9.IV.3.2 FIRDS

FIRDS stands for Financial Instruments Reference Database. FIRDS is the MiFID II database for consolidated reference data. RMs, MTFs (and OTFs), and SIs are under MiFID II required to provide the responsible NCA (or ESMA in case of delegation) the reference data on (a) each day the entity in question is open for (b) all financial instruments admitted to trading or that are traded on an RM/MTF (or OTF).1 NCAs (non-delegating) are required to transmit the reference data to ESMA each day. On the day following receipt of 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 in effect helps to determine, among other things, which equity instruments are traded on RMs and MTFs and the instruments that are accordingly inside (or outside) the scope of the MiFID II equity post-trade transparency regime.3