London - Tradeweb Markets, a marketplace for electronic fixed income, derivatives and ETF trading, announced that it will launch an Approved Publication Arrangement (APA) service to allow market participants to meet post-trade transparency requirements mandated by the Markets in Financial Instruments Directive II (MiFID II).
The implementation of post-trade transparency rules under the Markets in Financial Instruments Regulation (MiFIR) will require real-time public reporting of detailed information for the majority of trades, and in a wide range of asset classes. Transactions executed on trading venues can be reported by that venue, while transactions executed off-venue or over-the-counter (OTC) will need to be reported by a counterparty to the trade using an APA. Clients including Deutsche Bank, Goldman Sachs and J.P. Morgan have already committed to the Tradeweb APA services.
The Tradeweb APA will receive trade data electronically via a FIX API and via a user interface. The solution will include data collection, monitoring, validation, exception processing and management information statistics, as well as determination of both standard and enhanced deferred publication arrangements. All relevant information will be made public electronically and via a website, addressing both 'machine readable' and 'human readable' regulatory requirements. Tradeweb will apply for APA status once registration opens later this month.