CLS develops FX end-of-day reporting for MiFID II

Reporting tool will provide data on legal entity identifiers (LEIs), timestamps, product identifiers and execution venues.

Foreign exchange (FX) infrastructure specialist CLS is to launch an end-of-day reporting service for clients to comply with new MiFID II rules.

The CLSReporting tool allows parties and counterparties to FX trades to exchange information in settlement instructions submitted via SWIFT FIN and ISO20022 XML messages.

Transaction information will be collated from CLSSettlement and CLSSameday in a single report once end-of-day processing has been completed for each service.

CLS explained the report will offer a complete view of FX trading activity, including data required under MiFID II for legal entity identifiers (LEIs), timestamps, spot, forward or swap product identifiers and execution venues.

Alan Marquard, chief strategy and development officer at CLS, commented: “We have been working closely with our members to understand how we can best support them with their regulatory reporting requirements.

“By allowing clients to include additional information in their settlement instructions and providing a downloadable end-of-day report, we can help them to easily capture data and streamline their MiFID II reporting processes.”

Reporting requirements under MiFID II have consistently been highlighted as the most immediate challenge for participants since the regulation came into force on 3 January.

At The TRADE’s MiFID II: Check In event in London last month, senior market experts agreed it could take at least one or two years before reporting rules are fully understood and implemented across the industry.