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The Special Report is the seventh in the FIA and FIA Europe's series covering specific areas of "MiFID II". It provides an overview of ESMA's proposals in the Consultation Paper and the draft RTS on the obligation for investment firms to report transactions under Article 26 of MiFIR. The Consultation Paper covers five specific aspects of market data reporting: the obligation to report transactions; the obligation to maintain records of orders; the requirement to maintain records of orders for firms engaging in high frequency algorithmic trading techniques; the obligation to supply financial instrument reference data; and clock synchronization.