Transaction reporting

Part

SUP Supervision manual

Chapter

Transaction reporting

Printed on: 06/11/2024

Rulebook at: 01/07/2005

SUP 17

Transaction reporting

SUP 17.1

Application

01/12/2004

Who?

SUP 17.1.1

(1) This chapter applies to every firm which is:

(a) a securities and futures firm; or

(b) a personal investment firm; or

(c) an investment firm (including a credit institution which is an investment firm) not within (a) or (b) excluding a firm to whom the ISD does not apply under Article 2(2) of the ISD.

(2) This chapter does not apply to:

(a) an incoming EEA firm in relation to its passported activities; or

(b) an oil market participant in relation to its oil market activities.

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What?

SUP 17.1.2

This chapter applies to a firm in SUP 17.1.1 that enters into reportable transactions (whether on its own account or on behalf of others).

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Where?

SUP 17.1.3

This chapter applies with respect to:

(1) activities carried on from an establishment maintained by the firm (or its appointed representative) in the United Kingdom; or

(2) passported activities of an ISD investment firm (including a credit institution which is an ISD investment firm) carried on from a branch in another EEA State.

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SUP 17.1.4

ECO 1.1.6 R has the effect that this chapter does not apply to an incoming ECA provider acting as such.

01/11/2002

SUP 17.2

Purpose

01/12/2004

SUP 17.2.1

This chapter sets out the requirements for firms to report transactions to the FSA. One purpose of the chapter is to implement article 20 of the Investment Services Directive which has the two aims of protecting investors and ensuring the smooth operation and transparency of the markets in transferable securities. Transaction reports also form a useful part of the FSA's arrangements for monitoring (under paragraph 6(1) of Schedule 1 to the Act) and can assist the FSA in assessing the type and conduct of business carried out by a firm.

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SUP 17.3

Introduction

01/12/2004

SUP 17.3.1

The requirements set out in this chapter represent an interim approach to transaction reporting, based on the reporting requirements which previous regulators applied to firms. A number of provisions reflect the interim nature of the requirements - notably the guidance in SUP 17.4.4. Also there are still significant differences in the requirements applicable to different categories of firm. To help firms the FSA intends to publish additional guidance from time to time covering developments and issues in transaction reporting (including sources of relevant information).

21/06/2001

SUP 17.3.2

The reporting obligations vary according to the nature of a firm's business and the number of transactions which a firm ordinarily enters into. Firms are generally expected to report transactions through the electronic systems listed in the chapter, but firms which enter into relatively few transactions may report those transactions manually, by fax or e-mail (see SUP 17.7).

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SUP 17.4

Obligation to make transaction reports

01/12/2004

SUP 17.4.1

When a firm (whether on its own account or on behalf of another) enters into a reportable transaction (as defined in SUP 17.5), it must make a transaction report (as set out in SUP 17.6) to the FSA.

21/06/2001

Exceptions: general

SUP 17.4.2

A firm need not make a transaction report to the FSA if:

(1) the firm complies with a requirement on it to report the reportable transaction to its Home State regulator; or

(2) the reportable transaction is transacted on one of the exchanges listed in SUP 17 Annex 1 and the firm reports the reportable transaction to that exchange.

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Exceptions: investment management firms and personal investment firms

SUP 17.4.3

An investment management firm or a personal investment firm need not make a transaction report to the FSA if:

(1) the reportable transaction is transacted on a regulated market and the firm:

(a) reports the reportable transaction to that regulated market; or

(b) satisfies itself that it will be so reported; or

(2) the firm is the seller, or is acting on behalf of the seller, and the counterparty for that transaction is another firm; or

(3) the firm has reasonable grounds to believe that:

(a) another firm is obliged to make a transaction report to the FSA for that transaction; and

(b) that other firm is not entitled to rely on this exception.

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SUP 17.4.4

For the purposes of SUP 17.4.3 (3) 'reasonable grounds' would include a firm relying on a broker if:

(1) the firm used the same broker for transactions before commencement;

(2) that broker was previously regulated by SFA and was subject to its transaction reporting requirements; and

(3) the firm is not aware of any material changes to the broker's permission.

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SUP 17.4.5

The guidance in SUP 17.4.4 is likely to become less relevant over time.

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SUP 17.4.6

'Reasonable grounds' require more than just a check as to whether the other firm is authorised. For example a firm should not rely on SUP 17.4.3 (3) alone if the only other party to a reportable transaction is an investment management firm or a personal investment firm.

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Use of reporting agents

SUP 17.4.7

A firm may appoint another person to make transaction reports on its behalf if:

(1) the firm has informed the FSA of that appointment in writing; and

(2) the transaction reports made on its behalf comply with SUP 17 and distinguish each individual transaction, using the firm's identifying code.

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SUP 17.4.8

SUP 17.4.7 sets out the conditions which must be satisfied if a firm wishes to appoint someone else to make transaction reports on its behalf. The firm will remain responsible for its compliance with SUP 17.

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Other reporting requirements

SUP 17.4.9

A firm's obligations under this chapter do not affect any obligation to report transactions under the rules of any reporting system or of any exchange, whether or not that exchange is a regulated market.

