Thomson Reuters has teamed up with Tradeweb to roll out a new suite of reporting services, helping support market participants ahead of the passage of Markets in Financial Instruments Directive II (MiFID II) legislation.
The partnership represents the latest deployment by key industry players of a MiFID II-focused solution, which will help support the workflow of market participants in their aggregated efforts to meet regulatory obligations under the new legislation in 2018.
Ahead of new regulations, Thomson Reuters has been working with over fifty European exchanges and more than thirty venues to facilitate new MiFID II content to its Elektron Data Platform. Its efforts have also helped provide a pool of test data to market participants to help prep their systems for the a wide range of new requirements and functions.
In particular, Thomson Reuters’ new suite-tailored services suite MiFID II includes multi-asset best execution, SI (Systematic Internaliser) determination, research valuation, market data aggregation and bespoke reference data services.
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Furthermore, the group’s combined efforts with Tradeweb are targeting APA (Approved Publication Arrangement) services, entailing such capabilities as data collection, monitoring, validation, exception processing, and management information statistics, among others.
Finally, Thomson Reuters’ Elektron customers will be able to connect directly to Velocity Analytics, data feeds and trades reported through Tradeweb’s APA by utilizing the MiFID II services.
According to Deb Walton, Global Managing Director, Customer Proposition at Thomson Reuters, in a statement on the rollout: “MiFID II is an enormous implementation effort for our customers and we fully appreciate the pressure they are under to achieve compliance by the end of the year.”
“By engaging with leading market participants, we have ensured that our new MiFID II services have been built by the industry for the industry and provide the most cost-efficient and expedient path to MiFID II compliance,” she added.
“Tradeweb’s proven track record of delivering comprehensive and flexible solutions for regulatory compliance, coupled with our collaboration with Thomson Reuters, means that we are able to provide a more compelling and complete APA service,” noted Simon Maisey, Managing Director and Global Head of Business Development at Tradeweb.