The obligation under MiFID II to report trades within a tighter regulatory timeframe and the increased rules around which counterparty has the responsibility trade report will pose significant challenges for firms under MiFID II. TRADEcho's SRR was specifically developed tackle these issues and to help firms to meet their MiFID II transparency obligations.
The SRR determines if and when a firm has the obligation to report a trade, and where there is a requirement, routes that trade to an Approved Publication Arrangement (APA) of choice for publication. The SRR is APA agnostic allowing firms to use an alternate APA to make trades public. The ability to smart route trade reports to different APAs provides firms with flexibility and can reduce the cost of connecting directly to multiple APAs. Further, the SRR allows firms to route their trades to an APA that offers the best trade flows for a given asset class
Cboe's trade reporting facility BXTR, which will become an APA for MIFID II, currently handles approximately 60% of all OTC trade reporting across the region and covers nearly 13,000 European equities and exchange-traded products. Cboe expanded its BXTR service earlier this year to provide an "assisted reporting model" service to buy-side customers helping them to meet trade reporting obligations under MiFID in a flexible, cost-effective manner.
TRADEcho is the real-time MiFID II pre and post-trade reporting service delivered through a partnership between the London Stock Exchange Group and Simplitium (formerly known as Boat Services).