Pan-European buy- and sell-side firms, including Crédit Agricole CIB, EUWAX AG, Goldman Sachs, ING Bank, Investec Asset Management, Janus Henderson, Jupiter Asset Management, Martin Currie Investment Management, Mizuho International plc and Santander, have selected Trax for MiFID II Approved Publication Arrangement (APA) and/or Approved Reporting Mechanism (ARM) services.
Of the top 20 asset managers, those that have selected Trax for MiFID II reporting services represent approximately 67 per cent of the total assets under management.
Simon Clements, Global Head of Investment Operations at Janus Henderson, says: “We selected Trax after a thorough review because they met our key criteria of cost, functionality and innovation. We were particularly attracted by their additional MiFID II services, which should help reduce our reporting burden under the new regulations and further improve our operating efficiencies, for the ultimate benefit of the business and our clients.”
The intelligent design of Trax’s trade and transaction reporting solution helps reduce the technical burden of complying with MiFID II by allowing buy- and sell-side clients to send raw transaction flow to Trax. The Trax rules-based engine will then translate, filter, enrich and reconcile the data as required to meet regulatory requirements. Further reducing technical integration work, Trax provides flexible, low-touch connectivity options, including the ability for CSV uploads and links to leading OMS systems, including Charles River.
Trax’s transparency and transaction reporting services are each available through the Trax Insight platform, which features a customisable, web-based operational front-end, allowing clients to proactively manage and monitor the status of reporting activity through a single interface. Buy-side clients can also leverage the Insight platform for ‘assisted reporting’, allowing clients to easily monitor and augment reports made on their behalf by their designated dealer counterparty. Multiple dealers will be leveraging the Trax APA for assisted reporting to enable their clients to report through Trax.
In addition to its APA and ARM reporting services, Trax has developed a comprehensive suite of value-add solutions for MiFID II. These additional services include Systematic Internaliser (SI) determination and monitoring, best execution reporting (RTS 27 & RTS 28), commodity position reporting, reference data reporting to NCAs (RTS 23), ISIN creation via ANNA-DSB, data quality analysis and peer benchmarking.
Chris Smith (pictured), Head of Trax, says: “Trax’s deep regulatory reporting expertise and flexible technology are often attributed as key differentiators among market participants. Buy-side firms are increasingly looking to Trax for our cross-asset class trade and transaction reporting capabilities, serving as a one-stop shop for helping them meet their regulatory obligations. Given our legacy of building intelligent reporting solutions under MiFID I and our experience in securely managing vast amounts of data, we are prepared to serve our growing community of clients.”
With the 3 January 2018 implementation date approaching, Trax clients have been actively testing their reporting readiness with Trax Insight to ensure they are prepared for MiFID II. The Trax APA and ARM were among the first granted approval by the FCA to operate under MiFID II.