174 56 Delivery type ‘OPTL’ - Optional for XML schema N/A Generated by the XML parser
value shall be ’OPTL’ populated, it is ignored but the transaction is not rejected)
counterparty or when
The field is only applicable for derivatives. 2. mandatory for transactions in derivate instruments that do not exist
determined by a third party
on the reference data list from ESMA that are executed OTC or on
organised trading platforms outside EEA

Only one of the following values can be populated: 'PHYS', 'CASH',

175 56 Delivery type XML schema N/A Generated by the XML parser
'OPTL'.

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 TREM Exchange Interface Data Validation Rules

Where field 43 is populated with one of the following CFI codes:

OC**P*, OP**P*, FF*P**, FC*P**, SR***P, ST***P, SE***P, SC***P,
SF***P, SM***P, HR***P, HT***P, HE***P, HC***P, HF***P, HM***P,
IF***P, JE***P, JF***P, JC***P, JR***P, JT***P, LL***P, this field
should be populated with 'PHYS'.
227 56 Delivery type Application CON-560 Delivery type is incorrect 8
Where field 43 is populated with one of the following CFI codes:
OC**C*, OP**C*, FF*C**, FC*C**, SR***C, ST***C, SE***C, SC***C,
SM***C, HR***C, HT***C, HE***C, HC***C, HF***C, HM***C, JE***C,
JF***C, JC***C, JR***C, JT***C, LL***C, this field should be populated
with 'CASH'.

Trader, algorithms, waivers and indicators

Code used to identify the person or algorithm within the investment firm
who is responsible for the investment decision.
For natural persons, the identifier specified in Article 6 shall be used
{NATIONAL_ID} - Natural
If the investment decision was made by an algorithm, the field shall be
persons Field must be always populated where the entity deals on own account
Investment decision within populated as set out in Article 8. Investment decision identifier is
177 57 (i.e. value 'DEAL' populated in field 29) and the firm does not act as a Application CON-570 1
firm Field only applies for investment decision within the firm. missing
{ALPHANUM-50} - receiving firm (fields 26 or 27 are not populated).
Where the transaction is for a transmitted order that has met the
Algorithms
conditions for transmission set out in Article 4, this field shall be
populated by the receiving firm within the receiving firm’s report using
the information received from the transmitting firm.

Field should not be populated in reports where the transmitting firm

identification code is not populated for the buyer or seller (fields 26
and 27) and the firm deals on a matched principal capacity (i.e. value
'MTCH' populated in field 29) or an any other capacity (i.e. value 'AOTC'
populated in field 29) unless the decision maker field is populated with
the LEI of the executing entity.
Investment decision identifier
This rule should be interpreted as follows:
should not be populated in
Field 57 should be left blank (not populated) if:
reports where the firm deals on a
Investment decision within • the transmitting firm identification code is not populated for the
228 57 Application CON-571 matched principal capacity or an 1
firm buyer (fields 26 is blank); and
any other capacity unless the
• the transmitting firm identification code is not populated for the
decision maker field is populated
seller (field 27 is blank); and
with the LEI of the executing firm.
• the firm deals on a matched principal capacity or an any other
capacity (i.e. value 'MTCH' or 'AOTC' is populated in field 29); and
• any of LEIs populated in the buyer decision maker (field 12) is
different from the LEI of the executing firm or field 12 is blank (no LEI);
and
• any of LEIs populated in the seller decision maker (field 21) is
different from the LEI of the executing firm or field 21 is blank (no LEI).

If national identifier is used, the value should be a string of no more

Investment decision within than 35 characters.
178 57 XML schema N/A Generated by the XML parser
firm If algorithm identifier is used, the value should be a string of no more
than 50 characters.

If national identifier is used, it should be restricted to a passport

number (use of code CCPT in the SchmeNm/Cd tag), other national
Investment decision within identifier as defined in RTS Annex 2 (use of code NIDN in the
179 57 XML schema N/A Generated by the XML parser
firm SchmeNm/Cd tag) or CONCAT (use of proprietary with value CONCAT
in the SchmeNm/Prtry tag).

If national identifier is used, the first 2 characters of the national The national identification code
Investment decision within
180 57 identification code should be an ISO 3166 country code that was valid Application CON-573 does not include valid country 1
firm
at the trading date code

27 / 32
 TREM Exchange Interface Data Validation Rules

In case the CONCAT code is used, the following characters are only
allowed: Capital Latin letters, Numbers, #. It should be a string of
exactly 20 characters where first two characters are letters, the next 8
characters are numbers and the remaining characters are letters or #,
where 11th and 16th character are letters.
Investment decision within The format of the executing
229 57 Application CON-574 1
firm person code is incorrect
In case national identification number or passport number is used, the
following characters are only allowed: capital Latin letters (A-Z),
numbers (0-9) as well as “+” and “-“ in case the identifier starts with
"FI" and "-" when the identifier starts with "LV". It can be a string of 3
to 35 characters, where first two characters are letters.

