Ullink has launched a trade reporting tool to help clients meet reporting requirements under MiFID II.
The tool provides a dashboard of status of multi-asset reporting with the ability to amend or cancel reports across multiple trading venues and approved publication arrangements (APAs).
It also includes smart report routing technology for choosing APAs based on business rules to improve trading costs.
Firms are required to report details of all trades in eligible financial instruments both equity and non-equity to market participants as close to real-time as possible.
Ullink explained the new rules have created challenges for the industry, citing a WBR Research survey where 37% of equity traders said MiFID II’s post-trading issues will have the biggest impact on the market.
Richard Bentley, chief product officer at Ullink, explained there is increasing pressure on firms to deploy automated solutions for trade reporting.
“The changing APA landscape also focuses attention on centralised solutions which can process input from multiple front-office order management systems, across asset classes,” he said.