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.
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.”