The Financial Conduct Authority (FCA) has finalised reforms to the UK’s transaction reporting regime that it says will save firms more than £100m a year while maintaining market oversight. The regulator said the changes will simplify reporting requirements by removing duplicative and low-value data, reducing the annual cost of transaction reporting from £493m to around £385m. Among the changes, the FCA will reduce the number of transaction reporting fields from 65 to 52, remove foreign exchange derivatives from the reporting regime and eliminate reporting requirements for around seven million financial instruments traded only on EU venues. However, the FCA said firms that are ready will be able to adopt certain changes earlier under a flexible supervisory approach. The regulator added that it would continue working with the Bank of England and HM Treasury to align transaction and post-trade reporting requirements through its recently established Transaction and Post-trade Reporting Industry Harmonisation Taskforce.