5.VI.2.3.3 Frequency of data reporting

RMs and MTFs need to need to submit the data (content) twice a month. More specifically, MiFID II requires RMs and MTFs to report to the NCA (or ESMA in case of delegation) on the first (reporting period 1) and sixteenth day of each calendar month (by 13:00 CET) (reporting period 2).1 The reports include the execution period from the first day to the fifteenth (reporting period 2) and the execution period from the sixteenth day to the last day of the previous calendar month (reporting period 1).2 The two reporting periods are in place to reduce the impact of potential errors and because ESMA can be required to perform the double volume cap calculations twice a month.3 RMs, MTFs and CTPs are required to respond to ad hoc request from the NCA (or ESMA in case of delegation) on the next working day following the request (CTPs only need to report in case of ad hoc requests).4 NCAs are required to provide ESMA with the data received from an RM/MTF or CTP on the next working day following its receipt.5