# How Do Regulatory Frameworks like MiFID II Impact the Protocols for Reporting and Managing Partial Fills? ▴ Question

**Published:** 2025-07-29
**Categories:** Question

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## Concept

Your operational reality is that a single large order rarely executes in one clean print. The mechanics of liquidity sourcing mean you contend with a series of smaller fills, each arriving at a different time, price, and venue. Regulatory frameworks, specifically the Markets in Financial Instruments Directive II ([MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)), codify this reality into a precise, non-negotiable reporting protocol. The regulation re-architects the view of a trade.

Each [partial fill](https://prime.greeks.live/area/partial-fill/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is defined as a distinct, reportable execution. This architectural shift demands that your internal systems perceive and process each fragment of a parent order as a standalone event with its own data signature.

The core of this mandate is found within the [Regulatory Technical Standard](https://prime.greeks.live/area/regulatory-technical-standard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RTS 22), which governs [transaction reporting](https://prime.greeks.live/area/transaction-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This standard functions as the detailed schematic for data submission, compelling investment firms to provide a complete and accurate record of their transactions to national competent authorities (NCAs) by the close of the following business day. The objective is to equip regulators with a high-resolution data set to perform market abuse surveillance. For your firm, this translates into a systemic requirement to capture, timestamp, and report every single partial execution with extreme precision, transforming what was once an internal reconciliation issue into a primary regulatory obligation.

> MiFID II mandates that every partial fill of an order be treated as an individual transaction, requiring its own complete and accurate regulatory report.

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## The Granularity Mandate

The regulation’s design intentionally moves away from summarizing activity at the parent order level for reporting purposes. Instead, it focuses on the lifecycle of the execution itself. This means that if a 100,000-share order is filled via ten separate 10,000-share executions on a trading venue, your systems must generate ten distinct transaction reports.

Each report must contain the specific details of its corresponding fill, including the precise execution time, price, and quantity. This level of granularity provides regulators with the data to reconstruct market activity with high fidelity.

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## From Aggregation to Atomization

This shift from an aggregated view to an atomized one has profound implications for data management infrastructure. Legacy systems designed to process completed orders are often ill-equipped to handle the high-frequency, high-volume data streams generated by [partial fill reporting](https://prime.greeks.live/area/partial-fill-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The protocol effectively requires your firm’s operational framework to function as a high-throughput data processing engine, one that can manage the complexity of linking numerous child fills back to a single parent order for internal purposes while treating them as discrete events for external reporting.

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## Strategy

The regulatory requirements surrounding [partial fills](https://prime.greeks.live/area/partial-fills/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) compel a strategic redesign of a firm’s data architecture and reporting workflows. The primary challenge is building a system capable of capturing and reporting a potentially massive volume of transactional data accurately and on time. A firm’s strategic response to this challenge directly impacts its operational risk, compliance overhead, and even its capacity for sophisticated execution analysis. The core strategic decision lies in architecting a [reporting system](https://prime.greeks.live/question/how-does-an-rfq-platform-support-regulatory-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that is both compliant and operationally efficient.

Firms must develop a robust control framework that ensures the completeness and accuracy of every report generated from a partial fill. This involves creating automated processes for data validation, reconciliation against venue and broker data, and management of reporting exceptions. The system must be able to handle corrections and cancellations with the same level of precision as new trades, ensuring a complete audit trail for every execution. This strategic infrastructure becomes the foundation upon which a firm builds its compliance and market surveillance capabilities.

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## How Should a Firm Structure Its Reporting System?

The architecture of a transaction reporting system must address the end-to-end lifecycle of a trade, from order inception to final report submission. This involves integrating data from multiple sources, including order management systems (OMS), execution management systems (EMS), and market data feeds. The system must then enrich this data with the specific fields required under [RTS 22](https://prime.greeks.live/area/rts-22/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), such as legal entity identifiers (LEIs) for all parties to the trade and detailed instrument reference data. A key strategic element is the management of unique transaction identifiers (UTIs), which must be consistently applied across all reports related to a single execution.

> A successful strategy involves architecting a reporting system that automates data capture, enrichment, and submission for every partial fill.

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## Comparative Reporting Architectures

An institution must decide whether to build its reporting engine, buy a vendor solution, or use a hybrid model. This decision depends on factors like trading volume, complexity of instruments, and in-house technical expertise. Each approach presents a different set of trade-offs in terms of cost, control, and speed of implementation.

### Comparison of Reporting System Architectures

| Architecture Type | Advantages | Challenges | Best Suited For |
| --- | --- | --- | --- |
| In-House Build | Complete control over system logic and data flow. Deep integration with proprietary systems. Potential for lower long-term costs. | High initial development cost and time. Requires significant in-house regulatory and technical expertise. Ongoing maintenance burden. | Large, technologically advanced firms with complex, high-volume trading operations. |
| Vendor Solution | Faster implementation. Leverages vendor’s specialized expertise. Lower initial setup cost. Reduced internal maintenance. | Less control over system customization. Potential for data security concerns. Ongoing subscription fees can be substantial. | Small to mid-sized firms or those seeking a rapid path to compliance without extensive internal development. |
| Hybrid Model | Combines in-house control over core data with vendor expertise for reporting and submission. Balances cost and control. | Requires careful integration between internal and external systems. Can create complex vendor management dependencies. | Firms with some existing data infrastructure that want to outsource the final reporting layer. |

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## Execution

Executing compliance with MiFID II’s partial fill reporting protocols is a matter of high-fidelity data engineering. The process requires a system that can dissect a trading event into its constituent data points and map them precisely to the fields specified in RTS 22. For every partial fill, a complete transaction report must be generated, populated with data that is accurate to the microsecond and correct in every detail. This is an operational process that leaves no room for ambiguity.

