Do you really know what you’re reporting under MiFID II?

By REGTECH DATAHUB, 29-04-2026

Over a multi‑year collaboration, RegTech DataHub has supported ING in translating complex MiFID II transparency requirements into automated, production‑grade processes. From instrument identification to underlying transparency assessments, the partnership demonstrates how high‑quality regulatory reference data, APIs, and domain expertise can enable scalable and auditable compliance across asset classes and jurisdictions.

MiFID II transparency sounds straightforward until you try to operationalise it across asset classes, jurisdictions, and instruments. So how do you move from interpretation and spreadsheets to decisions you can actually trust at scale?

This question has been at the core of ING’s collaboration with RegTech DataHub for several years.

The journey started with a simple but telling problem: identifying the correct FX instruments for settlement of OTC FX trades. Manual lookup, uncertainty, and inconsistent outcomes were slowing traders and operations teams down. The answer was a web‑based FX Lookup tool that allowed users to identify instruments based on real trade characteristics — not assumptions. Less guesswork, more confidence.

But MiFID II doesn’t stop at FX settlement, and neither did the collaboration.

As regulatory complexity increased, ING engaged RegTech DataHub for targeted consulting assignments to identify the correct ANNA DSB OTC instruments based on detailed trade information. The goal wasn’t academic correctness, it was consistency, traceability, and outcomes that hold up under scrutiny.

In 2025, ING took a decisive step: putting a dedicated FIRDS API into production. The API delivers FIRDS reference data per ISIN for both ESMA (EU) and FCA (UK), allowing ING to automatically determine whether a trade is subject to MiFID II Transparency of Transactions (ToTV). No manual interpretation. No late‑night debates. Just rules‑based, production‑ready decisions.

Then came the next question: what about underlying transparency?

In 2026, the collaboration expanded with an API supporting underlying transparency (uToTV) assessments. Based on an ISIN and/or Bloomberg code for an underlying equity index, the API returns whether trades referencing the index are reportable under MiFID II. The result? Fully automated, scalable transparency assessments — even for complex, index‑based instruments.

Today, RegTech DataHub supports ING with production‑grade regulatory APIs, curated data sources, and deep domain expertise. Together, we help turn MiFID II from a regulatory obligation into an operational capability — one that works across products, desks, and jurisdictions.

Because transparency rules are complex. Your setup shouldn’t be.