Regulatory Reporting

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Regulatory Reporting for Modern Markets

Transaction reporting is a crucial aspect of the new regulatory guidelines put in place with MiFID II.

MiFID Reporting is a hugely complex area. Both transaction reporting and trade reporting have been greatly complicated by MiFID II, and getting to grips with them can seem like an insurmountable challenge. 

Our TZ system will allow your firm to take the stress out of regulatory reporting. The comprehensive regulatory reporting solutions we offer simplify transaction reporting and trade reporting, and will make sure your firm remains totally compliant.

The Difference between trade and transaction reporting

This is a common source of confusion surrounding MiFID II’s reporting regulations.

Trade reporting under MiFID II is designed to solve issues surrounding the quality and availability of data. Unlike transaction reporting, trade reporting happens in near-real-time. Transaction reporting, on the other hand, is primarily used to detect and prevent market abuse.

eflow’s reporting solution helps firms meet both transaction reporting and trade reporting regulations as laid out by MiFID II.

For more on this topic, see our blog post titled Trade Reporting vs Transaction Reporting.

reporting under mifid ii

In order to meet the reporting requirements laid out in MiFID II, firms must provide regulatory bodies with complete and accurate sets of data. For transaction reporting to be a success, regulation bodies require complete and accurate data. Under MiFID II, the required information has grown to around 65 fields in total. Each transaction report needs to include:

These new regulations state that firms need to keep a minimum of five years worth of records relating to services, activities and transactions. These need to be kept whether or not they were actually concluded. Additionally, all records need to be easily retrievable for access and reporting to regulators within the industry standard time frame of 72 hours.

Beyond this, all data relating to both trade and communications needs to be stored in WORM (Write Once, Read Many) format, which is considered to be fully tamper proof.

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Communication Recording and MiFID II: How To Stay Compliant

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ESMA Updates Transparency Calculations For Equity And Equity-Like Instruments

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covered asset classes

With TZ, you won’t need to worry about the possibility of incompatible asset classes. The diagram below indicates what asset classes are covered by the TZ system. If you’d like to see more asset classes included, feel free to call us at +44 (0) 207 101 4493

why choose tz?

eflow partner with UnaVista to help make our regulatory reporting as effective as possible. UnaVista provides a comprehensive, end-to-end transaction reporting model. Because of this, all reporting can be automated, allowing your employees to focus on more important things.

The end-to-end transaction reporting solution that UnaVista provides can be used to satisfy all the requirements of the following legislation:

  • MiFID, MiFID II and MiFIR (Markets in Financial Instruments Directive/Regulation)
  • EMIR (European Market Infrastructure Regulation) 
  • SFTR (Securities Financing Transactions Regulation) 
  • REMIT (Regulation for Wholesale Energy Markets Integrity and Transparency

Our MiFID II transaction reporting solution also covers best execution reporting as outlined in RTS 27 and RTS 28.

Investment firms are now required to report their top five execution venues on behalf of clients. This disclosure needed to be published on or before 30 April 2018, and ranked venues by execution quality for the preceding calendar year (ie. January to December).

MiFID II’s Regulatory Technology Standards (RTS) 27 and 28 allow the public and investors to evaluate the best execution practices of a firm. The standards affect non-EU firms too – with a greater focus on transparency. Non-EU firms will need to be prepared to provide regulators with information about trading and execution orders they’ve actioned on behalf of their EU clients.

RTS isn’t just a race for compliance either – there are benefits for firms. The transparency of RTS gives firms the opportunity to demonstrate the value of their services and quality of expertise to potential clients.

Because of these regulatory technical standards, firms will need robust reporting systems in place. TZ provides just that. 

For more information, fill out the contact form below.

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