The core of the execution process involves the systematic capture, enrichment, and reporting of data for each fill. This workflow must be automated to the greatest extent possible to manage the sheer volume of reports that can be generated by active trading strategies. A single large order executed via an algorithmic strategy could result in hundreds of partial fills, each demanding its own report. The operational integrity of the firm depends on the system’s ability to execute this reporting process without failure.

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## The Reporting Workflow for a Partial Fill

The journey of a partial fill from execution to regulatory submission follows a precise path. Each step must be managed by the firm’s internal systems to ensure data integrity and timeliness.

- **Capture** ▴ The moment a partial fill occurs on a trading venue, the execution record is captured by the firm’s systems. This initial record includes the core economic details price, quantity, and execution time.

- **Enrichment** ▴ The raw execution data is then enriched with a host of additional information required by RTS 22. This includes identifiers for the client, the decision-maker, and the instrument, as well as flags indicating the nature of the trade.

- **Validation** ▴ Before submission, the enriched record undergoes a validation process to check for completeness and accuracy. This step is critical for preventing the submission of erroneous reports, which can draw regulatory scrutiny.

- **Generation** ▴ A transaction report is generated in the required XML format. This report is a structured representation of the enriched data, ready for submission to the regulator.

- **Submission** ▴ The report is transmitted to the firm’s [Approved Reporting Mechanism](https://prime.greeks.live/area/approved-reporting-mechanism/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (ARM) or directly to the relevant National Competent Authority (NCA) before the T+1 deadline.

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## Key Data Fields in Focus

The accuracy of the transaction report hinges on the correct population of numerous data fields. For partial fills, certain fields are particularly important as they allow regulators to reconstruct the trading activity and link related executions.

> The operational execution of partial fill reporting demands a systematic, automated workflow to ensure the accuracy of every data point in every report.

### Critical RTS 22 Fields for Partial Fills

| Field Name | Field Number (Annex I, Table 2) | Description | Significance for Partial Fills |
| --- | --- | --- | --- |
| Executing entity identification code | 1 | The Legal Entity Identifier (LEI) of the investment firm executing the transaction. | Establishes the reporting obligation for the specific fill. |
| Quantity | 30 | The number of units of the financial instrument in the execution. | Captures the specific size of the individual partial fill. |
| Price | 33 | The price per unit of the instrument for the execution. | Records the exact price of the partial fill, which may vary between fills. |
| Trading date and time | 28 | The date and time (in UTC) when the transaction was executed. | Provides the precise timestamp for each fill, allowing for accurate event sequencing. |
| Venue | 36 | The Market Identifier Code (MIC) of the venue where the transaction was executed. | Identifies the source of liquidity for each distinct fill. |
| Complex trade component ID | 41 | Identifier used to link individual transactions that are part of a package. | Allows for the logical grouping of multiple fills that stem from a single strategic order. |

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## References

- European Securities and Markets Authority. “Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities.” Official Journal of the European Union, 2017.

- Kaizen Reporting. “MiFID II/MiFIR Transaction Reporting RTS 22, Article 15.” Kaizen Reporting, Accessed July 2024.

- European Securities and Markets Authority. “Consultation Paper – Review of RTS 22 on transaction data reporting under Art. 26 and RTS 24 on order book data to be maintained under Art. 25 of MiFIR.” ESMA, 2024.

- ICE. “MiFID II Transaction Reporting.” Intercontinental Exchange, 2018.

- International Swaps and Derivatives Association. “Reply form for the MiFID II/MiFIR Consultation Paper.” ISDA, 2024.

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## Reflection

The [granular reporting](https://prime.greeks.live/area/granular-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) obligations imposed by MiFID II are a foundational component of modern market structure. Mastering the operational protocols for managing and reporting partial fills provides more than regulatory compliance. It builds a high-resolution data asset internal to the firm.

The question for your organization is how this asset is leveraged. Is it viewed as a stored record for defensive purposes, or is it a live, dynamic input into your execution logic and risk management systems?

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## From Obligation to Intelligence

Consider the data stream generated by your reporting engine. It contains a precise, timestamped history of every interaction your orders have with the market’s liquidity. This data is the ground truth of your execution quality.

Architecting your systems to analyze this stream in near real-time can provide insights into venue performance, algorithm behavior, and information leakage. The ultimate objective is to construct an operational framework where regulatory data feeds back into the strategic decision-making process, creating a self-reinforcing loop of improved execution and capital efficiency.