Investment decision within In case an algorithm identifier is used, the following characters are only
278 57 XML schema N/A Generated by the XML parser
firm allowed: capital Latin letters (A-Z), numbers (0-9).

Investment decision identifier should not be populated in reports

where the firm deals on a matched principal capacity (i.e. value 'MTCH'
populated in field 29) or an any other capacity (i.e. value 'AOTC'
populated in field 29) and the transmitting firm identification code is
populated for the buyer and/or seller unless the decision maker field is
Investment decision identifier
populated with the LEI of the transmitting firm.
should not be populated in
reports where the firm deals on a
This rule should be interpreted as follows:
matched principal capacity or an
Field 57 should be left blank (not populated) if:
Investment decision within any other capacity and the
267 57 • the firm deals on a matched principal capacity (i.e. value 'MTCH' Application CON-572 1
firm transmitting firm identification
populated in field 29) or an any other capacity (i.e. value 'AOTC'
code is populated for the buyer
populated in field 29); and one or both of the below conditions are true
and/or seller unless the decision
o the transmitting firm for the buyer (field 26) is populated and the
maker field is populated with the
value is different from any of LEIs populated in the buyer decision
LEI of the transmitting firm.
maker (field 12); or
o the transmitting firm for the seller (field 27) is populated and the
value is different from any of LEIs populated in the seller decision
maker (field 21).

Code used to identify the country of the branch of the investment firm
for the person responsible for the investment decision, as set out in
Article 14.3(b).
Where the person responsible for the investment decision was not
supervised by a branch, this field shall be populated with the country
code of the home Member State of the investment firm or the country
Country of the branch
code of the country where the firm has established its head office or
responsible for the person
181 58 registered office (in the case of third country firms). {COUNTRYCODE_2} Field should be a text string consisting of 2 capital letters XML schema N/A Generated by the XML parser
making the investment
Where the transaction is for a transmitted order that has met the
decision
conditions for transmission set out in Article 4, this field shall be
populated by the receiving firm within the receiving firm’s report using
the information received from the transmitting firm.

This field is not applicable when the investment decision was made by
an algorithm

Country of the branch

responsible for the person If populated, it should be an ISO 3166 country code that was valid at Country code is not valid for the
182 58 Application CON-580 1
making the investment the trading date. trade date
decision

This field is mandatory where a person is responsible for the

Country of the branch
investment decision, i.e. a national ID of a person was populated in
responsible for the person
230 58 field 57. XML schema N/A Generated by the XML parser
making the investment
decision
The field is not applicable in case an algo ID was populated in field 57.

28 / 32
 TREM Exchange Interface Data Validation Rules

Code used to identify the person or algorithm within the investment firm
{NATIONAL_ID} - Natural
who is responsible for the execution.
persons
For natural persons, the identifier specified in Article 7 shall be used If
183 59 Execution within firm {ALPHANUM-50} - Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
the execution was made by an algorithm, the field shall be populated as
Algorithms
set out in Article 9.
CLIENT - Client

If national identifier is used, the value should be a string of no more

than 35 characters.
184 59 Execution within firm XML schema N/A Generated by the XML parser
If algorithm identifier is used, the value should be a string of no more
than 50 characters.

If national identifier is used, it should be restricted to a passport

number (use of code CCPT in the SchmeNm/Cd tag), other national
identifier as defined in RTS Annex 2 (use of code NIDN in the
185 59 Execution within firm XML schema N/A Generated by the XML parser
SchmeNm/Cd tag) or CONCAT (use of proprietary with value CONCAT
in the SchmeNm/Prtry tag).

If national identifier is used, the first 2 characters of the national The national identification code
186 59 Execution within firm identification code should be an ISO 3166 country code that was valid Application CON-590 does not include valid country 1
at the trading date. code

In case the CONCAT code is used, the following characters are only
allowed: Capital Latin letters, Numbers, #. It should be a string of
exactly 20 characters where first two characters are letters, the next 8
characters are numbers and the remaining characters are letters or #,
where 11th and 16th character are letters.
The format of the executing
231 59 Execution within firm Application CON-591 1
person code is incorrect
In case national identification number or passport number is used, the
following characters are only allowed: capital Latin letters (A-Z),
numbers (0-9) as well as “+” and “-“ in case the identifier starts with
"FI" and "-" when the identifier starts with "LV". It can be a string of 3
to 35 characters, where first two characters are letters.

