Boat Services and London Stock Exchange’s TRADEcho service opens its innovative open access Smart Report Router (SRR) bringing choice to the market place.
MiFID II brings many challenges to buy and sell-side investment firms, not least, the requirement to publish trades to the market as close to real time as possible. The Smart Report Router determines if and when the buy or sell side counterparty should publish the trade, and where there is a requirement it routes that trade to an Approved Publication Arrangement (APA) of choice for publication.
The SRR is APA agnostic allowing firms to use an alternate APA to make the trade public. The ability to smart route trade reports to different APAs provides firms with flexibility and reduces the cost of connecting directly to multiple APAs.
The SRR’s flexibility extends to its configuration; this includes the ability to provide ‘Assisted Reporting’ by which a firm can facilitate reporting on behalf of its counterparty/clients.
Testing of the SRR is now available to clients in the CDS (Customer Development Service) environment of London Stock Exchange. Additional functionality will be added to the service through 2017 in response to client demands and regulatory guidance helping clients fully satisfy their MiFID II post-trade transparency requirements.
“We are big proponents of open access platforms and the SRR underlines this by providing real choice,“ says Alastair Goodwin, Head of Business Development at Boat Services. “The flexibility for our clients to smart report route to our competitors’ APA offerings underlines the confidence we have in our product and is a great example of a service being built to meet our clients’ requirements. This is a major challenge market participants face in the trade transparency space, we have been asked for and are delivering a resilient, compliant and flexible solution.”
“This new SRR tool provides customers with choice and flexibility, demonstrating our commitment to an open access approach for the benefit of the market as a whole,” says Brian Schwieger, Global Head of Equities Product, London Stock Exchange. “We will continue to add functionality to our service in 2017 in response to customer demand, to provide a comprehensive reporting solution ahead of the new reporting requirements under MiFID II.”
TRADEcho is a Pan-European, multi-asset class MiFID II transparency service for financial firms, offered jointly by London Stock Exchange and Boat Services. The two companies currently manage a substantial share of firms’ MiFID trade reporting. By combining their existing trade reporting services, the partnership will offer the breadth and quality of service needed to help financial firms efficiently comply with their pre- and post-trade transparency obligations in an increasingly complex regulatory landscape.
For further information, please visit: www.tradecho.com
TRADEcho is the suite of reporting services hosted and operated by the London Stock Exchange, brought to market in partnership with Boat Services. TRADEcho has been formed in direct response to client feedback for compliant, simplified and cost effective reporting services. With MiFID II on the horizon, the London Stock Exchange and Boat chose to combine their strengths to form a team of industry, regulatory and technical experts.
The existing London Stock Exchange and Boat MiFID I trade reporting services are currently being combined, bringing together the complementary strengths of Boat’s OTC reporting and the London Stock Exchange’s primarily on exchange reporting. Alongside the partners in the group, such as UnaVista and MTS, TRADEcho truly is a one-stop shop for pre and post trade reporting. For further information, please visit www.tradecho.com.
Services Boat was established in 2007, offering MTFs, SIs and investment firms an easy and cost-efficient way to comply with transparency obligations. Ever since, Boat has operated with exceptional uptime, and is the trade data monitor (TDM) with the most comprehensive offering of reportable instruments, including more than 10,000 stocks and ETFs across Europe, the Swiss and Russian markets.
Ever since Boat’s inception, its core technology has been supplied by Cinnober. In 2014 Cinnober acquired Boat ensuring the continued existence of a specialized provider, committed to the long term delivery of transparency services to the benefit of the industry. For further information, please visit www.theboatplatform.com.
Stock Exchange Group London Stock Exchange Group (LSE.L) is a diversified international market infrastructure and capital markets business sitting at the heart of the world’s financial community. The Group can trace its history back to 1698.
The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe’s leading fixed income market; and Turquoise, a pan-European equities MTF. It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors unrivalled access to Europe’s capital markets.
Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of multi-asset global CCP operator, LCH.Clearnet Group, LSEG operates CC&G, the Italian clearing house; Monte Titoli, the T2S-ready European settlement business; and globeSettle, the Group’s newly established CSD based in Luxembourg.
Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.
Further information on London Stock Exchange Group can be found at www.lseg.com.