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## Glossary

<a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/partial-fill/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Partial Fill

Meaning ▴ A Partial Fill denotes an order execution where only a portion of the total requested quantity has been traded, with the remaining unexecuted quantity still active in the market. </a><a href="https://prime.greeks.live/area/regulatory-technical-standard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Regulatory Technical Standard

Meaning ▴ Regulatory Technical Standards (RTS) are legally binding, granular rules specifying technical aspects of financial regulations. </a><a href="https://prime.greeks.live/area/transaction-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Transaction Reporting

Meaning ▴ Transaction Reporting defines the formal process of submitting granular trade data, encompassing execution specifics and counterparty information, to designated regulatory authorities or internal oversight frameworks. </a><a href="https://prime.greeks.live/area/partial-fill-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Partial Fill Reporting

Meaning ▴ Partial Fill Reporting constitutes a core communication mechanism within electronic trading systems, signifying the execution of a subset of a submitted order quantity before the order is fully completed or canceled. </a><a href="https://prime.greeks.live/question/how-does-an-rfq-platform-support-regulatory-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Reporting System

An RFQ platform provides a structured, immutable audit trail of trade negotiation, forming the foundational data for automated regulatory reporting. </a><a href="https://prime.greeks.live/area/partial-fills/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Partial Fills

Meaning ▴ Partial fills denote an execution event where a submitted order quantity is only partially matched against available contra-side liquidity, resulting in a portion of the original order being filled while the remainder persists as an open order. </a><a href="https://prime.greeks.live/area/rts-22/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Rts 22

Meaning ▴ RTS 22 mandates the comprehensive recording of all relevant telephone conversations and electronic communications for firms conducting MiFID activities, establishing a verifiable audit trail for regulatory oversight and market integrity. </a><a href="https://prime.greeks.live/area/approved-reporting-mechanism/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Approved Reporting Mechanism

Meaning ▴ Approved Reporting Mechanism (ARM) denotes a regulated entity authorized to collect, validate, and submit transaction reports to competent authorities on behalf of investment firms. </a><a href="https://prime.greeks.live/area/granular-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Granular Reporting

Meaning ▴ Granular Reporting refers to the presentation of data at the most atomic level of detail, capturing individual events, transactions, or data points without aggregation. </a>

**Tags:** [Post-Trade Transparency](https://options.greeks.live/area/post-trade-transparency/), [FIX Protocol 5.0](https://options.greeks.live/area/fix-protocol-5-0/), [Complex Trade Component ID](https://options.greeks.live/area/complex-trade-component-id/), [Partial Fill](https://options.greeks.live/area/partial-fill/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Trade Report Identifier](https://options.greeks.live/area/trade-report-identifier/)	

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- 
### [What Are the Primary Differences between RFQ Systems on MTFs and SI Regimes under MiFID II?](https://options.greeks.live/question/what-are-the-primary-differences-between-rfq-systems-on-mtfs-and-si-regimes-under-mifid-ii/)
![Two high-gloss, white cylindrical execution channels with dark, circular apertures and secure bolted flanges, representing robust institutional-grade infrastructure for digital asset derivatives. These conduits facilitate precise RFQ protocols, ensuring optimal liquidity aggregation and high-fidelity execution within a proprietary Prime RFQ environment.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-execution-channels-enabling-private-quotation-and-optimal-liquidity-aggregation-for-high-fidelity-digital-asset-derivatives-rfq-protocols-on-prime-os.jpg)

MTF RFQs source competitive, multilateral prices; SI RFQs secure bilateral, principal-based liquidity with minimal information leakage.

- 
### [What Are the Regulatory Implications of Pre-Trade Transparency in Rfq Systems?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-pre-trade-transparency-in-rfq-systems/)
![Intersecting metallic structures symbolize RFQ protocol pathways for institutional digital asset derivatives. They represent high-fidelity execution of multi-leg spreads across diverse liquidity pools. Spheres denote aggregated inquiry and price discovery within a robust Prime RFQ, optimizing capital efficiency and mitigating systemic risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-framework-optimizing-multi-leg-spreads-and-liquidity-aggregation-for-best-execution.jpg)

Pre-trade transparency in RFQ systems reframes discreet price discovery as a managed, public signaling exercise to comply with regulation.

- 
### [How Do MiFID II Reporting Timelines Differ between Public Trade Reports and Regulatory Transaction Reports?](https://options.greeks.live/question/how-do-mifid-ii-reporting-timelines-differ-between-public-trade-reports-and-regulatory-transaction-reports/)
![A cutaway view reveals the intricate core of an institutional-grade digital asset derivatives execution engine. The central price discovery aperture, flanked by pre-trade analytics layers, represents high-fidelity execution capabilities for multi-leg spread and private quotation via RFQ protocols for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-engine-for-high-fidelity-execution-and-price-discovery-on-volatility-surface.jpg)

MiFID II mandates near real-time public reports for market transparency and detailed T+1 regulatory reports for market abuse surveillance.

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---

**Original URL:** https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-impact-the-protocols-for-reporting-and-managing-partial-fills/
