TP ICAP Selects Bloomberg Entity Exchange for OTF Compliance

TP ICAP has applied to operate Organized Trading Facilities‎, requiring new compliance needs under MiFID II.

As January 3 2018 approaches, more and more firms are gearing up for the dramatic shift in regulatory obligations brought by MiFID II. TP ICAP has taken steps to satisfy its compliance ahead of the new regulatory regime by tasking Bloomberg Entity Exchange with a key role in helping centralize specific information segments.

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TP ICAP is a global brokerage and information firm formed after the merger of Tullett Prebon and the voice broking business of ICAP plc. Ahead of MiFID II’s implementation, the group has applied to operate Organized Trading Facilities‎ (OTFs). OTFs constitute any facility that aggregates buying and selling interests or orders related to financial instruments, focused on non-equities such as derivatives and cash bond markets.

MiFID II obligations

However, in line with the upcoming legislation, OTF operators will be required to collect information about venue users and transactions – to help meet the requirements, the group has selected Bloomberg Entity Exchange for its compliance needs. Such initiatives have been increasingly common in 2017 as exchanges and venues look towards a new regulatory playing field.

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Indeed, MiFID II has called for more transparency and reporting measures from all manners of industry participants. In the case of new OTF regulations, MiFID II pushes for more facilitation of information flows, specifically to venue users, with an emphasis on risk disclosures.

On its part, Bloomberg Entity Exchange will be serving a crucial role for TP ICAP ahead of the MiFID II implementation. Bloomberg possesses a secure electronic platform that will be helpful in providing a more centralized information infrastructure. As such, Bloomberg will also be helping to shore up any distribution or management of all requisite documentation under the new legislation. This includes rulebooks and policies as well as other disclosures.

Nicolas Breteau

Nicolas Breteau, Chief Executive, TP ICAP Global Broking, commented: “We are pleased to have agreed to this partnership with Bloomberg Entity Exchange, which will help ensure we simplify the repapering process for our clients in our preparation for MiFID II, a regulation which will have far reaching implications for the industry we operate in.”

“MiFID II will impose significant requirements on firms to share and collect data from their clients. We want to help our clients to quickly understand what the new rules will mean to their trading relationships, especially around trade execution, reporting and transparency. Partnering with Bloomberg provides us with the opportunity to offer clients and trading partners a combination of innovative technology and dedicated client service,” he added.

“Entity Exchange enables the secure and efficient exchange of information and documentation required for TP ICAP to provide execution services to its customers in compliance with MiFID II,” explained Dan Matthies, Global Head of Bloomberg Entity Exchange.

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