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TRADEcho

The One-Stop Shop for MIFID II Transparency Services

Latest News

ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics

ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics

04/10/2018

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The new Q&As provide clarification on a range of topics, including: Classification of derivatives on derivatives for transparency purposes; Default liquidity status of bonds (amendment to an existing Q&A); and Scope of the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR.

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ESMA publishes data for the Systematic Internaliser calculations for equity, equity-like instruments and bonds

ESMA publishes data for the Systematic Internaliser calculations for equity, equity-like instruments and bonds

02/08/2018

The European Securities and Markets Authority (ESMA) has published data for the systemic internaliser calculations for equity, equity-like instruments and bonds under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

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ESMA sets out plan for Systematic Internaliser regime calculations and publications

ESMA sets out plan for Systematic Internaliser regime calculations and publications

12/07/2018

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. 

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OUR SERVICE

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.