London Stock Exchange and NEX among new APA providers
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London Stock Exchange and NEX among new APA providers 25 August 2017London Reporter: Jenna Lomax
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The London Stock Exchange Group, NEX Regulatory Reporting, Bloomberg, Tradeweb and Trax are all poised to publish post-trade transparency reports on behalf of clients to help them meet their reporting obligations under the second Markets in Financial Instruments Directive (MiFID II).
The UK Financial Conduct Authority has confirmed them all as approved publication arrangements (APAs).
These approvals mean that each solution provider has been certified as ready to publish post-trade transparency reports on OTC and systemic internaliser (SI) trades from January 2018.
The London Stock Exchange reporting service will be provided through TRADEcho.
NEX’s approved trade reporting service will be offered through Abide Financial. The decision to apply for APA status was driven by client demand, with most of the business’ new and existing clients already in testing to ensure they are prepared to go live in January.
Bloomberg’s MiFID II regulation process will be presented through its APA and in-house order management systems, TOMS, SSEOMS and AIM.
Tradeweb’s APA service has also been approved. Tradeweb launched its APA-early facility in December last year and already has commitments to participate from sell-side firms representing an estimated 60-plus percent of OTC trades.
Trax’s APA solution is Trax Insight. The company was an approved reporting mechanism under MiFID I.
Geoffroy Vander Linden, head of transparency solutions at Trax, said: “Being one of the first FCA-approved MiFID II APAs further demonstrates our ability to support the industry in this time of significant regulatory change.”
Collin Coleman, head of NEX Regulatory Reporting, commented: “The use of APAs will be essential for efficient functioning under MiFID and we strongly encourage any market participants who have not yet commenced testing to do so immediately to ensure they can continue to trade post 3 January 2018.”
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