The UK regulator, the Financial Conduct Authority (FCA), has unveiled an overhaul of its transaction reporting rules that it says will save financial services firms more than £100m a year. Under the changes, the number of fields included in transaction reports will fall from 65 to 52. Foreign exchange derivatives will also be removed from the reporting requirements, cutting costs for more than 400 firms. The FCA will additionally scrap reporting requirements for around seven million financial instruments, including equities, bonds and certain derivatives that are only traded on European Union venues. Firms will also be required to correct historical transaction reporting errors covering a maximum of three years, rather than the current five-year period.