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SUP 17.5

Reportable transactions

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SUP 17.5.1

A 'reportable transaction' is a transaction of a type identified in SUP 17.5.4, except:

(1) stock or bond lending and borrowing, repurchase or reverse repurchase agreements;

(2) asset trading transactions, including novation, assignment and sub-participation; and

(3) issues, market allotments and syndications which are not dealt in on a regulated market.

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SUP 17.5.2

For a list of regulated markets see SUP 17 Annex 5.

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SUP 17.5.3

In general, transactions, other than those in derivative products, between the issuer of an instrument and the first taker as principal are not reportable transactions. However, if an instrument is already dealt in on a regulated market, all secondary issue transactions are reportable if the new issue ranks equally with those already in issue and the issue is already admitted to trading on or listed on a regulated market. All secondary market transactions carried out on or off exchange, before or after the instrument is issued, are reportable. In addition, for a firm which is not a personal investment firm or an investment management firm (essentially BCD credit institutions and securities and futures firms), reportable transactions include transactions in some instruments which are not traded on a regulated market at all - for example the instrument concerned might only be traded over the counter or through a trading facility such as Ofex.

01/07/2005

SUP 17.5.4

Reportable transactions (see SUP 17.5.1)

Class of firm

Reportable transactions

personal investment firm

A transaction which is entered into within an EEA State and is in any of the following instruments which is dealt in on a regulated market:

(a)

a security (except a unit ); or

(b)

a future ; or

(c)

an option.

investment management firm

A transaction which:

(a)

is executed in the EEA;

(b)

is carried out for valuable consideration; and

(c)

relates to an instrument which is dealt in on a regulated market other than:

(i)

futures not relating to shares ; or

(ii)

options (including covered warrants ) not relating to shares ; or

(iii)

swaps relating to designated investments other than shares or debentures ; or

(iv)

currencies and currency derivatives ; or

(v)

units ; or

(vi)

futures or options relating to a basket of shares or an equity index not capable of settlement by delivery.

any other firm

A transaction in a designated investments except for:

(a)

money-market instruments not dealt in on aregulated market; or

(b)

units ; or

(c)

contracts for differences which are not related to debt or equities (see note); or

(d)

currencies; or

(e)

commodities (including bullion); or

(f)

life policies ; or

(g)

futures or options on anything in (a) to (e).

Note: Firms are required to report contracts for differences (including spread bets ) on the value or price of a bond, an equity or a related index or indices. Firmsare not required to reportcontracts for differenceswhere the contract is based on the fluctuation in the price or value of an interest rate, currency, acommodityor on the value of a dividend payment or payments on an equity or a basket of equities.

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SUP 17.6

Transaction reports

01/12/2004

Timing of reports

SUP 17.6.1

A transaction report must be made as soon as practicable and in any event, subject to SUP 17.7.10 (Failure of reporting systems), before the end of the next business day after the day on which the firm entered into the transaction.

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Content

SUP 17.6.2

A transaction report must:

(1) in the case of an investment management firm, include the details set out in SUP 17.6.4, except that it need not provide the details in the column headed 'Counterparty' if the counterparty is not an ISD investment firm; or

(2) in the case of a personal investment firm, include the details set out in SUP 17.6.4; or

(3) in the case of any other firm, include all the fields identified in SUP 17 Annex 2 for the relevant reporting system.

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SUP 17.6.3

SUP 15.6 applies to transaction reports and requires a firm to take reasonable steps to ensure that information provided to the FSA is accurate.

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SUP 17.6.4

Details to be reported (investment management firms and personal investment firms) (see SUP 17.6.2)

Firm

Counterparty

Investment

Transaction

Name

Description

Time of transaction

Address

Quantity/size

Date of transaction

Whether agent or principal

Unit price

Whether purchase or sale

Total amount of consideration payable on settlement date

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SUP 17.6.5

(1) A firm subject to SUP 17.6.2 (3) should ensure that a transaction report is accepted by the relevant reporting system.

(2) Contravention of (1) may be relied on as tending to establish contravention of SUP 17.4.1.

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SUP 17.6.6

The price reported in a transaction report must be the transaction price, excluding any charges or commission which is shown separately on the contract note or on any similar notification.

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Basket trades

SUP 17.6.7

If a firm (other than an investment management firm or a personal investment firm) effects a series of transactions within a 24 hour period which is an exact replica of any of the following indices (known as a 'basket trade'), it may report them as a single transaction under a single approved security code:

(1) CAC 40; or

(2) DAX 30; or

(3) LSE/Nikkei 50; or

(4) Nikkei 225; or

(5) Standard and Poors 500; or

(6) TOPIX.

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SUP 17.6.8

The 'single approved security code' referred to in SUP 17.6.7 and SUP 17.6.9 is the code issued by the relevant exchange or numbering agency.

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SUP 17.6.9

If a firm (other than an investment management firm or a personal investment firm) effects a series of transactions within a 24 hour period which does not exactly replicate one of the indices listed in SUP 17.6.7, it may make a transaction report for them showing:

(1) a single basket trade transaction under a single approved security code; and

(2) the missing constituents of the relevant index, as reverse trades, with the price and quantity set according to their weighting in the index.

