The London Stock Exchange’s (LSE) UnaVista has made user acceptance testing (UAT) available in its MiFIR transaction reporting tool, with Credit Suisse being one of the first to begin testing.
UnaVista is to be upgraded from a MiFID approved reporting mechanism (ARM) to include the updated MiFIR reporting regulation to be implemented by January 2018.
Firms will be required to report up to 65 fields to their National Competent Authority (NCA) as part of the rules.
As part of the upgrade, UnaVista will link up to European NCAs so firms can make the connection via LSE ‘s tool.
Users will be able to send their data from multiple sources in different formats, and UnaVista will determine which transactions are relevant and which authorities to send the data to.
LSE added that the UnaVista upgrade can also help firms avoid the ‘over’ or ‘under’ reporting through reference data and control services like N-way reconciliations and data quality assurance.
Some firms are already using the UnaVista MiFIR Accelerator project tool to prepare data for the impending regulation.
Chief executive of UnaVista, Mark Husler, said Credit Suisse has already begun the testing process.
He added: “There are large scale changes and a vast amount of data that will need to sourced and configured, so it is important that reporting firms start testing sooner rather than later.”