CLS to launch end-of-day report for MiFID II compliance
12 March 2018 New York
Image: Shutterstock
CLS, a data solutions provider, is launching CLSReporting, a reporting product for foreign exchange (FX) matched instructions that supports clients with their second Markets in Financial Instruments Directive (MiFID II) reporting requirements.
CLS will allow parties and counterparties access to FX trades to exchange additional information in their settlement instructions submitted via SWIFT FIN and ISO 20022 extensible markup language messages.
The trade information will be collated from CLS’ CLSSettlement and CLSSameday in a single report after end-of-day processing has occurred for each service.
According to CLS, this will create significant post-trade efficiencies for participants, allowing them to gather data necessary for MiFID II reporting with ease it will also provide an enhanced view of overall FX trade activity.
Data required for reporting under MiFID II, such as legal entity identifiers for counterparties and funds, timestamps, product identifiers and execution venues, will be available in each report.
Alan Marquard, chief strategy and development officer at CLS, said: “As we continue to expand our suite of CLS data products, we have been working closely with our members to understand how we can best support them with their MiFID II reporting requirements.”
He added: “By allowing clients to include additional information in their settlement instructions and providing a downloadable end-of-day report, we can help them to easily capture data and streamline their MiFID II reporting processes.”
CLS will allow parties and counterparties access to FX trades to exchange additional information in their settlement instructions submitted via SWIFT FIN and ISO 20022 extensible markup language messages.
The trade information will be collated from CLS’ CLSSettlement and CLSSameday in a single report after end-of-day processing has occurred for each service.
According to CLS, this will create significant post-trade efficiencies for participants, allowing them to gather data necessary for MiFID II reporting with ease it will also provide an enhanced view of overall FX trade activity.
Data required for reporting under MiFID II, such as legal entity identifiers for counterparties and funds, timestamps, product identifiers and execution venues, will be available in each report.
Alan Marquard, chief strategy and development officer at CLS, said: “As we continue to expand our suite of CLS data products, we have been working closely with our members to understand how we can best support them with their MiFID II reporting requirements.”
He added: “By allowing clients to include additional information in their settlement instructions and providing a downloadable end-of-day report, we can help them to easily capture data and streamline their MiFID II reporting processes.”
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