Ben Macdonald, Bloomberg
Bloomberg Data Reporting Services has received authorisation,
effective 3 January 2018, from the UK Financial Conduct Authority
for its Approved Publication Arrangement.
Under MiFID II, investment firms trading OTC, including systematic internalisers, are required to make public through an APA certain transaction information. As a component of Bloomberg's pre-integrated MiFID II solution, Bloomberg's APA will allow the seamless publication of required trade details when MiFID II goes into force.
"APA authorisation is a critical component of our regulatory reporting service that not only enables our clients to meet trade transparency reporting requirements, but also transaction reporting, best execution and trade archiving requirements through our fully integrated regulatory hub," explained Ben Macdonald, Bloomberg's Global Head of Enterprise Products.
Today's authorisation adds an APA for MiFID II pre- and post -trade reporting under the new regulatory regime to Bloomberg's existing reporting solutions: FINRA Trade Reporting and Compliance Engine (TRACE), Bloomberg Swaps Data Repository (BSDR) for Dodd Frank reporting, and Bloomberg Trade Repository (BTRL) for EMIR reporting. Contingent on regulatory approval, Bloomberg will extend its ARM reporting capabilities under MiFID I to MiFID II transaction reporting."
Bloomberg currently operates an ARM for transaction reporting under MiFID I and expects to receive authorisation from the FCA in due course to operate a MiFID II-compliant ARM.