5.VI.3.2 FIRDS

The MiFID II database for consolidated reference data is FIRDS. FIRDS stands for Financial Instruments Reference Database. In a nutshell, RMs, MTFs (and OTFs), and SIs are required to provide the responsible NCA (or ESMA in case of delegation) the reference data on each day the entity in question is open for all financial instruments admitted to trading or that are traded.1 NCAs (non-delegating) are required to transmit the reference data to ESMA each day. On the day following receipt of the reference data, ESMA is required to consolidate the data received from each NCA. The MiFID II text requires ESMA to subsequently make the consolidated data available to all NCAs.2 Despite the MiFID II reference to NCAs, reference data is also available to the broader public through FIRDS, as available on the ESMA Website. FIRDS helps determine, among other things, which equity instruments are traded on RMs and MTFs. FIRDS in effect helps to determine which instruments fall within the scope of the MiFID II equity pre-trade transparency regime.3 An example of FIRDS is the following (see next page):

Source: FIRDS. Reference data about Royal Dutch Shell A. The reference data includes, among other things, the ISIN, CFI (ESVUFN: ‘ES’ stands for Equity Shares) (relevant for the specific MiFID II equity pre-trade transparency obligations for shares), where the financial instrument is traded (XAMS: Euronext Amsterdam), that it is admitted to trading on an RM (XAMS) (triggering the MiFID II equity pre-trade transparency obligations), as well as the responsible NCA (RCA: NL).