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SUP 17.6.10

A firm which effects a series of transactions to which SUP 17.6.9 applies may report them as individual transactions, rather than under that rule.

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SUP 17.7

Method of making transaction reports

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Use of reporting systems

SUP 17.7.1

A transaction report must be made through one of the reporting systems listed in SUP 17.7.8 unless SUP 17.7.4 applies.

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SUP 17.7.2

Before a firm uses any of the systems listed in SUP 17.7.8, it must notify the FSA in writing that it intends to do so.

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SUP 17.7.3

A firm must send a notification under SUP 17.7.2 to a member of its supervision team and to the FSA's Transaction Monitoring Unit.

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Reporting by fax or e-mail

SUP 17.7.4

Firms within the categories in the table in SUP 17.7.5 may report transactions by a fax or e-mail transmission which complies with the relevant requirements in the table.

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SUP 17.7.5

Reporting by fax or e-mail (see SUP 17.7.4)

Category of firm

Requirements

An investment management firm.

The firm must include the information required by SUP 17.6.2 R (1)) in the fax or e-mail sent to theFSA.

A personal investment firm which effects reportable transactions at an average rate of fewer than 40 in a month.

The firm must include the information required by SUP 17.6.2 R (2) in the fax or e-mail sent to the FSA.

Any other firm which effects reportable transactions at an average rate of fewer than 20 in a month.

The firm must complete the manual reporting form set out in SUP 17 Annex 3 R and send it by fax or e-mail to the FSA.

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SUP 17.7.6

The manual reporting form in SUP 17 Annex 3 is not compulsory for investment management firms or personal investment firms, but those firms may use it to record the required information.

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SUP 17.7.7

Transaction reports made under SUP 17.7.4 must be sent to the FSA's Data Integrity Unit:

(1) by fax on 020 7066 3675; or

(2) by e-mail to tmu@fsa.gov.uk.

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Permitted reporting systems

SUP 17.7.8

The reporting systems referred to in SUP 17.7.1 R are:

(1) CEDCOM system operated by Clearstream Banking AG, Frankfurt;

(2) CGO Central Gilts Office;

(3) CRESTCo Limited;

(4) EUCLID operated by Euroclear SA (input directly into EUCLID or through SWIFT);

(5) the FSA's Direct Reporting System;

(6) SEQUAL 2000 system of Thomson Financial Services;

(7) Tradepoint Financial Networks Plc;

(8) Trade Registration System of The London International Financial Futures and Options Exchange (LIFFE);

(9) TRAX system of the International Securities Market Association; and

(10) Jiway Limited.

01/03/2003

SUP 17.7.9

Guidance on the use of particular reporting systems listed in SUP 17.7.8 is available from the FSA's Transaction Monitoring Unit.

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Failure of reporting systems

SUP 17.7.10

If a reporting system fails (whether a relevant reporting system, the firm's own system or the system of a person reporting on its behalf), a firm must:

(1) make the transaction report through another reporting system, if the firm considers it reasonably practicable to do so; or

(2) make the transaction report by the end of the business day after the day when the failure is remedied, if the firm does not consider it reasonably practicable to comply with (1).

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SUP 17.7.11

A firm must notify the FSA in writing, before the end of the business day after the day when the failure occurs, which of SUP 17.7.10 (1) or SUP 17.7.10 (2) it will adopt.

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SUP 17.7.12

A firm must notify the FSA, in writing and without delay, of any failure of its own system, or that of a person reporting on its behalf, which prevents a transaction report being made within the period specified in SUP 17.6.1.

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SUP 17 Annex 1

Exchanges relevant for SUP 17.4.2R (2)

01/12/2004

American Stock Exchange (AMEX)

Australian Stock Exchange

Chicago Board of Trade

Chicago Board Options Exchange / Chicago Options Exchange

Chicago Mercantile Exchange

Chicago Stock Exchange

Coffee, Sugar and Cocoa Exchange

Hong Kong Futures Exchange

Hong Kong Stock Exchange

Johannesburg Stock Exchange

Kansas City Board of Trade

Korean Stock Exchange

MidAmerica Commodity Exchange

Minneapolis Grain Exchange

Montreal Stock Exchange

NASDAQ

New York Futures / Cotton Exchange

New York Mercantile Exchange / Commodity Exchange Inc (NYMEX)

New York Stock Exchange

New Zealand Futures and Options Exchange

Osaka Securities Exchange

Pacific Stock Exchange

Philadelphia Board of Trade

Philadelphia Stock Exchange

Singapore Stock Exchange

South African Futures Exchange (SAFEX)

Sydney Futures Exchange

Tokyo Stock Exchange (including TIFFE)

Toronto Stock Exchange

any non UK regulated market

(see SUP 17 Annex 5G)

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SUP 17 Annex 2

Mandatory fields for reporting systems

01/12/2004

For the purposes of SUP 17.6.2 R (3), all the following are mandatory fields:

(1)

the firm's and each counterparty's identifying code, as required under 2;

(2)

the investment's identifying code if listed in 3 or a full description;

(3)

the date and time of the transaction;

(4)

the transaction size, price and currency;

(5)

whether the transaction is a purchase or sale;

(6)

whether the firm dealt as principal or agent;

(7)

the settlement due date;

(8)

the transaction's reference number;

(9)

any other mandatory fields required by the reporting system;

(10)

whether the transaction is a cancellation; and

(11)

in the case of a derivative transaction, the appropriate expiry date, strike price and, if appropriate, whether a put or a call.

