Ullink, a provider of electronic trading and connectivity solutions, has launched a MiFID II compliant trade reporting solution to help its clients meet regulatory requirements for greater accuracy in reporting and timeliness of data collection.
Trade reporting reform is a core component of MiFID II. Under the new rules, details of all trades in eligible financial instruments (both equity and non-equity) need to be published to market participants in as close to real time as possible. In practice, for some instruments this means no later than one minute after the trade.
This move is posing significant challenges for market participants, illustrated in a recent survey conducted by WBR Research. The survey, which polled 150 equity traders in Europe, found 37 per cent of respondents cited ‘post-trading issues’ as the factor expected to cause the biggest impact of MiFID II reforms.
With more than 15 years’ experience delivering trading solutions to capital markets firms, Ullink has fast-tracked the analysis of ESMA specifications to build an automated solution that will handle cross-asset class trade reporting requirements. The solution provides a central dashboard, providing status of reporting and ability to amend / cancel reports across multiple trade reporting venues operating under Approved Publication Arrangements (APAs). The solution includes Smart Report Routing logic for selecting amongst APAs based on business rules to optimise trade reporting costs.
Richard Bentley, chief product officer at Ullink, says: “With MiFID II implementation drawing closer, there is increasing pressure on firms to deploy automated solutions for trade reporting that can apply the rules correctly, to eliminate possibility of over- or under-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. The new Ullink trade reporting solution is a powerful addition to Ullink’s portfolio, aimed at alleviating the burden of new regulations for post-trade workflows.”