NEX upgrades Harmony network for MiFID II compliance

Upgrade to messaging network adds host of new, MiFID II-focused features.

NEX Optimisation, part of NEX Group’s post-trade offering, has enhanced its messaging services ahead of MiFID II.

The move to upgrade Traiana’s Harmony messaging network is part of the firm’s preparations for MiFID II going live on 3 January 2018.

Participants using the messaging network will be able to exchange additional information to help meet new regulatory obligations. This includes support for data elements linked to transparency, transaction reporting, venue execution, instrument and entity-identifiers, timestamps and unbundled research and execution.

NEX said the enhancements follow a major review of the regulation in consultation with investment firms and industry working groups, to ensure all information required by market participants is included in the platform. The additions will be implemented across all asset classes supported by the Harmony network.

Steve French, head of connectivity and messaging at NEX Optimisation, said: “It’s clear from the level of interest and participation from existing clients that the Harmony network is key to helping firms satisfy a number of their regulatory requirements. NEX Optimisation is at the forefront of providing services to support MiFID II compliance.”