Buyside firms in Europe could face hefty fines if they fail to get up to speed with new reporting requirements being imposed on them under the region's new trading rules, practitioners have warned.

Transaction reports are central to regulatory efforts to spot potential market abuse, but failures to submit full and accurate reports have caught many brokers out in the past. Deutsche Bank, Bank of America Merrill Lynch, Credit Suisse and the Royal Bank of Scotland are among those to have faced multimillion fines from transaction reporting failures since 2008.