A firm must allocate to each counterparty an appropriate counterparty identifier code, using the following identifier codes:

(1)

the counterparty participant code identified on the transaction report from the relevant reporting system; or

(2)

where the counterparty is another firm , the FSA authorisation code or a BIC code, plus a sub-account code; or

(3)

in the case of any other counterparty, a unique root allocated specifically to that counterparty by the reporting firm, plus a sub account code.

If a firm's counterparty is acting for a disclosed principal (identified either by name or by a distinctive account indicator), the firm will need to allocate a counterparty identifier code which indicates the identity of the underlying principal. This code can use the root code of the immediate counterparty provided that it is coupled with a sub-account code identifying the scheme.

Clearstream and Euroclear Common Codes

9 Numeric

CUSIP

9 Alphanumeric

ISIN

2 Alphabetic and 10 Alphanumeric

SEDOL

7 Numeric

SICOVAM

From 5 to 7 Numeric

TRAX

1 Alphabetic and 6 Numeric

TOKYO STOCK EXCHANGE

From 4 to 9 Numeric

When reporting on-exchange derivatives transactions (except through DRS), a market identifier code followed by the product mnemonic of that exchange will be acceptable.
Codes must be left justified when they are input.

01/03/2003

SUP 17 Annex 3

Manual transaction reporting form

01/12/2004

[Field descriptions and guidelines] NB: Fields which are denoted as A are fields that must be input in all circumstances. Fields which are denoted as M are only mandatory in the case of a firm which is not a personal investment firm or an investment management firm. Fields which are denoted as O are only mandatory in certain circumstances.

FIRM DETAILS

Firm Name (A)

Contact Name (M)

Telephone Number (M)

Submission date (M)

Signature (M)

TRANSACTION DETAILS

This field must contain the FSA code of the firm which is making the report (NB - The FSA code is currently six numbers).

FSA Code (A)

Internal Transaction Reference: (M)

This must be a unique reference, internal to the firm making the report, that will enable the firm to provide FSA with more information concerning the trade, if required.

Trade Date (A)

The date when the trade was executed.

Trade Time (A)

The time when the trade was executed. This should be in London time.

Bought/Sold Indicator (A)

Either B (i.e. Buy) or S (i.e. Sell) with respect to the firm making the Transaction Report.

Cancel Indicator (O)

Input a C for cancellation. This field can be used to cancel a trade previously submitted. For cancelled trades all of the fields apart from the Cancel Indicator, must be the same as the original trade report .

Counterparty1 Code Type (O)

The valid Counterparty Code Types, when used in conjunction with the Counterparty fields are as follows:

B -The Counterparty Root Code is a BIC code (as issued by S.W.I.F.T);

S -The Counterparty Root Code is an FSA code (as issued by the Financial Services Authority);

F - The Counterparty Root Code contains the reporting firm's own reference code to identify the Counterparty.

If there is only a single counterparty to a principal trade, details may be supplied either in Counterparty1 fields or in Counterparty2 fields .

Counterparty1 Root Code (O)

The counterparty to the trade. Depending upon the Counterparty Code Type, it will consist of one of the following:

BIC code (11 characters)

FSA code (currently 6 digits)

Firm's reference code (up to 11 characters).

Counterparty1 Sub Code (O)

A code identifying the lowest level of account within the reporting firm for which this transaction will be booked. This will usually be the reporting firm's own internal account code. If the Counterparty1 Root Code is completed, the firm must also complete this field.

Trade Quantity (A)

The volume of the trade (e.g. number of units, nominal value of bonds, number of lots, number of contracts).

Security Code Type (O)

The valid Security Type Codes are as follows:

CC - Clearstream and Euroclear Common Codes;

CU - CUSIP;

IS - ISIN;

SE - SEDOL;

SV - SICOVAM;

TR - TRAX;

TS - Tokyo Stock Exchange;

ON - For trades in On-Market Derivatives.

For OTC trades where the instrument is not traded on an exchange market, please specify OFF-market.

Security Code (O)

The Security Code according to the value of Security Code Type (Field 11). Valid codes are:

CC - 9 Numeric;

CU - Alphanumeric

IS - 2 Alphabetic and 10 Alphanumeric

SE - 7 Numeric

SV - From 5 to 7 Numeric

TR - 1 Alphabetic and 6 Numeric

TS - From 4 to 9 Numeric

ON - The market's own three-character Market Identifier Code followed immediately by the standard code for the contract being traded as used on that market .

Instrument type (A)

This field will be used to classify the instrument traded, or, in the case of a derivative, the underlying instrument. Valid codes are:

A - Equity;

B - Bond/Fixed Interest;

I - Index (derivatives only);

M - Commodity (derivatives only);

R - Interest Rate (derivatives only);

U - Currency (derivatives only);

W - Warrant;

O - Other (i.e. none of the above).

