Transaction reporting firm Qomply has partnered with Euronext to provide market participants with an improved transaction reporting service.
Through the connectivity partnership, clients will be provided with a simple solution that reduces cost and gets rid of complications associated with integrating separate solutions.
The partnership will allow Qomply’s users to benefit from a unified process that accepts trade data, checks for accuracy and validity, and sends the transaction data to Euronext ARM directly.
Issues related to trade reporting can be dealt with before sending to the Euronext ARM and users are able to decide when and if trades are sent to the ARM at all, a unique feature of the service.
“Regulatory reporting is an important part of MiFID II, providing security and transparency to European markets. Euronext’s APA and ARM, designed together with clients, provides firms with a flexible solution to meet their obligations,” said Georges Lauchard, chief operating officer of Euronext.
“We are delighted to establish a partnership with Qomply to offer market participants an efficient and reliable MiFIR reporting partnership. Together, we will create value for investment firms that are looking for simple, reliable, and cost-effective data driven solutions – and delivered with the confidence that comes from the leading pan-European market infrastructure.”
In order to secure services in time for the MiFID January 2018 deadline, several market participants found themselves securing service agreements that were costly in order to achieve continuity.
Three years since the rollout of APAs and ARMs, competitive pricing models for the services have become more available, providing market participants with more options.
In November last year, research from compliance technology specialist Cappitech found that due to inefficiencies and errors, the large majority of firms were forced to overhaul their transaction reporting in 2020.
The research also found that the key areas causing transaction reporting failures included new and changing regulations, CME Group’s decision to exit regulatory reporting, and the pandemic.
“Firms switching service providers could realise a potential savings of upwards of 50% from 2018 prices. Once ARM contracts are up for renewal, there may be little benefit in maintaining loyalty to a specific provider as Qomply simplifies the process of changing providers,” said Michelle Zak, co-founder of Qomply.