Thomson Reuters has gone live with its several MiFID II solutions as the major piece of EU legislation has now become effective by the January 3 deadline.
The data vendor has launched several compliance products to assist the financial services industry with ensuring ongoing compliance with the sweeping market reform.
The Thomson Reuters MiFID II suite handles the complexity of the legislation and provides a concise view of what organizations should consider, from changing how research is paid for to reporting more detailed information about trades.
Under MiFID II regulations, trading venues, approved reporting mechanisms, organized trading facilities, investment firms and sell-side firms will each have a significant reporting obligation to both ESMA and to their local regulatory body.
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The company said that it has enhanced its services with major updates introduced since the big MiFID II go-live, which happened earlier this month.
Thomson Reuters updated its MiFID II compliance offering for FX derivatives trading, adding into production system improvements to its Multilateral Trading Facility (MTF). The vendor previously enabled MTF-support for FX forwards, swaps, NDFs and options trading on FXall as well as for swaps trading on Thomson Reuters Matching. The company released interfaces to both FXall and FX Trading that accommodate new data fields as well as improve post-trade STP feeds to assist customers with reporting and record-keeping requirements.
The company has further explained the true value of its new upgrades, which will be realized when clients will need to access its updated MiFID II compliant data. The solution is already available to clients from 57 global exchanges and eight new MiFID II trading and reporting venues.
Thomson Reuters has also updated instrument reference data capabilities to ensure a seamless transition into the MiFID II regulatory environment relating to execution workflow, trading controls, post-trade transparency and reporting.
The company added 1.6 million new pre-fixed individual identifiers (ISINs) for OTC derivatives including 300,000 new financial instruments, additional data for 900,000 existing instruments, and over 5 million records from the Financial Instruments Reference Data System (FIRDS).
Debra Walton, Global Head of Customer Proposition at Thomson Reuters, commented: “Implementing MiFID II has been a major test for the industry and we are happy to have played our part as a trusted partner to make it as easy as possible for firms to comply. The MiFID journey doesn’t end here and we will be working closely with our customers to help them meet the next phase of deadlines, such as best execution and the reporting requirements for Systematic Internalisers.”