The post-trade services and market data division of MarketAxess has combined its regulatory reporting engine with TORA’s order and execution management system (OEMS).
The partnership and combination of services will provide mutual clients of both Trax and TORA with a straight through processing service enabling users to meet trade and transaction reporting requirements under MiFID II.
“The trade and transaction reporting obligations of MiFID II have brought increased operational complexity to a wide range of participants,” said Nick Moss, head of product management for Trax Post Trade. “Trax is committed to working with OEMS providers, such as TORA, to help reporting firms streamline their processes and ultimately reduce risks.”
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.
Buy-side firms are required to send trade reports including volumes, prices and instrument identifiers in near real-time to an approved reporting mechanism (ARM) on T+1.
“To keep pace with the ever-changing regulatory landscape, buy-side firms need trading technology that can be easily integrated with other solutions,” Chris Jenkins, managing director at TORA, added.