FCA bids to save firms £100m a year with transaction reporting changes

Aiming to reduce costs for firms, support growth and improve the quality of data received, the FCA has proposed: ·       Removing foreign exchange derivatives from reporting requirements, reducing costs for more than 400 firms. ·       Removing reporting requirements for six million financial instruments including equities, bonds and certain derivatives that are only traded on EU trading venues. ·       Reducing the period for correcting historic reporting errors from five to three years, which the regulator expects would lower the number of transaction reports that need to be resu...