Thomson Reuters launches MiFID II services

Thomson Reuters, the multinational mass media and information firm, has gone live with key MiFID II services.

The new services are part of the group’s aim of providing a comprehensive suite of solutions to assist the industry with ensuring ongoing compliance with MiFID II requirements.

“Implementing MiFID II has been a major test for the industry and we are happy to have played our part as a trusted partner to make it as easy as possible for firms to comply,” says Debra Walton, global head of customer proposition at Thomson Reuters. “The MiFID journey doesn’t end here and we will be working closely with our customers to help them meet the next phase of deadlines, such as best execution and the reporting requirements for Systematic Internalisers.

“As well as being a significant challenge, MiFID II means there is more data flowing through the global financial community than ever before, creating exciting opportunities for firms that can harness the data efficiently and discover profitable new insights.”

It services include MiFID II compliant data available to clients from 57 global exchanges and eight new MiFID II trading and reporting venues, including Tradeweb’s Approved Publication Arrangement (APA) and MTS BondVision’s Multilateral Trading Facility (MTF).

The firm’s enhanced Multilateral Trading Facility went live on schedule with trading and MiFID II compliant trade reporting on January 3rd. Thomson Reuters also updated instrument reference data capabilities to ensure comprehensive coverage of the key financial instruments covered by the regulation.

These include the addition of 1.6 million new pre-fixed individual identifiers (ISINs) for over-the-counter (OTC) derivatives from the ANNA Derivatives Service Bureau (DSB); coverage of 300,000 new financial instruments; additional data for 900,000 existing instruments; and the addition of over 5m records from the Financial Instruments Reference Data System (FIRDS). The new MiFID II market data is available through the Thomson Reuters Elektron Data Platform, as well as through Thomson Reuters desktop solution, Eikon.

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.

Earlier this month, RegTech 100 company AQMetrics received authorisation to operate a MiFID II ARM. It has received approval from the Central Bank of Ireland (CBI) to operate a MiFID II Approved Reporting Mechanism (ARM), permitting the company to report MiFID firms’ transactions to National Competent Authorities (NCA) across Europe.

Linedata also recently partnered with London Stock Exchange Group’s UnaVista to effectively address MiFID II transaction reporting obligations.

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