Thomson Reuters has partnered with Trax, a Singapore-based startup serving the retail industry, to handle its MiFID II regulatory requirements such as reference data, corporate actions, entity data, end-of-day data, and intraday data.
Earlier this year, as a major piece of EU legislation went into effect on January 3, 2018, Thomson Reuters went live with a number of MiFID II solutions. The data vendor launched a suite of 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 their local regulatory body.
Commenting on the new deal, Chris Smith, Head of Trax, said: “Although MiFID II implementation took place on 3rd January 2018, the industry is still confronted with impending regulatory obligations, including the start of the Systematic Internaliser regime. As one of the leading providers of both trade and transaction reporting services through a centralised platform and also SI determination services, working with a reputable partner like Thomson Reuters is paramount.”
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Mifid Ii Compliance Offering for FX Derivatives
Thomson Reuters has enhanced its services with major updates introduced since the big MiFID II go-live. This included 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 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).
Our upcoming London Summit 2018 will weigh in on opportunities in the face of ever complex regulatory requirements, and on what makes latest developments in European regulatory regimes (MiFID 2, SFTR, etc.) a hot deal.