The European Securities and Markets Authority (ESMA) has today published details of its action plan (within its updated Q&As on MiFID II and MiFIR transparency topics) for systematic internaliser (SI) regime calculations ahead of their publication on 1 August 2018. ESMA’s action plan focuses on equity, equity-like instruments and bonds while postponing the publication for derivatives and other instruments to 1 February 2019.Find out more
FlexTrade and The SmartStream Reference Data Utility (RDU) today announced the integration of the SmartStream RDU with the FlexTRADER EMS (execution management system). The integration offers mutual clients the ability to embed SmartStream RDU’s Systematic Internaliser (SI) Registry information directly into the send order ticket, providing much needed clarity on counterparty SI status, prior to key 2018 MiFID II milestone dates.Find out more
The SmartStream Reference Data Utility (RDU), today announced the joining of Nasdaq to the Systematic Internaliser (SI) Registry, which provides a hub for SIs to register financial instruments in a centralised database through their APA.Find out more
TRADEcho is the suite of MiFID II reporting services hosted and operated by the London Stock Exchange (LSE) and brought to market in partnership with Simplitium (formerly Boat Services). TRADEcho was formed in direct response to market demand for simplified and cost-effective reporting services that help firms meet their MiFID II transparency obligations.
TRADEcho’s pre-trade services (SI Determination and SI Quoting) help firms meet their MiFID II pre-trade transparency obligations by keeping them informed of their SI status in real time and enabling quote publication via the LSE market data channels.
TRADEcho's Approved Publication Arrangement (APA) provides firms with the mechanism to report trades they have executed to the market, thereby meeting their MiFID II post-trade transparency obligations. Trades are published across all asset classes in line with the regulatory reporting timeframes, applying relevant deferrals to provide the market with a clear and concise tape of a firm’s trades. TRADEcho is authorised as an APA by the UK’s Financial Conduct Authority (FCA).
As part of LSEG, TRADEcho’s services are complemented by the large suite of reference data provided by UnaVista.
TRADEcho’s Smart Report Router (SRR) solves a real problem in the market by helping firms determine if and when a firm should report a trade, and where there is a requirement, routing that trade to an APA for publication. In doing so, the SRR helps firms achieve operational efficiency while meeting regulatory demand.The SRR is APA agnostic which means that firms can route their trades to TRADEcho’s APA or another APA of their choosing. The ability to route trades to different APAs provides flexibility and efficiency while reducing the cost of connecting directly to multiple APAs. The SRR also enables assisted reporting. This allows buy-side firms to report on behalf of their clients and provides real-time visibility of the reporting lifecycle, while keeping connectivity and development costs down.
TRADEcho offers unparalleled experience in regulatory reporting. Through its comprehensive service offering, TRADEcho truly helps firms meet their trade reporting obligations in the most effective and efficient way.