Four Big Banks Pick Tradeweb APA for MiFID II Reporting

The new participants are big players in fixed income and over-the-counter derivatives.

BNP Paribas, Credit Suisse, Morgan Stanley and Societe Generale have thrown their weight behind Tradeweb’s newly launched post-trade reporting tool ahead of the passage of the Markets in Financial Instruments Directive II (MiFID II) legislation, according to a corporate statement.

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The new participants are big players in fixed income and over-the-counter derivatives. Onboarding the new set of investment banks gives the electronic platform operator a boost in what is expected to be a very competitive area.

Tradeweb is one of a handful of providers that submitted applications to the FCA to register as APAs under MiFID II as soon as registration opens on January 30, 2017.

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Tradeweb Markets has previously signed Goldman Sachs, Deutsche Bank and JP Morgan among several other large banks that have chosen its approved publication arrangement, or APA service, to meet the new reporting requirements being imposed under the revised MiFID II coming into force in the EU in 2018.

Earlier in March 2017, Thomson Reuters teamed up with Tradeweb to roll out the new suite of reporting services. In particular, Tradeweb’s combined efforts with Reuters are targeting APA (Approved Publication Arrangement) services, entailing such capabilities as data collection, monitoring, validation, exception processing, and management information statistics, among others.

Nick Lovett, Managing Director and Global Markets at Credit Suisse, commented: “Developing an effective and cost-efficient MiFID II implementation plan is a key regulatory priority this year and using this service is one way that we can help meet our reporting requirements under this directive.”

Bradley Bilgore, Managing Director at Morgan Stanley, added: “We identified Tradeweb as our strategic partner from the early stages of our search for an efficient and flexible reporting solution. They have created a production-like environment, which is designed to enable comprehensive testing to ensure our compliance with this landmark regulation, while preventing premature information leakage, for our security and for the security of our clients.”

Frédéric Jeanperrin, Head of Market Regulatory Adaptation & Management at Societe Generale, said: “Societe Generale is pleased to join the Tradeweb APA service. Given Tradeweb’s strong track record in delivering comprehensive regulatory compliant solutions, we are confident that their service will be ready well ahead of the MiFID II deadline enabling Societe Generale to meet its reporting requirements on January the 3rd, 2018.”

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