Thomson Reuters announced today that it has launched RTS 27 Now, a reporting solution aimed to help banks that have registered as systematic internalisers (SIs) under MiFID II to complete their first regulatory report.
SIs are investment firms that frequently and systematically execute a substantial basis of client orders on their own accounts, outside of trading venues. Under MiFID II regulations, banks that meet these criteria must submit an RTS 27 report on execution by the end of this year. This report covers quality covering price, cost, size and speed of execution.
The changing regulatory landscape under MiFID II
As can be expected, this is a lot of data to collect and formalise by the end of the year. This is where Thomson Reuters’ new feature comes in – to help firms keep up with the new reporting requirements under the regulation implemented by the European Securities and Markets Authority (ESMA).
According to the statement, the RTS 27 Now solution leverages the company’s Velocity Analytics platform. The platform is powered by Kx’s technology and allows firms to overcome challenges that need high-performance analysis of large datasets.
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Commenting on RTS 27 Now, Brennan Carley, Global Head of Enterprise for the Financial & Risk business at Thomson Reuters, said: “The MiFID II reporting regime is complex and many banks now face a short window to conduct an urgent data retrieval and analysis exercise to compile their first report, which is why we have created a simple service with all the data, analytics and support they need.
This service is designed to help clients with a specific reporting requirement and means they have the flexibility and choice to decide whether to use this service module or to unleash the full power of Velocity Analytics across their business.”
In addition to RTS 27 Now, the multinational mass media and information firm also offers financial institutions a suite of other solutions to help assist in the changing regulatory landscape due to the implementation of MiFID II this year.
In the statement, Thomson Reuters also mentioned that its ‘Financial & Risk’ business will be known as Refinitiv. This follows the closing of its partnership with private equity funds managed by Blackstone.