In case an algorithm identifier is used, the following characters are only

279 59 Execution within firm XML schema N/A Generated by the XML parser
allowed: capital Latin letters (A-Z), numbers (0-9).

Code used to identify the country of the branch of the investment firm
for the person responsible for the execution of the transaction, as set
out in Article 14.3(c).
Where the person responsible was not supervised by a branch, this field
Country of the branch shall be populated with the country code of the home Member State of
187 60 supervising the person the investment firm, or the country code of the country where the firm {COUNTRYCODE_2} Field should be a text string consisting of 2 capital letters XML schema N/A Generated by the XML parser
responsible for the execution has established its head office or registered office (in the case of third
country firms)

This field is not applicable when the execution was made by an

algorithm

Country of the branch

If populated, it should be an ISO 3166 country code that was valid at Country code is not valid for the
188 60 supervising the person Application CON-600 1
the trading date. trade date
responsible for the execution

This field is mandatory where a person is responsible for the execution

Country of the branch of the transaction, i.e. a national ID of a person was populated in field
232 60 supervising the person 59. XML schema N/A Generated by the XML parser
responsible for the execution
The field is not applicable in case an algo ID was populated in field 59.

29 / 32
 TREM Exchange Interface Data Validation Rules

Indication as to whether the transaction was executed under a pre-trade

waiver in accordance with Articles 4 and 9 of Regulation (EU) 600/2014.
For equity instruments: Populate one or more of the
‘RFPT’ = Reference price transaction following flags:
‘NLIQ’ = Negotiated transactions in liquid financial instruments ‘RFPT’ - Reference price
‘OILQ’ = Negotiated transactions in illiquid financial instruments ‘NLIQ’ - Negotiated (liquid)
‘PRIC’ = Negotiated transactions subject to conditions other than the ‘OILQ’ - Negotiated (illiquid) This field should NOT be populated where: Waiver indicator is inconsistent
189 61 Waiver indicator Application CON-610 2
current market price of that equity financial instrument. ‘PRIC’ - Negotiated 1. Field 36 is 'XOFF', 'XXXX' or a non-EEA venue with trading venue
For non-equity instruments: (conditions)
‘SIZE’ = Above specific size transaction ‘SIZE’ - Above specified size
‘ILQD’ = Illiquid instrument transaction ‘ILQD’ - Illiquid instrument

This field shall only be populated for the market side of a transaction
executed under a waiver on a trading venue.

If populated, one or more of the following values can be populated:

190 61 Waiver indicator XML schema N/A Generated by the XML parser
‘RFPT’, ‘NLIQ’, ‘OILQ’, ‘PRIC’, ‘SIZE’, ‘ILQD’

A short sale concluded by an investment firm on its own behalf or on

behalf of a client, as described in Article 11.
When an investment firm executes a transaction on behalf of a client
‘SESH’ - Short sale with no
who is selling and the investment firm, acting on a best effort basis,
exemption
cannot determine whether it is a short sale transaction, this field shall be
‘SSEX’ - Short sale with
populated with ‘UNDI’
exemption If populated, only one of the following values can be populated: ‘SESH’,
192 62 Short selling indicator Where the transaction is for a transmitted order that has met the XML schema N/A Generated by the XML parser
‘SELL’ - No short sale ‘SSEX’, ‘SELL’, 'UNDI'.
conditions for transmission set out in Article 4 of this Regulation, this
‘UNDI’ – Information not
field shall be populated by the receiving firm in the receiving firm’s
available
reports using the information received from the transmitting firm.
This field is only applicable when, the instrument is covered by
Regulation (EU) 236/2012, and the seller is the investment firm or a
client of the investment firm.

Indicator as to the type of transaction in accordance with Articles 20(3)

(a) and 21(5)(a) of Regulation (EU) 600/2014.
For all instruments: Populate one or more of the
‘BENC’ = Benchmark transactions following flags:
‘ACTX’ = Agency cross transactions ‘BENC’ – Benchmark
‘LRGS’ = Post-trade large-in-scale transactions ‘ACTX’ – Agency cross
‘ILQD’ = Illiquid instrument transaction ‘LRGS’ - Large in scale
‘SIZE’ = Above specific size transaction ‘ILQD’ - Illiquid instrument
‘CANC’ = Cancellations ‘SIZE’ - Above specified size
If populated, one or more of the following values can be populated:
‘AMND’ = Amendments ‘CANC’ - Cancellations
‘BENC’, ‘ACTX’, ‘LRGS‘, ‘ILQD’, ‘SIZE’, ‘CANC’, ‘AMND’, ‘SDIV’, ‘RPRI’,
194 63 OTC post-trade indicator ‘AMND’ - Amendments XML schema N/A Generated by the XML parser
‘DUPL’, ‘TNCP’, 'TPAC', 'XFPH'. More than one value can be reported by
For equity instruments: ‘SDIV’ – Special dividend
copying this field as many times as required.
‘SDIV’ = Special dividend transactions ‘RPRI’ – Price improvement
‘RPRI’ = Transactions which have received price improvement ‘DUPL’ – Duplicative
‘DUPL’= Duplicative trade reports ‘TNCP – Not contributing to
‘TNCP’ = Transactions not contributing to the price discovery process for the price discovery process
the purposes of Article 23 of Regulation (EU) No 600/2014 ‘TPAC’ - Package
For non-equity instruments: ‘XFPH’ – Exchange for
‘TPAC’ = Package transaction Physical
‘XFPH’ = Exchange for Physical transaction

