Thomson Reuters has launched a service to help banks that have newly registered as Systematic Internalisers under MiFID II complete their first regulatory report.
The new targeted reporting solution, dubbed RTS 27 Now, will assist registered Systematic Internalisers meet the December reporting deadline.
Under the MiFID II Systematic Internaliser (SI) regime, banks had to register with their national competent authorities as SIs by the end of August based on whether their trading activity exceeded levels set across different instruments by ESMA on August 1st.
By the end of the year, all banks that are registered as an SI must submit an RTS 27 report on execution quality covering price, cost, size and speed of execution.
Banks are now under pressure to compile the trading and market data they need and analyse it in time to submit their first report.
To help, RTS 27 provides a flexible operating model and rapid service-based response, including operational data services so clients can more easily complete their first report before the December reporting deadline.
The solution leverages Thomson Reuters Velocity Analytics, which is powered by Kx’s technology, and provides ultra-high-speed processing of cross-asset real-time and historical data.
This enable firms to challenges such as best execution reporting, transaction cost analysis, quantitative and systematic trading, including real-time SI determination, to manage trading against reporting thresholds.
As part of the Thomson Reuters Elektron Data Platform, Velocity Analytics can leverage all of the data provided by Thomson Reuters, including new data available as a result of MiFID II from over 28 new venues.
“The MiFID II reporting regime is complex and many banks now face a short window to conduct an urgent data retrieval and analysis exercise to compile their first report, which is why we have created a simple service with all the data, analytics and support they need,” added Brennan Carley, global head of enterprise for the financial & risk business at Thomson Reuters.
“This service is designed to help clients with a specific reporting requirement and means they have the flexibility and choice to decide whether to use this service module or to unleash the full power of Velocity Analytics across their business.”
Just last month Thomson Reuters agreed to support Trax’s MiFID II regulatory reporting and Systematic Internaliser (SI) determination services. As part of the deal, Thomson Reuters will provide reference data for Trax’s trade and transaction reporting services via its APA and ARM. In addition, it is also 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.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
