TORA, a provider of order and execution management solutions, announced on Tuesday that it is partnering with NEX. The deal between the two firms will see the NEX Regulatory Reporting solution being integrated into TORA’s products.

“We’re looking forward to working with TORA to provide its buy-side clients with a future-proof MiFID II reporting solution that is built on agile technology and backed by specialist consultancy and support,”  said Joanna Davies, Head of NEX Regulatory Reporting.

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Regulatory reporting has become increasingly important for asset managers since the arrival of the Markets in Financial Instruments Directive II (MiFID II). That is because asset managers must submit transaction reports detailing, amongst other things, order sizes, timestamps, and asset types.

Firms are also required to send trade reports including prices, volumes, and instrument identities to an Approved Publication Arrangement (APA). As I’m sure our readers can imagine, that makes for a lot of compliance work.

TORA – Straight Through Processing

By integrating NEX Regulatory Reporting into its order and execution management system, TORA should enable its clients to reduce that compliance work. In essence, it means firms will have to use one fewer system than they otherwise would.

“We are excited to add NEX Regulatory Reporting to the growing list of partners we work with to provide our clients with a comprehensive MiFID II solution,” said Chris Jenkins, Managing Director of TORA. “We are giving our clients an important advantage under this [MiFID II] regulatory regime.”

NEX Regulatory Reporting operates within NEX Optimisation – a broader service that, as its name suggests, helps to streamline firms’ operation. NEX Regulatory Reporting includes Abide Financial and Abide Financial DRSP, a firm regulated by the UK’s Financial Conduct Authority.

In addition to local European regulations such as MiFID II, NEX Regulatory Reporting provides specialized reporting services for entities subject to international regulatory regimes in the USA, Australia, and Singapore.