Indication as to whether the transaction reduces risk in an objectively

measurable way in accordance with Article 57 of Directive 2014/65/EU.
Where the transaction is for a transmitted order that has met the
Commodity derivative ‘true’ - yes
195 64 conditions for transmission set out in Article 4, this field shall be If populated, only 'true' or 'false' values allowed XML schema N/A Generated by the XML parser
indicator ‘false’- no
populated by the receiving firm in the receiving firm’s reports using the
information received from the transmitting firm. This field is only
applicable for commodity derivative transactions.

30 / 32
 TREM Exchange Interface Data Validation Rules

Field is mandatory for commodity derivative transaction where the

Commodity derivative instrument reported in field 41 is classified in instrument reference Commodity derivative indicator is
233 64 Application CON-640 4
indicator data as commodity derivative (i.e. field 4 in instrument reference data missing
is populated with 'true').

‘true’ shall be populated where the transaction falls within the scope of
Securities financing transaction activity but is exempted from reporting under [Securities Financing true - yes
196 65 Field is mandatory for all new transaction reports. XML schema N/A Generated by the XML parser
indicator Transactions Regulation] false- no
‘false’ otherwise.
Securities financing transaction
197 65 Only 'true' or 'false' values allowed XML schema N/A Generated by the XML parser
indicator

31 / 32
Instrument validation process

This section describes specific rules for the instrument validation and the implementation of these validation rules in the XML schema.
The below diagram presents a summary of the instrument validation algorithm:

The key differentiator for the instrument validation is the MIC code populated in field 36. There are the following scenarios:
1. The reported MIC code is an EEA trading venue or a systematic internaliser or 'XOFF' but fields 47/48 not populated - it is expected that field 41 is populated with an instrument that is
present in the instrument reference data whereas fields 42-56 are not applicable;
2. The reported MIC code is a non-EEA trading venue or 'XOFF' and fields 47/48 are populated:
a) if the instrument populated in field 41 is present in the reference data, fields 42-56 are not applicable;
b) if field 41 is not populated or is populated with an instrument that is not present in the reference data, then fields 42-56 are applicable and the underlying instrument (field 47 or 48)
must be populated, in particular the instrument populated in field 47 must be present in the reference data;
3. The reported MIC code is 'XXXX' - fields 42-56 are applicable and the underlying instrument (field 47 or 48) must be populated, field 41 is optional and is ignored in the validation
process.

Implementation in the XML schema

The below diagram provides a clarification on the implementation of instrument related fields in the ISO 20022 XML message:

The instrument description in the XML schema can be populated in two alternative ways:
1. Only the field 41 is populated (the 'Admitted To Trading' simple XML element) - this is expected to be used for transactions in instruments admitted to trading, or traded on a trading
venue or for which a request for admission was made;
2. For transactions in instruments not admitted to trading (in other words transactions in derivatives of instruments admitted to trading or derivatives of indices/baskets of instruments
admitted to trading) fields 41-56 can be populated (the 'Derivative' complex XML element).

The 'Derivative' complex element is composed of fields 41 to 56. Some of the fields are mandatory, i.e. those with [1,1] (the first '1' indicates that the value should be populated at least 1
time and the second '1' indicates that the value should be populated no more than 1 time, which in other words means that the field is mandatory).

When preparing the report, the submitting firm will need to chose one of the two XML elements to describe the instrument. It is expected that:
1. In the case of transactions are executed on a trading venue or with an investment firm acting as a SI or transactions in instruments that exists on the reference data list the 'Admitted To
Trading' element is used and the field 41 is only populated.
2. The 'Derivative' complex XML element is used for the other transactions.
However, if the 'Derivative' element is used for such transaction referred to in point 1 above and fields 42-56 are populated (although not applicable), they will be ignored (they will not be
validated and used) but the transaction report will not be rejected because of this redundant information.