The SmartStream Reference Data Utility (RDU), a fintech provider, publicized a new data reference service that will simplify the upcoming changes of the Markets in Financial Instruments Directive II (MiFID II). The service is the outcome of a collaboration between JPMorgan Chase, Morgan Stanley, SmartStream, and Goldman Sachs.
The service, which is still in the testing stage with clients, will assist financial firms to maintain the regulatory standards to be set by MiFID II in January 2018. The RDU is a fully integrated reference data set which is designed to help companies and institutions with pre-trade price transparency, reports regarding post-trade and transaction stages, and receiving data and enrichment feeds from ANNA, GLEIF, ESMA, different trading venues, and the National Competent Authorities.
The goal is to create a system ensuring that the process of client trading complies with the MiFID II regulatory requirements. Additionally, there will be an API that will afford traders access to the ANNA Derivatives Service Bureau, where they can have ISIN look-up and creation, and decide if an Over the Counter (OTC) instrument has a similar one Traded on a Trading Venue (ToTV).
Peter Moss, CEO of The SmartStream Reference Data Utility, commented: “In workshops with over 40 Systematic Internalisers and other industry participants, we’ve observed a wide variance in MiFID readiness. Our goal is to shield customers from what is a very fluid MiFID environment, accelerate their implementation program and protect their critical path from gaps in availability of key data sets and regulatory interpretation. We are already in testing with clients, helping prepare them for the industry tests that will take place in the summer.”
Recently, Finance Magnates covered SmartStream’s launch of the Corona Retail Payments Control. The system was designed with the intention of assisting financial entities with the automation of exception handling and reconciliation processing. This will further lower both costs and risks, enhance client value, and allow operational control across the lifecycle of the retail payment transactions.