London Stock Exchange Group (LSE) has announced that UnaVista, its MiFID Approved Reporting Mechanism (ARM), has made user acceptance testing available for MiFIR transaction reporting 17 months ahead of schedule.
UnaVista is the LSE group’s global hosted platform for all matching, validation and reconciliation needs. It offers a range of business solutions through one interface designed to help firms become more efficient and reduce operational and regulatory risk across all asset classes.
MiFIR Transaction Reporting
MiFIR transaction reporting, which was expected to go-live in January 2018, is replacing the existing MiFID reporting regime with an expanded scope and field list.
Reporting firms will need to report up to 65 fields to their home-state National Competent Authority (NCA). UnaVista ARM will be connected to the European NCAs so reporting firms will not need to build and manage connections to each of the NCAs themselves.
This is a big step in the process for helping clients get ready in time for MiFIR Reporting go-live.
As UnaVista is compatible with a wide range of industry data formats, clients can send in all their data from multiple sources. It can then determine which transactions are relevant and which competent authorities to send it to.
UnaVista will also be offering a delegated and assisted reporting model for firms who want to connect via their broker or technology partner.
Mark Husler, CEO UnaVista commented, “This is a big step in the process for helping clients get ready in time for MiFIR Reporting go-live. We are delighted to have Credit Suisse as one of the first clients to start testing in UAT. We believe we have built an ARM that not only helps firms be completely compliant, but one where they can also use the information reported to improve their business processes.”
A number of firms are using the UnaVista MiFIR Accelerator project tool to get their data ready for MiFIR. By importing individual data sources, the Accelerator allows firms to compare their data against the latest RTS to identify gaps in content, format and validity of data.
UnaVista has also developed functionality to assist firms with some of the more difficult aspects of MiFIR reporting such as the masking of personal data, the identification of LEI gaps and acquiring these LEI’s. It can also help firms to avoid “over” or “under” reporting by providing reference data and control services such as N-way reconciliations and independent field level data quality assurance.