MTS, one of Europe’s premier fixed income electronic trading venues, is helping buy- and sell-side customers across its electronic marketplaces prepare for compliance with MiFID II and MiFIR regulatory standards ahead of the introduction of the new legislation in January 2018 with the launch of a dedicated web portal and trade reporting service.
With over 500 unique counterparties trading an average volume of €100 billion each day on its platforms, MTS sits at the heart of the European fixed income markets and prides itself on supporting customers to be at the forefront of compliance with emerging regulation.
The new MiFID II portal on the MTS website outlines how MTS has enhanced its technology and data offering to support the following aspects of MiFID II compliance:
- Transparency requirements and waivers, including updates to current MTS market models to enhance pre- and post-trade transparency
- Reporting and data, including order record keeping, transaction reporting, reference and market data provision, Best Execution reporting and OTC trade reporting
- Trading venue and microstructure requirements, including clock synchronisation for message timestamps, algo testing, pre-trade price and quantity controls, order to transaction ratios and derivatives trading obligations
MTS participants can also leverage London Stock Exchange Group’s full suite of MiFID II compliance services, including:
- TRADEcho service facilitates efficient and straightforward pre- and post-trade reporting in an increasingly complex regulatory landscape. As an Approved Publication Arrangement (APA) TRADEcho offers customers a single, multi-asset class, pan-European, real-time OTC trade reporting solutions. TRADEcho offers Pre-trade SI Determination and SI Quoting, APA services and a Smart Report Router which provides firms with the tools to determine if a trade is eligible for publication and whether it is their responsibility to make the trade public.
- UnaVista, an Approved Reporting Mechanism (ARM) operated by London Stock Exchange Group under MiFID, intends to enhance its transaction reporting service for MiFID II, enabling firms to meet their transaction reporting requirements to National Competent Authorities.
Oliver Clark, Head of Product at MTS, commented:
MTS has been a leading operator of regulated electronic markets for over 25 years, placing a major emphasis on transparency and efficiency, which are two of the key themes that MiFID II is seeking to enhance. We are working to achieve technical compliance well ahead of the introduction of MiFID II in January 2018 as part of the London Stock Exchange Group’s integrated offering covering both on-venue trading and OTC trade and transaction reporting.