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FSA agrees to sell reporting mechanism to LSE for £15m

The FSA has entered into a conditional agreement to sell its approved reporting mechanism to the London Stock Exchange for £15m.

The transaction reporting system is an ARM established in the UK market for the reporting of transactions in regulated instruments by firms to the FSA in accordance with part of the FSA Handbook and the Market in Financial Instruments Directive.

The regulator uses this information to detect and investigate suspected cases of market abuse, insider trading, market manipulation as well as monitoring supervised firm activity.

The FSA says it created the system in a bid to give firms a method to meet the increased reporting obligations following the introduction of MiFID in November 2007.

The FSA says its ARM is now sufficiently developed to allow firms to meet their reporting obligations to the regulator and that maintaining the system is no longer part of its core role. The FSA says that the London Stock Exchange will continue to allow existing customers of the transactional reporting system to continue to meet their reporting obligations. The LSE plans to migrate the TRS customers to its UnaVista platform on completion of the transaction.

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  1. Is it theirs to sell? The regulator is funded by levy. this is not the FSA’s money

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