Thomson Reuters is creating a holistic suite of reporting services that will support the workflow of market participants in their efforts to meet post-trade transparency requirements mandated by the Markets in Financial Instruments Directive II (MiFID II). In preparation for the new regulations, the company is working closely with over 50 European exchanges and more than 30 additional venues to onboard new MiFID II content to its Elektron Data Platform. It is also providing test data to market participants so that they can prepare their systems for new parameters, such as high-precision time-stamps, in advance of MiFID II deadlines.
The new suite of MiFID II services will include multi-asset best execution, SI (Systematic Internaliser) determination, research valuation, market data aggregation and bespoke reference data services. In addition, Thomson Reuters is collaborating with Tradeweb for APA (Approved Publication Arrangement) services, which will include data collection, monitoring, validation, exception processing, management information statistics and determination of both standard and enhanced deferred publication arrangements.
The MiFID II services leverage Thomson Reuters enterprise feeds and platforms (Elektron Data Platform) so that customers can take advantage of their existing infrastructure investments to connect to Velocity Analytics, data feeds and trades reported via Tradeweb’s APA.
“MiFID II is an enormous implementation effort for our customers and we fully appreciate the pressure they are under to achieve compliance by the end of the year. By engaging with leading market participants, we have ensured that our new MiFID II services have been built by the industry for the industry and provide the most cost-efficient and expedient path to MiFID II compliance,” said Deb Walton, global managing director, customer proposition at Thomson Reuters. “Our mission is to make MiFID II compliance as easy as possible for our customers and the market, providing integrated services that take advantage of their existing infrastructure, map their workflow and ready them for the opportunities they will have post-January 2018.”
“Tradeweb’s proven track record of delivering comprehensive and flexible solutions for regulatory compliance, coupled with our collaboration with Thomson Reuters, means that we are able to provide a more compelling and complete APA service” said Simon Maisey, managing director and global head of business development at Tradeweb. “Thanks to a one-year head start, we are pleased to be able to offer an APA-early facility, enabling our clients to conduct initial testing, with nine leading financial firms already committed.”
Thomson Reuters recently launched the next generation of its data analytics platform, Thomson Reuters Velocity Analytics, which now harnesses First Derivatives’ KX technology to create a powerful MiFID II-ready platform that will support the new SI determination and best execution capabilities in 2018. The direct integration of Thomson Reuters Elektron real-time and historical tick data into Velocity Analytics provides an optimal platform for streaming and big data analytics, as well as low-latency, in-memory and event-driven analysis.