Electronic trading and connectivity solutions provider Ullink has certified its multi-asset class MiFID II trade reporting solution with TRADEcho, which offers its approved members a one stop shop for MiFID II transparency services.
TRADEcho is a partnership between the London Stock Exchange and Boat Services and a significant factor in its recent success is the launch of an assisted reporting service. In addition to the increasing number of firms signed up to the service, existing customers now have access to a host of value added tools and services designed to navigate this challenging landscape.
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TRADEcho’s position as an Approved Publication Arrangement (APA) gives Ullink clients a venue for publishing trades that they have executed and to meet their MiFID II requirements for post-trade reporting.
MiFID II comes into effect in January 2018 with the aim of improving the transparency of markets in financial instruments. However, it brings many challenges to buy and sell-side investment firms, not least the requirement to publish trades to the market as close to real time as possible.
The Ullink Trade Reporting solution started by covering several markets, and was intended to provide a central dashboard that ensures a multi-asset pan-European reporting solution to help customers meet all of their new trade reporting obligations. It also includes Smart Report Routing logic for selecting amongst APAs based on business rules to optimise trade reporting costs.
Richard Bentley, ULLINK’s Chief Product Officer, commented: “As the MiFID II deadline approaches, the shrinking time windows to report plus the broader set of instruments being covered is causing many challenges for both sell-side and buy-side participants. Firms must ensure they are able to publish relevant trades in near real-time to fulfill post-trade transparency requirements. Our partnership with TRADEcho compliance services to help alleviate this challenge.”