About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

FSA Enters Into an Agreement to Sell TRS to the London Stock Exchange

Subscribe to our newsletter

The Financial Services Authority (FSA) has entered into a conditional agreement to sell its Approved Reporting Mechanism (ARM) known as the Transaction Reporting System (TRS) to the London Stock Exchange (LSE) for £15m.

The TRS is an ARM established in the UK market for the reporting of transactions in regulated instruments by firms to the FSA in accordance with SUP 17 of the FSA Handbook and the Market in Financial Instruments Directive (MiFID). The FSA uses this information to detect and investigate suspected cases of market abuse, insider trading, market manipulation and is also used as part of its monitoring of supervised firm activity.

The introduction of MiFID in November 2007 increased the volume, scope and constituent of firms obliged to report and subsequently established a reporting regime and systems through which transactions are reported, known as ARMs. The FSA developed the TRS to provide firms with a method for meeting their MiFID reporting obligations. There is now a competitive market for the provision of transaction reporting services to the industry, in which the LSE operates its own ARM service through its UnaVista platform.

The FSA is confident that the ARM market is now sufficiently developed to enable firms to meet their reporting obligations to the FSA. The FSA therefore concluded that maintaining an ARM no longer formed part of its core role as a regulator. Following a lengthy and competitive sale process the FSA carefully selected an established operator in the London Stock Exchange, which will enable existing customers of TRS to fulfil their ongoing reporting obligations. In addition, the LSE’s UnaVista system offers additional services beyond those which are currently offered by TRS, which may be of benefit to TRS clients.

The LSE plans to migrate TRS customers to its UnaVista platform on completion of the transaction.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: The Role of Data Fabric and Data Mesh in Modern Trading Infrastructures

23 September 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes The demands on trading infrastructure are intensifying. Increasing data volumes, the necessity for real-time processing, and stringent regulatory requirements are exposing the limitations of legacy data architectures. In response, firms are re-evaluating their data strategies to improve agility, scalability, and governance....

BLOG

Scale and Governance Top Drivers of Modern Data Architecture Plans: Webinar Review

Financial institutions are investing in modern technology architectures to bolster the flexibility and scalability of their data management processes as the number of use cases for that information, and the volume of data they ingest, expands. They are also seizing on the latest architectures to strengthen data governance in response to the growing complexity of...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...