TORA has integrated its order and execution management system (OEMS) with Trax to meet MiFID II trade and transaction reporting requirements.
The new reporting requirements under MiFID II are designed to improve the pre- and post-trade transparency of execution prices and the actions of those parties involved in transactions.
For investment managers, trade reports need to be sent in near real-time to an Approved Publication Arrangement (APA), while transaction reports need to be sent to an Approved Reporting Mechanism (ARM) on T+1.
Failure to meet transaction reporting requirements can lead to significant financial penalties and reputational damage.
Trax, the post-trade services and European market data division of MarketAxess, will combine its regulatory reporting engine with TORA’s OEMS to provide clients ‘a straight through processing solution’.
Chris Jenkins, managing director of TORA, added: “To keep pace with the ever-changing regulatory landscape, buy-side firms need trading technology that can be easily integrated with other solutions.
“We’re excited to add Trax to our expanding MiFID II ARM and APA partner eco-system and be able to offer our clients a simplified trading and reporting workflow.”
The fully MiFID-compliant Trax Report service provides a ‘cost-effective and efficient’ means for a comply to comply with transaction reporting obligations according to the business. Trax also claims it is flexible enough to fulfil varied regulatory reporting requirements of different regulatory authorities in a wide range of financial instruments.
Its post trade solutions also include Trax Match, a near real-time post-trade exception management tool, and Trax Insight, a suite of matching, transparency and regulatory reporting solutions. The company also provides a number of data solutions.
Nick Moss, head of product management, Trax Post-Trade, added: “The trade and transaction reporting obligations of MiFID II have brought increased operational complexity to a wide range of participants. Trax is committed to working with OEMS providers, such as TORA, to help reporting firms streamline their processes and ultimately reduce risks.”
In March, Gresham, a London-based FinTech software company, formed a strategic partnership with Trax to create a MiFID II reconciliation service. Through the deal, Trax leverages Gresham’s Clareti platform to power a 3-way reconciliation service for regulatory transaction reporting.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
