CLS Group, a data solutions provider has launched a new reporting product for foreign exchange (FX) matched instructions that supports MiFID II reporting requirements.
In response to market demand, CLS said CLSReporting ability for parties and counterparties to FX trades to exchange additional information in their settlement instructions submitted via SWIFT FIN and ISO20022 XML messages.
The trade information will be collated from CLSSettlement and CLSSameday in a single report after end-of-day processing has occurred for each service. According to the company , this process will create ‘significant post-trade efficiencies for participants’, therefore allowing them to gather data necessary for MiFID II reporting. Data required for reporting under MiFID II, such as legal entity identifiers (LEIs) for counterparties and funds, timestamps, product identifier (spot, forward or swap) and execution venues, will be available in each report.
Alan Marquard, chief strategy and development officer at CLS, said: “As we continue to expand our suite of CLS data products, 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 to easily capture data and streamline their MiFID II reporting processes.”
The second Markets in Financial Instruments Directive (MiFID II) was officially implemented on 3 January 2018. It offers more protection to investors in trading, covering a wide range of areas such as transparency of costs and research payments.
According to the recent Global RegTech Review, the third most commonly addressed regulatory framework was MiFID II/MiFIR, coming behind KYC and AML solutions. An analysis of the capital invested in RegTech companies according to the area of regulation addressed by their solutions reveals which pieces of legislation appear to be causing the most problems within financial institutions. According to the report, MiFID II solutions collected 11.4% of all RegTech investments over the last five years.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
