Charles River Development has formalized a partnership agreement with the London Stock Exchange's UnaVista to automate Transaction reporting under the European Union's Markets in Financial Directive II (MiFID II).
Under the partnership, the firms' mutual clients are able to use UnaVista as an Approved Reporting Mechanism (ARM) to report transactions to National Competent Authorities (NCAs) for all required asset classes.
MiFID II includes a requirement that investment firms submit detailed transaction reports to their NCAs within one day of the transaction. All trades involving financial instruments admitted to trading or traded on an EU trading venue need to be reported.
Firms can use an ARM such as UnaVista to report to NCAs on their behalf. Charles River has integrated ARMs within its platform using bi-directional workflows to transmit and validate reports.