London - Bloomberg Data Reporting Services Limited (BDRSL) has received authorisation, effective 3 January 2018, from the UK Financial Conduct Authority (FCA) for its Approved Reporting Mechanism (ARM).
Under MiFID II, investment firms will be required to submit transaction reports containing up to 65 data fields including LEIs (legal entity identifiers), personal and trade data to local regulators, known as National Competent Authorities (NCAs).
As a component of Bloomberg's pre-integrated MiFID II solution, Bloomberg's ARM and reporting solutions will allow firms to add data from Bloomberg or third-party order management systems to their transaction reports.
"The authorisation of our ARM for MiFID II is the final piece of the puzzle allowing Bloomberg to offer a complete regulatory reporting service for MiFID II. The service, used in connection with our seamlessly pre-integrated best execution and trade archiving and reconstruction solutions, helps firms ensure that data is consistent across their entire workflow, which will be critical given the vast amount of data firms need to manage under MiFID II," said Ben Macdonald, Bloomberg's Global Head of Enterprise Products.