Issuer Name (A) (see note)

The name of the issuer of the security if the Security Type Code is specified as OFF market. Otherwise, completion of the field is optional. The name of the issuer of the security must be readable (i.e. meaningful).

Instrument Description (A/O)

A description of the instrument is required if the Security Type Code is specified as OFF market. Otherwise completion of the field is optional.

A full description of the security or derivative (e.g. Bloggs 50p ordinary share for equities) is required. For fixed interest securities, the following information is required:

Coupon rate;

whether it is a bond, debenture or loan (BDS, DIB, INS);

whether it is a convertible;

redemption date.

Option Exercise Price (O)

This field is only required for options.

Derivative Type (O)

This field indicates the derivative type. Valid codes are:

P: Put Option;

C: Call Option;

F: Future;

D: Contract for Difference;

S: Swap.

NB: Double options must be reported as two transactions, one for call and one for put option. The premium must be halved and entered on both transactions which must have the same transaction reference number.

Delivery/Expiry/Maturity date (O)

The delivery date of a futures contract, the expiry date of an option, the maturity or redemption date of a bond. For a bond derivative, it is the delivery or expiry date.

Trade Currency (A)

The currency in which the trade was dealt; an ISO code such as USD, GBP, DEM etc. (NB: GBX, USX, and IEX are not accepted)

Trade Price (A)

The (unit) price of the trade in the currency in which the trade was dealt (as indicated by the Trade Currency Code. For bonds, it must be a percentage price. For derivatives, it must be the decimal value per contract, not the tick value.

Price Multiplier (M)

Value of unit change in price, such that for on-exchange derivatives :

Price x Quantity x Multiplier = Trade Value.

For warrants, if the trade represents units of 50 warrants then multiplier equals 50. For bonds this should equal 1 as trade price must be reported as percentage price. The default multiplier is 1.

Consideration (A/O)

The consideration to be settled. For Options, the total premium. The consideration should be in the currency indicated by either the Trade Currency Code or the Settlement Currency Code. The field must be left blank if there is no consideration (e.g. margin only trades).

Settlement Date (O)

The settlement date for the trade.

Settlement Currency Code (O)

This field is required if the Consideration field is completed and is not in the currency indicated by the Trade Currency Code. Valid codes are any ISO code, such as USD, GBP, DEM, etc.

Dealing Capacity (A)

The dealing capacity of the firm making the Transaction Report. Valid codes are:

A Agency;

C Principal Cross;

P Principal;

X Agency Cross.

Counterparty2 Code Type (O)

The valid Counterparty Code Types, when used in conjunction with the Counterparty2 fields are as follows:

B -The Counterparty2 Root Code is a BIC code (as issued by S.W.I.F.T);

S -The Counterparty2 Root Code is an FSA code (as issued by the Financial Services Authority);

F -The Counterparty2 Root Code contains the reporting firm's own reference code to identify the Counterparty.

If there is only a single counterparty to a principal trade, details may be supplied either in Counterparty1 fields or Counterparty2 fields.

Counterparty2 Root Code (O)

The second counterparty to the trade. It will consist of, depending upon the Counterparty2 Code Type, one of the following:

BIC code (11 characters)

FSA code (currently 6 digits)

Firm's reference code (up to 11 characters).

Counterparty2 Sub Code (O)

A code identifying the lowest level of account within the reporting firm for which this transaction will be booked. This will usually be the reporting firm's own internal account code. If the Counterparty2 Root code is completed, this field must also be completed.

Bargain Condition Codes (O)

Up to eight two character bargain conditions codes can be supplied. Valid conditions are:

CB Cum Bonus

CC Cum Coupon

CD Cum Dividend

CP Cum Capital Repayment

CR Cum Rights

NP Delivery Free of Payment

RN Redemption

RO Result of Option

RP Repo

SB Borrowing/Lending

SP Special Price

WI When Issued

XB Ex Bonus

XC Ex Coupon

XD Ex Dividend

XP Ex Capital Payment

XR Ex Rights

XX Special Conditions

Market Identifier Code (M)

A three character code to indicate the market upon which the transactions was executed. The code is the first three characters of SWIFT Market Identifier Code excluding the leading X. OFF-market trades must be denoted by OFF.

(A list of Market Identifier Codes can be obtained from S.W.I.F.T on Tel: 020 7377 9190 - a list as at March 2000 is set out in SUP 17 Annex 4 G

NB: If a valid Security Type and a valid Security Code does not exist for a transaction, the issuer Name and Instrument Description must be completed.

