Bloomberg MiFID II Solution Secures FCA Approval for its ARM

The service has been certified by the FCA as an Approved Reporting Mechanism.

Bloomberg Data Reporting Services Limited (BDRSL) today announced that it has secured the UK financial regulator’s approval for its Approved Reporting Mechanism (ARM), the final piece of authorisation allowing the vendor to offer a complete regulatory reporting portfolio for the upcoming MiFID II regime.

Register now to the London Summit 2017, Europe’s largest gathering of top-tier retail brokers and institutional FX investors

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

On its way to achieving approval, Bloomberg previously obtained approval to test until the end of this year – this included the service’s ARM for transaction reporting and its Approved Publication Arrangement (APA) for trade reporting.

MiFID requires transactions of all instruments admitted to trading on a regulated market to be reported to the local regulatory authority, or the National Competent Authority (NCA).

Suggested articles

Can You Trade Cryptos Like Any Other Currency?Go to article >>

The FCA supports the industry with a dedicated testing environment called the Market Data Processor system (MDP). As an approved reporting mechanism, BDRSL connected to the FCA’s MDP system to allow users to validate MiFID II reports ahead of January 2018.

With the MiFID II regulations coming into effect in nearly three months, market participants will face a steep increase in reporting tasks across a wide range of asset classes and within very short timeframes.

Given these headwinds, Bloomberg says that its offering helps clients report transactions in all asset classes via one feed directly through Bloomberg’s Regulatory Hub (RHUB). RHUB validates data whilst maintaining consistency throughout the post-trade reporting process by generating and reporting data to regulators in real-time and also making it available for best execution analysis, trade reconciliation and record-keeping.

Commenting on this, Ben Macdonald, Bloomberg’s Global Head of Enterprise Products, said: “The authorisation of our ARM for MiFID II is the final piece of the puzzle allowing Bloomberg to offer a complete regulatory reporting service for MiFID II. The service, used in connection with our seamlessly pre-integrated best execution and trade archiving and reconstruction solutions, helps firms ensure that data is consistent across their entire workflow, which will be critical given the vast amount of data firms need to manage under MiFID II.”

Alejandro Perez, Global Head of Post-Trade Solutions at Bloomberg, added: “We are very pleased that the FCA has authorised our ARM for MiFID II transaction reporting. This further strengthens our position as a reporting partner for firms globally, across asset classes and regulatory regimes.”

Got a news tip? Let Us Know