Bats Europe expands trade reporting service for buy-side

Bats has updated its BXTR reporting tool to help buy-side firms meet reporting requirements under MiFID II.

Bats Europe has expanded its reporting services to help the buy-side meet requirements under MiFID II.

Its BXTR trade reporting service will include a new tool that allows buy-side firms to enable their brokers to submit trade reports on their behalf using the broker’s existing connectivity to Bats Europe.

The new trade reporting service requires no technical or operational changes to buy-side systems for APA connectivity since it uses their broker’s existing connectivity to Bats Europe. 

Mark Hemsley, president of Europe for CBOE, which owns Bats Europe, explained with MiFID II coming into effect in just nine months, “we want to make sure buy-side firms have access to simple, easy-to-implement solutions to meet their trade reporting obligations.”

He added: “As the largest equities trade reporting venue in Europe, expanding BXTR to offer this service was a natural extension of our offering and provides a low-cost, light-weight trading reporting solution for the buy-side.”

BXTR has applied to become an approve publication arrangement (APA) under MiFID II, although this is still subject to regulatory approval.

The service currently handles approximately 60% of all OTC trade reporting across the region and covers nearly 13,000 European equities and exchange-traded products.