Bloomberg MiFID II Solution Secures FCA Approval for its ARM


Bloomberg Data Reporting Services Limited (BDRSL) today announced that it has secured the UK financial regulator’s approval for its Approved Reporting Mechanism (ARM), the final piece of authorisation that allows the vendor to offer a complete regulatory reporting portfolio for upcoming MiFID II regime.

In the lead up to achieve full regulatory approval from the FCA for its MiFID II compliant ARM, Bloomberg’s BDRSL has previously obtained an approval to start testing its services until the end of this year. This included the service’s Approved Reporting Mechanism (ARM) for transaction reporting and its Approved Publication Arrangement (APA) for trade reporting.

MiFID requires transactions of all instruments admitted to trading on a regulated market to be reported to the local regulatory authority, or the National Competent Authority (NCA).

The Financial Conduct Authority supports industry with a dedicated testing environment dubbed the Market Data Processor system (MDP). As an approved reporting mechanism (ARM), BDRSL connected to the FCA’s MDP system to allow users to validate MiFID II reports ahead of January 2018.

With the MiFID II regulations coming into effect in nearly three months, market participants will face a steep increase of reporting tasks that they need to manage across a wide range of asset classes and within very short timeframes.

Given these headwinds, Bloomberg says that its offering helps clients report transactions in all asset classes via one feed directly through Bloomberg’s Regulatory Hub (RHUB). RHUB helps validate data whilst maintaining consistency throughout the post-trade reporting process by generating and reporting data to regulators in real-time and also make it available for best execution analysis, trade reconciliation and record-keeping.

Commenting on this, Ben Macdonald, Bloomberg’s Global Head of Enterprise Products said: “The authorisation of our ARM for MiFID II is the final piece of the puzzle allowing Bloomberg to offer a complete regulatory reporting service for MiFID II. The service, used in connection with our seamlessly pre-integrated best execution and trade archiving and reconstruction solutions, helps firms ensure that data is consistent across their entire workflow, which will be critical given the vast amount of data firms need to manage under MiFID II.”

Alejandro Perez, Global Head of Post-Trade Solutions at Bloomberg, added: “We are very pleased that the FCA has authorised our ARM for MiFID II transaction reporting. This further strengthens our position as a reporting partner for firms globally, across asset classes and regulatory regimes.”

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