Bats Europe’s BXTR Expands MiFID II Solution for Buy-Side Trade Reporting

Ahead of the MiFID II deadline, BXTR has expanded its regulatory reporting solution for buy-side firms.

Bats Europe, a CBOE Holdings company and Europe’s largest equities exchange, has expanded its trade reporting facility, BXTR, extending a new offering for groups to meet their MiFID II regulatory obligations ahead of its introduction in January 2018.

BXTR’s new service will help cater to buy-side firms in anticipation of their shifting obligations. Many firms have begun transitioning towards MiFID II, causing a growing demand for such offerings and solutions.

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New Regulatory Playing Field

Under the upcoming MiFID II requirements, investment firms will be forced to report their trades when they transact on an over-the-counter (OTC) basis. An investment firm category can include buy-side firms, who under MiFID II cannot delegate formal regulatory responsibility to their sell-side counterparties, as they have been able to under MiFID I.

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MiFID II reporting obligations will necessitate a wide range of challenges that must be adapted to, including operational, technical, financial, and regulatory adjustments. Bats’ buy-side trade reporting service is also aiming to be a simplified transition, requiring no technical or operational changes to buy-side systems for APA connectivity.

According to Mark Hemsley, President of Europe for CBOE, which owns Bats Europe, in a statement on the service: “With MiFID II coming into effect in just nine months, we want to make sure buy-side firms have access to simple, easy-to-implement solutions to meet their trade reporting obligations.”

“As the largest equities trade reporting venue in Europe, expanding BXTR to offer this service was a natural extension of our offering and provides a low-cost, light-weight trading reporting solution for the buy-side.”

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