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Boat steps up preparations for MiFID II

First Published 31st August 2017

UK's Financial Conduct Authority approves trade reporting service TRADEcho to enter the final phases of preparation for MiFID II

Jamie Khurshid, Boat Services

Jamie Khurshid, Boat Services

The approval to be authorized as an APA (approved publication arrangement) means that TRADEcho can publish post-trade transparency reports on behalf of investment firms to help them meet their reporting obligations under the European Union's Markets in Financial Directive II (MiFID II), which goes into effect in January of 2018. More than 350 customers in total have committed to use TRADEcho for their MiFID II reporting needs.

"The new regulation will have a major impact on investment firms globally. TRADEcho is well positioned for MiFID II and ready to support the industry," says Jamie Khurshid, CEO of Boat Services Ltd, the fully owned subsidiary of Cinnober.

Over the past months, several Electronic, Order and Portfolio Management System vendors have formalised partnerships with TRADEcho to automate their MiFID II trade reporting services. Under these partnerships investment firms, with the vendor management systems in place, can use TRADEcho as an APA to report trades and access TRADEcho's unique Smart Report Router (SRR) to determine trade reporting eligibility.

The TRADEcho service is provided in partnership between Cinnober's subsidiary Boat Services Ltd and the London Stock Exchange Group.