Global financial giant Thomson Reuters is partnering with Tradeweb to develop a suite of reporting services intended to help market participants comply with post-trade transparency requirements mandated by the Markets in Financial Instruments Directive II (MiFID II).
In order to meet the MiFID II deadline, Reuters has been working closely with over 50 European exchanges and more than 30 additional venues to onboard new MiFID II content to its Elektron Data Platform. In addition, the company is providing market participants with test data in preparation for new parameters, such as high-precision time-stamps.
Because Reuters MiFID II services leverage the company’s Elektron Data Platform, customers can use their existing infrastructure to connect to Velocity Analytics, data feeds and trades reported via Tradeweb’s APA services.
Commenting on the collaboration with Reuters, Tradeweb’s Managing Director and Global Head of Business Development Simon Maisey said, “Tradeweb’s proven track record of delivering comprehensive and flexible solutions for regulatory compliance, coupled with our collaboration with Thomson Reuters, means that we are able to provide a more compelling and complete APA service.”
He also said that a one-year head start had allowed Tradeweb to offer an APA-early facility so that clients could conduct initial testing, and added that nine leading financial firms had already committed.
Debra Walton, Global Managing Director of Customer Proposition at Thomson Reuters, said: “MiFID II is an enormous implementation effort for our customers and we fully appreciate the pressure they are under to achieve compliance by the end of the year. By engaging with leading market participants, we have ensured that our new MiFID II services have been built by the industry for the industry and provide the most cost-efficient and expedient path to MiFID II compliance.”
She went on to say, “Our mission is to make MiFID II compliance as easy as possible for our customers and the market, providing integrated services that take advantage of their existing infrastructure, map their workflow and ready them for the opportunities they will have post-January 2018”, added Ms. Walton.
In February, The Industry Spread reported on the launch of Thomson Reuters Velocity Analytics, a new data analytics platform powered by Kx technology that aims to provide streaming and big data analytics when integrated with Thomson Reuters Elektronic.
Earlier this week, it was reported that if Bloomberg loses its fight to keep Pimco on its Treasury trading platform (as a result of Pimco’s negotiations with Tradeweb) then Tradeweb – owned by Thomson Reuters – will be thrust into a position of dominance.