Thomson Reuters’ MiFID II Suite‎ Goes Live as Legislation Takes Effect

Thomson Reuters updated its MiFID II compliance ‎offering for FX derivatives ‎trading‎.

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.‎

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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.‎”

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