Goldman Sachs, Deutsche Bank and JP Morgan are among several large banks that have signed up to Tradeweb’s newly launched post-trade reporting tool ahead of MiFID II.
Tradeweb’s tool is an approved publication arrangement (APA) service that allows users to meet post-trade transparency requirements under the impending European regulation.
The new rules require real-time public reporting of trades across asset classes, where transactions reported off-venue or OTC must be reported by a counterparty using an APA.
Simon Maisey, global head of business development at Tradeweb, explained as the firm operated both a multilateral trade facility and swap execution facility, the tool is an extension to its current regulatory services.
Head of European fixed income market structure at Deutsche Bank, Mario Muth, described Tradeweb’s APA service as an “effective, safe mechanism for publishing details of our trades.”
Head of trade reporting at JP Morgan, Sam O’Neil, added the investment bank chose Tradeweb for its trade reporting as it combines market knowledge and data processes.
“We have selected Tradeweb because its approach will combine all of those elements through a flexible APA mechanism that makes use of existing connectivity via a cross asset FIX API,” he said.
The tool receives trade data via a FIX API and includes data collection, monitoring, validation and management information statistics.
Tradeweb said relevant information will be made public electronically and via a website, “satisfying both ‘machine readable’ and ‘human readable’ regulatory requirements.”
The TRADE recently spoke with chief executive officer at Tradeweb, Lee Olesky, about the importance of capturing data digitally in fixed income markets.
“For us at Tradeweb, we are leveraging data science already with integrated distribution of axes, streaming prices, sizes and inventories. This creates a lot of cross-market information between all of the fixed income markets,” he said.