The UK's Financial Services Authority (FSA) announced a conditional agreement to sell its Transaction Reporting System (TRS) to the London Stock Exchange (LSE) for £15 million. The TRS is an Approved Reporting Mechanism (ARM) established in the UK market for MiFID compliant transaction reporting by firms to the FSA.
Information collected by the FSA is used to detect and investigate suspected cases of market abuse, insider trading, market manipulation while supervising firm activity.
With a competitive market to provide transaction reporting services, the FSA stated that maintaining an ARM was no longer part of its core regulatory role.
The LSE plans to migrate TRS customers to its own ARM, the UnaVista platform, after transaction completion.
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