CLS Offers CLSReporting to Support MiFID II FX Reporting Requirements

Blog entry

Market infrastructure provider CLS has introduced CLSReporting, a product for foreign exchange (FX) matched instructions that supports members with Markets in Financial Instruments Directive II (MiFID II) reporting requirements. The product is a response to market demand and will provide the ability for parties and counterparties to FX trades to exchange additional information in settlement instructions submitted via SWIFT FIN and ISO 20022 XML messages.

Alan Marquard, chief strategy and development officer at CLS, says: “We have been working closely with our members to understand how we can best support them with their MiFID II reporting requirements. By allowing clients to include additional information in their settlement instructions and providing a downloadable end-of-day report, we can help them capture data and streamline MiFID II reporting processes.”

The trade information for CLSReporting will be collated from CLSSettlement and CLSSameday in a single report after end-of-day processing for each service. This will create post-trade efficiencies for participants, allowing them to gather data necessary for MiFID II reporting with ease.

The report will also provide an enhanced view of overall FX trade activity. Data required for reporting under MiFID II, such as Legal Entity Identifiers (LEIs) for counterparties and funds, timestamps, product identifiers (spot, forward or swap) and execution venues, will be available in each report, allowing clients to address transactional reporting requirements more effectively.