MiFID II is hitting the EU in January 2018. But if you are a financial firm and aren’t based in the EU, you shouldn’t worry, right? Well, not quite, while MiFID II is an EU based directive, it has ramifications that are going to affect financial companies from around the globe.
With a wide range of reporting and operational requirements being put in place when MiFID II goes into effect, few in the financial industry in the EU and globally are excited about the coming regulation. Initially scheduled to go into effect on January 2017, in early 2016, the European Commission delayed its enactment until January 2018.
MiFID II reporting is a large project to undertake. The article covers steps to put a development roadmap in place to reduce the hassle. The article was prepared for and first appeared in the Event Magazine for the iFX EXPO International conference that took place in Cyprus last month.
Starting June 7th, firms reporting for EMIR will have a new trade repository (TR) that they can submit their reports to. After a lengthy registration process, Bloomberg Trade Repository Limited (BTRL) has been officially approved by the European Securities and Markets Authority (ESMA).
Cappitech has extended its cross-regulation Transaction Reporting technology to support MiFID II reporting to ARMs With less than nine month until MiFID II goes into effect on January 2018, European financial firms are scrambling to put into place processes to be compliant with the regulation. To help reduce the technology burden of creating and sending daily and real-time reports, financial technology firm, Cappitech, has extended capabilities of their Capptivate Regulation Reporting platform to support MiFID II.
After issuing their EMIR Review in November 2016, the European Commission (EC) today is proposing major changes to EMIR reporting. The goal of the amendments is to reduce costs to business that fall under scope of EMIR and create simpler reporting standards while keeping intact the existing oversight and transparency created by the EMIR reporting regime since its arrival in 2014.
What are the two biggest topics for the EU financial industry at the moment? Attending the CME Group’s Regulation Conference in Dublin last week, the clear answer is MiFID II and to a lesser extent Brexit.
At Cappitech, one of the most difficult processes we solve with our EMIR Reporting technology is UTI matching. Standing for Unique Trade Identifier, a UTI is an alphanumeric identifier required for each trade transaction. For EMIR reporting, both counterparties to a transaction need to report the same UTI for their leg of the trade.
With MiFID II regulation arriving soon, the FIX Trading Community has been working since 2015 to create new protocols for the FIX messaging protocol especially designed for the new regulation. Getting released this week are three MiFID II extensions that cover protocols for clock synchronization, post-trade obligations and new data requirements.
ESMA has issued its latest update to their Q&A paper on EMIR Regulation. Begun in 2014, the Q&A paper is periodically updated with answers to industry issues relating to the implementation of EMIR reporting.