Thomson Reuters supports Trax MiFID II reporting
24 August 2018 London
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Thomson Reuters has entered into an agreement with Trax to provide its reference and market data to support Trax’s second Markets in Financial Instruments Directive (MiFID II) regulatory reporting and Systematic Internaliser (SI) determination services.
This includes providing reference data for Trax’s trade and transaction reporting services via its approved publication arrangement (APA) and its approved reporting mechanism (ARM).
In addition, Thomson Reuters is providing market data for Trax’s SI determination service, by leveraging instant market data from Thomson Reuters to estimate the total market size at a per instrument or sub-asset class level.
Trax’s SI determination service performs quarterly SI assessment by calculating a firm’s market share and provides a daily indication of a firm’s potential for becoming an SI per instrument ahead of the official assessment period.
According to Thomson Reuters, this service, in conjunction with Trax’s intelligent rules-based engine for regulatory reporting, helps firms improve efficiency and confidently meet their regulatory obligations.
Thomson Reuters has previously announced a suite of MiFID II solutions to help its clients navigate MiFID II compliance, including the addition of reference data and real time data for APAs and mutual traded funds.
Chris Smith, head of Trax, said: “Although MiFID II implementation took place on 3 January 2018, the industry is still confronted with impending regulatory obligations, including the start of the Systematic Internaliser regime.”
He added: “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.”
Brennan Carley, global head of enterprise for the financial and risk business at Thomson Reuters, commented: “Our trusted market and reference data has been comprehensively upgraded for MiFID II, to power industry compliance and enable firms to benefit from all the market transparency data that is now available.”
He added: “As the industry grapples with the SI regime, our mission is to make it easy for firms to access the trusted data they need to comply, including assessing in real time whether they may breach the SI thresholds for different instruments so they can adjust their trading strategies accordingly.”
This includes providing reference data for Trax’s trade and transaction reporting services via its approved publication arrangement (APA) and its approved reporting mechanism (ARM).
In addition, Thomson Reuters is providing market data for Trax’s SI determination service, by leveraging instant market data from Thomson Reuters to estimate the total market size at a per instrument or sub-asset class level.
Trax’s SI determination service performs quarterly SI assessment by calculating a firm’s market share and provides a daily indication of a firm’s potential for becoming an SI per instrument ahead of the official assessment period.
According to Thomson Reuters, this service, in conjunction with Trax’s intelligent rules-based engine for regulatory reporting, helps firms improve efficiency and confidently meet their regulatory obligations.
Thomson Reuters has previously announced a suite of MiFID II solutions to help its clients navigate MiFID II compliance, including the addition of reference data and real time data for APAs and mutual traded funds.
Chris Smith, head of Trax, said: “Although MiFID II implementation took place on 3 January 2018, the industry is still confronted with impending regulatory obligations, including the start of the Systematic Internaliser regime.”
He added: “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.”
Brennan Carley, global head of enterprise for the financial and risk business at Thomson Reuters, commented: “Our trusted market and reference data has been comprehensively upgraded for MiFID II, to power industry compliance and enable firms to benefit from all the market transparency data that is now available.”
He added: “As the industry grapples with the SI regime, our mission is to make it easy for firms to access the trusted data they need to comply, including assessing in real time whether they may breach the SI thresholds for different instruments so they can adjust their trading strategies accordingly.”
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