Abide Financial and Corvil combine services for MiFID reporting tool

Transaction reporting tool has integrated Corvil’s transaction data with Abide Financial’s reporting hub.

Abide Financial and Corvil have teamed up to produce a MiFID II compliant transaction reporting tool.

The tool will stream Corvil’s clock-synchronised, trade transaction data directly into Abide Financial’s reporting hub, to ensure a “seamless integration” for users.

Under MiFID II’s regulatory technical standards (RTS) 25, firms are required to timestamp events accurately throughout a trade’s lifecycle to millisecond accuracy.

Both firms claim the tool will “help clients lower regulatory tail risk of non-compliance and forensic mis-audit.”

The tool includes trade-transaction data, normalisation across asset classes, error checking, reconciliation and publishing of final transaction reports.

David Murray, chief business development officer at Corvil said the integration of both services is set to deliver a “valuable” and “innovative” solution.

He added it would meet “a diverse and evolving set of compliance needs and to enable a rich transaction database for use beyond regulatory needs.”