Thomson Reuters provides MiFID II SI reporting with analytics platform

The RTS 27 Now tool for MiFID II will help banks considered to be SIs meet the December reporting deadline.

Thomson Reuters has launched a reporting service for banks that have registered as systematic internalisers (SI) under MiFID II, based on technology used for its analytics platform.

The reporting service, branded RTS 27 Now, allows firms that are considered SIs to submit reports on execution quality covering price, cost, size and speed of transactions that will be required under MiFID II rules at the end of the year.

The service will incorporate the Thomson Reuters Velocity analytics platform, which is powered by Kx’s markets technology, to provide high-speed processing of cross-asset historical data.

Thomson Reuters said that the platform will help firms analyse large datasets including best execution reporting, transaction cost analysis, quantitative and systematic trading, including real-time SI determination, to manage trading against reporting thresholds.

“The MiFID II reporting regime is complex and many banks now face a short window to conduct an urgent data retrieval and analysis exercise to compile their first report, which is why we have created a simple service with all the data, analytics and support they need,” Brennan Carley, global head of enterprise for the Financial & Risk business at Thomson Reuters, commented.

Under the MiFID II SI regime, banks have to register as SIs based on trading activity that exceeds thresholds covering different instruments. They are then required to submit an RTS 27 report on execution quality by 31 December this year.

“This service is designed to help clients with a specific reporting requirement and means they have the flexibility and choice to decide whether to use this service module or to unleash the full power of Velocity Analytics across their business,” Carley added.

Thomson Reuters recently announced it will provide Trax with market data for its MiFID II reporting tools, including its approved publication arrangement (APA) and its approved reporting mechanism (ARM), as well as the Trax SI determination service.