Enables financial firms to more easily meet their MiFID II reporting requirements and compliance with the Systematic Internaliser regime.
Thomson Reuters has entered into an agreement with Trax to provide its trusted reference and market data to support Trax’s MiFID II regulatory reporting and Systematic Internaliser (SI) determination services.
This includes providing comprehensive 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 real-time 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. This service, in conjunction with Trax’s intelligent rules-based engine for regulatory reporting, helps firms improve efficiency and confidently meet their regulatory obligations.
Chris Smith, Head of Trax, commented, “Although MiFID II implementation took place on 3rd January 2018, the industry is still confronted with impending regulatory obligations, including the start of the Systematic Internaliser regime. 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.”
“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,” says Brennan Carley, Global Head of Enterprise for the Financial & Risk business at Thomson Reuters. “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.”
Thomson Reuters has previously announced a comprehensive suite of MiFID II solutions to help its clients navigate MiFID II compliance, including: the addition of reference data and realtime data for APAs and MTFs, enhancements to its data analytics platform, Velocity Analytics, to support best execution compliance, transaction cost analysis and systematic trading; a partnership with VisibleAlpha and enhancements to Eikon to assist in compliance for research unbundling; the introduction of an APA connectivity solution for trade reporting requirements; a legal entity identifier (LEI) profiling solution; and enhancements to its Tick History feed.
More on Thomson Reuters MiFID II solutions can be found here.
The Thomson Reuters Financial & Risk business will be known as Refinitiv, following the closing of the strategic partnership transaction between Thomson Reuters and private equity funds managed by Blackstone.