01/03/2003

SUP 17 Annex 4

Market identifier codes (Listed alphabetically by exchange)

01/12/2004

MIC

EXCHANGE

ABJ

Abidjan, bourse des valeurs

ALB

Alberta Stock Ex., Calgary

ASE

American Stock Exchange

AMM

Amman Stock Exchange

ACE

Amsterdam Comm. Exchange

AMS

Amsterdam Effectenbeurs

ANT

Antwerpan Stock Exchange

FTA

ATA (Netherlands)

ATH

Athens Stock Exchange

AOM

Australian Options Mkt, Sidney

ASX

Australian Stock Exchange

OTB

Austrian Options Exchange

BAH

Bahrain Stock Exchange, Manama

BAL

Baltic Stock Exchange

BAN

Bangalore Stock Exchange

BKK

Bangkok Stock Exchange

BAR

Barcelona Stock Exchange

BSL

Basle Stock Exchange

BEY

Beirut, Bourse de

BFO

Belgian Futures and Options Ex

BER

Berlin Stock Exchange

BRN

Bern Stock Exchange

BIL

Bilbao, Borsa de

BOG

Bogata, Bolsa de

BOL

Bolivian Bolsa de Valoures, Le Paz

BDP

Bolsa de Derivados do Porto

BMF

Bolsa de Mercadorias & Futuros

BOM

Bombay Stock Exchange

BOR

Bordeaux Stock Exchange

BOS

Boston Stock Exchange

BOT

Botswana Share Market

BRA

Bratislava Stock Exchange

BRE

Bremer Wertpapierboerse

BRU

Brussels Stock Exchange

BSE

Bucharest Stock Exchange

BCE

Budapest Commodity Exchange

BUD

Budapest Stock Exchange

BUE

Buenos Aires Stock Exchange

BUL

Bulgarian, The Ist, Sofia

CAI

Cairo Stock Exchange

CAL

Calcutta Stock Exchange

CAR

Caracas Stock Exchange

CAS

Casablanca Stock Exchange

KAZ

Central Asian Stock Exchange

CBT

Chicago Board of Trade

CBO

Chicago Board Options Ex.

CME

Chicago Mercantile Exchange

CRC

Chicago Rice and Cotton Ex.

CHI

Chicago Stock Exchange

CCE

Chubu Commodity Exchange

COL

Columbo Stock Exchange

CEC

Comm. Exchange Center, NY

CSE

Copenhagen Stock Exchange

ROS

Cordoba Stock Exchange

CYS

Cyprus Stock Exchange, Nicosia

DES

Delhi Stock Exchange

DWZ

Deutsche Bourse, Frankfurt

DHA

Dhaka Stock Exchange

DTB

DTB Deutsche Terminboerse

DUB

Dublin Stock Exchange

DUS

Duesseldorf, (Rheinisch-West)

EAS

EASDAQ, Brussels

EOE

Euro. Opt. Ex. Amsterdam

FNX

Financial Instrument Exchange (FINEX)

FOM

Finnish Options Market

FIR

Florence Stock Exchange

FRA

Frankfurter Wertpapierboerse

FKA

Fukuoka Stock Exchange

DOF

FUTOP, Copenhagan

GEN

Genoa Stock Exchange

GVA

Genova Stock Exchange

GHA

Ghana Stock Exchange

GUA

Guayaquil Stock Exchange

HAM

Hamburg Stock Exchange

HAN

Hannover Stock Exchange

HEL

Helsinki Stock Exchange

HIR

Hiroshima Stock Exchange

HFE

Hong Kong Futures Exchange

HKG

Hong Kong Stock Exchange

IBR

Ibis, Frankfurt

ICE

Iceland Stock Exchange

IST

IMKB Istanbul Stock Exchange

IOM

Index and Options Mkt Chicago

IMM

Int. Monetary Mkt Chicago

DUB

Irish Stock Exchange (Dublin)

DMI

Italian Derivatives Market

JKT

Jakarta Stock Exchange

JAM

Jamaica Stock Exchange

JSE

Johannesburg Stock Exchange

KST

Kamon Commodity Exchange (Japan)

KBT

Kansas City Board of Trade

KAC

Kanssai Agricultural Commodity Exchange (KANEX)

KAR

Karachi Stock Exchange

KKT

Kobe Raw Silk Exchange

KGT

Kobe Rubber Exchange

KOR

Korea Stock Exchange, Seoul

KLC

Kuala Lumpur Comm. Exchange.

LOF

Kuala Lumpur Options and Financial Futures Exchange (KLOFFE)

KLS

Kuala Lumpur Stock Exchange

KUW

Kuwait Stock Exchange

KYO

Kyoto Stock Exchange

LAU

Lausanne Stock Exchange

LIF

LIFFE

LIC

Lille Commodity Exchange

LIL

Lille Stock Exchange

LIM

Lima Bolsa de Valores

LIS

Lisbon Stock Exchange

LIT

Lithuania Stock Exchange

LJU

Ljubljana Stock Exchange

CEL

Ljubljana Commodity Exchange

LME

London Metal Exchange

ISE

London Stock Exchange

LUS

Lusaka Stock Exchange

LUX

Luxembourg Stock Exchange

LYO

Lyon Stock Exchange

MDS

Madras Stock Exchange

MAD

Madrid, Bolsa de

MKT

Maebashi Dried Cocoon Exchange

MAK

Makati Stock Exchange, Manila

MNE

Malaysian Monetary Exchange

MAL

Malta Stock Exchange

MNL

Manila Stock Exchange

MAR

Marseille Stock Exchange

MAT

Matif S.A., Paris

MAU

Mauritius Stock Exchange

MED

Medellin Bolsa

MEF

Meff Renta fija, Barcelona

MRV

Meff Renta Madrid

MIF

Mercato Italiano Futures Exchange

MEX

Mexican Stock Exchange

MAC

Mid America Comm. Exchange

MID

Midwest Stock Ex., Chicago

MIL

Milan Stock Exchange

MGE

Minneapolis Grain Exchange

MNT

Montevideo Bolse de Valores

MOO

Montreal Opt. and Der. Mkt.

