SteelEye, a compliance technology and data analytics firm, has launched a new ‘MiFID II Eligibility as a Service’ tool.
MiFID II brings many challenges to buy and sell-side firms, including the requirement to report trades to the regulator on a t+1 basis. Determining which trades are eligible for reporting is no easy task due to the complex reporting rules and various exceptions under the European directive. For firms, this has become an ongoing challenge, requiring significant time investment and vast amounts of external market data.
SteelEye’s ‘MiFID II Eligibility as a Service’ tool tackles this challenge by helping firms determine which trades need to be reported. Supported by market data from FIRDS and Anna DSB, the service searches instruments by their ISIN and evaluates the eligibility across venues based on the timestamp. The service then returns a list of all instruments with a summary of the reporting requirement (be it Traded on Trading Venue (TOTV), Underlying Traded on Trading Venue (UTOTV) or not eligible for reporting). This allows firms to effortlessly compile their Transaction Reports, ready to be sent to an Approved Reporting Mechanism (ARM) of choice* via the SteelEye platform.
Matt Smith (pictured), CEO of SteelEye, says: “Determining which trades to report to the regulator has been an ongoing pain point for firms since the introduction of MiFID II. This new service helps firms to automatically determine their trade reporting eligibility, freeing up valuable time and resource. The service complements the existing SteelEye product portfolio and furthers our mission to help firms comply smarter.”
