Structured Data & Messaging.

This pillar covers reporting that is delivered as structured messages rather than as periodic returns. Trade reporting under EMIR sends details of derivative contracts to a trade repository. Transaction reporting under MiFIR sends details of executed transactions to a competent authority, directly or through an approved reporting mechanism. ISO 20022 is not an obligation at all but a message standard, and it now carries a growing share of the payment and reporting traffic that the other frameworks and the schemes depend on.

What these have in common is the unit of work. A periodic return is assembled, validated and filed once per reference date. A message is generated per event, often at volume, often within a short window, and it either conforms or it is rejected. That changes the engineering problem: reference data has to be correct continuously rather than at a point, identifiers have to resolve at the moment of sending, and reconciliation is a daily discipline rather than a quarterly one.

So the records here concentrate on the parts that decide whether a message is accepted — the field sets and what populates them, the identifiers each framework depends on, the difference between schema validity and scheme acceptance, and the rejection and repair path when something fails. They also address a question we are asked constantly: whether EMIR and MiFIR can be run as one project. They cannot, and the record explaining why is the one to read before a programme is scoped.