MON

Montreal, (Bourse De)

MIC

Moscow Interbank Currency Exchange

MOS

Moscow Stock Exchange

MUN

Muenchen, (Bayerische Borse)

MUS

Muscat Securities Market

NGO

Nagoya Stock Exchange

NST

Nagoya Textile Exchange

NAI

Nairobi Stock Exchange

NAM

Namibian Stock Exchage

NAY

Nancy Stock Exchange

NAN

Nantes Stock Exchange

NAP

Napoli, (Borsa Valori Di)

NAS

NASDAQ

NMS

NASDAQ National Market Systems, Washington DC

NEU

Neuchatel Stock Exchange

NYC

New York Cotton Exchange

NYF

New York Futures Exchange

NYM

New York Mercantile Exchange

NYS

New York Stock Exchange

NEE

New Zealand Futures Exchange

NZE

New Zealand Stock Exchange

AUK

New Zealand Stock Exchange, Aukland

NSA

Nigerian Stock Exchange

NII

Niigata Stock Exchange

CSC

NY Cocoa, Coffee and Sugar Ex.

OFF

OFF MARKET

MCE

OM Stockholm

MLX

OMLX, London

OPO

Oporto Stock Exchange

OHS

Optionsscheine Handels System

OSM

Osaka Mercantile Exchange

OSE

Osaka Securities Exchange

OST

Osaka Textile Exchange

OSL

Oslo Bors

OTC

OTC Bulletin Board, Washington

PSE

Pacific Stock Exchange, San Francisco

PAL

Palermo Stock Exchange

PTY

Panama Bolsa de Valores

PAR

Paris Stock Exchange

PHO

Philadelphia options Exchange

PHL

Philadelphia Stock Exchange

PBT

Philadelphia Board of Trade

POR

Portal, Washington

PRA

Prague Stock Exchange

QUI

Quito Stock Exchange

RAS

RASDAQ

RIS

Riga Stock Exchange

RIO

Rio de Janeiro, Bolsa de valores

ROM

Rome, Borsa valori di

RUS

Russian Exchange (The)

BNV

San Jose Stock Exchange

SGO

Santiago Stock Exchange

BMF

Sao Paulo Futures Exchange

BSP

Sao Paulo Stock Exchange

SAP

Sapporo Stock Exchange

SHG

Shanghai Stock Exchange

SME

Shenzhen Mercantile Exchange

SHE

Shenzhen Stock Exchange

SIB

Siberian Stock Exchange

SCE

Singapore Commodity Exchange

SIM

Singapore Int. Monetary Ex.

SES

Singapore Stock Exchange

SFX

SOFFEX, Zurich

SAF

South African Financial Futures Exchange (SAFFEX)

PET

St Petersburg Stock Exchange

GAL

St. Gallen Stock Exchange

SSE

Stockholm Stock Exchange

STU

Stuttgart Stock Exchange

SWX

Swiss Exchange, Zurich

SFE

Sydney Futures Exchange

TAI

Taiwan Stock Exchange

TAL

Tallinn Stock Exchange

TEH

Tehran Stock Exchange

TAE

Tel Aviv Stock Exchange

TKT

Tokyo Commodity Exchange (TOCOM)

TKO

Tokyo Grain Exchange

TFF

Tokyo Int. Financial Futures

TKS

Tokyo Stock Exchange

TOR

Torino Stock Exchange

TFE

Toronto Futures Exchange

TOE

Toronto Options Exchange

TSE

Toronto Stock Exchange

TKA

Toyohashi Dried Cocoon Exchange

TFN

Tradepoint

TRI

Trieste Stock Exchange

TRN

Trinidad & Tobago Stock Exchange

TUN

Tunis, Borsa de Valores

VAL

Valencia Bolsa de

VSE

Vancouver Stock Exchange

VEN

Venezia Stock Exchange

VIE

Vienna Stock Exchange

VLA

Vladivostok Stock Exchange

HCE

Warenterminborse Hannover

WAR

Warsaw Stock Exchange

WCE

Winnipeg Commodity Exchange

EBE

Xebec Trading, Bucharest

YKT

Yokohama Raw Silk Exchange

ZAG

Zagreb Stock Exchange

ZIM

Zimbabwe Stock Exchange

ZRH

Zurich Stock Exchange

21/06/2001

SUP 17 Annex 5

Regulated markets

01/12/2004

List of the regulated markets notified to the Commission by the Member States under Article 16 of the ISD as at 22 March 2001

Austria

1. Amtlicher Handel (official market)2. Geregelter Freiverkehr (semi-official market)3. Amtlicher Handel NEWEX (official market)4. Geregelter Freiverkehr NEWEX (semi-official market)

