BGC Partners has selected Bloomberg Entity Exchange to help the clients of its EU regulated entities adhere to MiFID II client repapering and rulebook disclosure rules.
BGC has applied to operate Organized Trading Facilities (OTFs) and Multilateral Trading Facilities (MTFs) under the MiFID II regime. As such, BGC is required to collect information related to venue participants and related transaction activity. MiFID II obliges brokers like BGC to collect and maintain more detailed information about their clients, amend business terms and conditions and disclose rulebook information about the trading venues they operate.
Bloomberg will help BGC by employing its web-based entity data management solution, Entity Exchange, to drive the client engagement and data collection process as well as the distribution and collection of new terms of business contracts as mandated under MiFID II.
"New regulations have obliged brokers to reconsider how they collect client information," said Dan Matthies, head of Bloomberg's Entity Exchange business. "While this creates a short-term burden on compliance and client teams, it also offers the opportunity to put a new process in place to drive better client service and risk management going forward."
Bloomberg Entity Exchange provides a centralised solution on a single platform by managing and sending from a single source, whilst providing a means to distribute a series of documents simultaneously. The platform will help clients to provide BGC with their data securely and provide an end-to-end audit trail of all relevant activity.