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: An Agile Approach to Investment Management Platforms for Private Markets and the Total Portfolio View

11 June 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes Data and operations professionals at private market institutions face significant data and analytical challenges managing private assets data. With investors clamouring for advice and analysis of private markets in their search for returns, investment managers are looking at ways to gain...

BLOG

19 RegTech Insights for 2025 from our RegTech Summits

The RegTech Summits in London and New York delivered a deep dive into AI-driven compliance, accelerated settlement, and evolving regulatory frameworks among other key RegTech topics, with industry leaders and regulators weighing in on the biggest challenges ahead. From the implementation of accelerated settlement cycles across global markets to the rise of generative AI (GenAI)...

EVENT

Data Management Summit New York City

Now in its 15th year the Data Management Summit NYC brings together the North American 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...