Belgium

1. Bourse de valeurs mobilires d'Euronext Brussels: Le premier march (official market) Le second march- Le nouveau march2. Belfox (Bourse belge des futures et options)3. Le march secondaire hors bourse des obligations linaires, des titres scinds et des certificats de trsorerie 4. EASDAQ

Denmark

1. Kbenhavns Fondsbrs - Equity market; - Bond market;- Derivatives market2. XtraMarked (authorised market place for unlisted units of Investment Associations (UCITS) and Special-Purpose Associations) 3. Dansk Autoriseret Markedsplads A/S (Danish Authorised Market Place Ltd. (DAMP)) [authorised market place = regular trade in securities admitted for trading but not listed on stock exchange]

Finland

1. Arvopaperiprssi (Stock Exchange);- P;;lista (Main List for equity and Debt Instruments; - I-;, NM- ja Prelista (parallel Lists I-, NM-and pre-list for equity and debt instruments);2. Optioyhteis (Option Corporation).(Derivatives exchange and clearing house).

France

1. Bourse de Paris:- Premier march (official list);- Second march; -March des EDR (European Depositary Receipts). 2. Nouveau march3. MATIF4. MONEP

Germany

1. Berliner Wertpapierbrse: (Amtlicher Handel, Geregelter Markt) 2. Bremer Wertpapierbrse (Amtlicher Handel, Geregelter Markt)3. Rheinisch-Westf;lische Brse zu Dsseldorf (Amtlicher Handel, Geregelter Markt) 4. Frankfurter Wertpapierbrse (Amtlicher Handel, Geregelter Markt, Neuer Markt);5. Eurex Deutschland6. Hanseatische Wertpapierbrse Hamburg (Amtlicher Handel, Geregelter Markt, Start-up market) 7. Nieders;chsische Brse zu Hannover (Amtlicher Handel, Geregelter Markt)8. Bayerische Brse (Amtlicher Handel, Geregelter Markt)9. Baden-Wrttembergische Wertpapierbrse (Amtlicher Handel, Geregelter Markt)

Greece

1. Athens Stock Exchange (A. S. E.)/Thessaloniki Stock Exchange Centre (T. S. E. C. = remote platform) - Main Market - Parallel Market-Parallel Market for Emerging Markets- New Market2. Athens Derivatives Exchange (A. D. EX.)

Ireland

Irish Stock Exchange comprising: - Official List - Exploration Securities Market- Developing Companies Market- ITEQ

Italy

. Stock Exchange, divided into the following segments:- Electronic share market (MTA);- Electronic covered warrants market (MCW);- After-Hours Market (TAH);- Electronic bond and government securities market (MOT);- Electronic market for Eurobonds, foreign bonds and asset-backed securities (EuroMOT); - Electronic traditional options market (MPR);2. Mercato Ristretto (second market); 3. Derivatives market (IDEM);4. Nuovo Mercato (New Market -NM);5. Italian Government Securities Derivatives Market (MIF);6. Wholesale Market for Government Securities (MTS);7. Wholesale Market for Corporate and International Organisations Bonds.

Luxembourg

Bourse de Luxembourg:- Main market: - International Bond market

Netherlands

Amsterdam Stock exchange (AEX):- Main market - Domestic market for unlisted securities: - Nieuwe Markt Amsterdam

Portugal

1. Mercado de Cotaes Oficias (Official Quotation Market) 2. Segundo Mercado (Second Market)3. Novo Mercado (New Market)4. Mercado de Futuros e Opes (Futures and Options Market)5. MEOG - Mercado Especial de Operaes por Grosso (Special Market for Block Trading) 6. MEDIP - Mercado Especial de Dvida Pblica (Special Market for Public Debt)

Spain

A. Bolsas de Valores (all comprise first, second and new market segments) 1. Bolsa de Valores de Barcelona;2. Bolsa de Valores de Bilbao;3. Bolsa de Valores de Madrid;4. Bolsa de valores de Valencia.B. Mercados oficiales de Productos Finacieros Derivados1. MEFF Renta Fija;2. MEFF Renta Variable.C. Mercados FC&M de Futuros y Opciones sobre Ctricos [commodity derivatives not covered by section B annex ISD: related markets do not fall within ISD definition of regulated market]D. AIAF Mercado de Renta FijaE. Mercado de Deuda Pblica en Anotaciones

Sweden

1. OM Stockholmsbrsen: - A-list market;- OTC-list (small companies); - O-list (unlisted companies) 2. OM R;ntebrsen (fixed income);3. SBI Marknadsplats4. Aktietorget

United Kingdom

1. Domestic Equity Market 2. European Equity Market3. Gilt Edged and Sterling Bond Market4. Alternative Investment Market (AIM).5. The London International Financial Futures and Options Exchange (LIFFE)6. OM London 7. Tradepoint [this market has since changed its name to virt-x]8. Coredeal (primarily a eurobond market)9. Jiway

List of the regulated markets notified under Article 16 of the ISD, as included in point 30b of Annex IX to the Agreement of the European Economic Area, to the Standing Committee of the EFTA as defined in that agreement as at April 2001

Iceland

Iceland Stock Exchange (Verdbrefathing Islands)

Iceland OTC market

Liechtenstein

Norway

The Oslo Stock Exchange

01/10/2002