The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its final report on the simplification of transaction reporting, setting out a clear path towards a ‘Report Once’ approach.
“Transaction reporting is central to market transparency, risk monitoring and detecting market abuse. However, over time, fragmentation has led to duplication, inconsistent requirements and increased costs for market participants and authorities.
Today, ESMA is taking a decisive step to simplify this system. Our analysis shows that a ‘report once’ approach can significantly reduce costs while improving the quality and usability of data for supervisors. With the implementation of this approach we support more integrated, efficient and resilient EU capital markets”.
ESMA’s review confirms that the main drivers of cost and complexity include frequent and unsynchronised regulatory changes, duplication of reporting across frameworks and channels, and dual-sided reporting and associated reconciliation processes. In response, ESMA recommends a staged approach combining short-term burden reduction with a long-term structural reform.
At the core of this strategy is the development of a single integrated transaction reporting framework across MiFIR, EMIR and SFTR, based on a “report once” principle. This integrated model would allow transaction data to be reported once through a common modular structure to reflect product specificities within one single framework. Such data that then can be reused across authorities and supervisory mandates, reducing duplication while preserving the information needed for effective supervision.
The report is a key deliverable under ESMA’s broader Simplification and Burden Reduction (SBR) initiative, aimed at addressing the growing complexity and operational costs associated with EU reporting requirements.
Significant cost savings for market participants
The report is supported by a comprehensive cost-benefit analysis (CBA), including a study involving market participants.The analysis indicates that the proposed “report once” scenario could deliver:
- annual net savings of €250 million to €1.0 billion,
- a reduction in recurring costs of around 22%–24%, and
- 10-year discounted cumulative net benefits of €1.2 billion to €4.9 billion.
Implementation costs are expected to be recovered within three to four years, after which efficiency gains would materialise on a sustained basis.
- expanding the use of delegated reporting arrangements,
- streamlining intragroup exemption procedures,
- targeted adjustments at ESMA level to reduce low-value or duplicative reporting requirements.
These measures are designed to address key cost drivers while ensuring compatibility with the future integrated framework.
Next steps
Following the publication of the Final Report, ESMA will engage with EU institutions on the proposed recommendations.The implementation of the integrated “report once” approach will require targeted legislative changes, a phased implementation and an inclusive dialogue with industry technical experts, allowing for coordinated development of reporting templates, data standards and streamlined infrastructure.
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