Order and execution management systems (OEMS) specialist TORA has teamed up with NEX Regulatory Reporting to provide its clients with support for MiFID II reporting requirements.
The deal will see TORA integrate its flagship OEMS with NEX Regulatory Reporting, which operates as both an approved reporting mechanism (ARM) and approved publication arrangement (APA) under the new set of regulations.
MiFID II requires the buy-side to submit transaction reports on several areas including order size, timestamps, asset type and venue to an ARM, and trade reports on price, volumes and instrument identities to an APA.
TORA said that by integrating its OEMS with NEX Regulatory Reporting its clients will benefit from a straight-through-processing solution that can help lift the burden and operational demands of compliance with the regulation.
“Developments like this one, combined with the AI-powered pre-trade metric enhancements that we‘ve added to address MiFID II’s best execution requirements, we are giving our clients an important advantage under this regulatory regime,” added Chris Jenkins, managing director at TORA.
Trade and transaction reporting is considered to be one of the biggest challenges under the MiFID II regime, with requirements aiming to improve pre- and post-trade transparency of execution prices and the actions of parties involved.
In May, TORA partnered with Trax, the post-trade services and market data division of MarketAxess, and combined its OEMS with Trax’s regulatory reporting engine. Similar to the partnership with NEX Group, the deal offered mutual clients of both TORA and Trax a straight-through-processing service to meet MiFID II reporting requirements.
“We’re looking forward to working with TORA to provide its buy-side clients with a future-proof MiFID II reporting solution that is built on agile technology and backed by specialist consultancy and support,” Joanna Davies, head of NEX Regulatory Reporting, concluded.