CLS Launches Fx End-of-Day Reporting Product to Help Clients Meet MiFID II Requirements

CLSCLS, a foreign exchange settlement, processing and data solution firm has launched a new reporting product for foreign exchange (FX) matched instructions called CLSReporting aligned with new MiFID II reporting requirements. It will be a new reporting service for its members in response to their requests for more comprehensive reports on their FX trades.

The CLSReporting will widen the scope of information to its member receive at the end of the day, which will help members to meet the regulatory requirements prescribed under the Financial Instruments Directive (MiFID II). CLS will provide the ability for parties and counterparties to forex trades to exchange additional information in their settlement instruction sent via SWIFT FIN and ISO20022 XML messages.

The trade data will be compared extensively from the CLSSettlement and CLSSameday in a single report after end-of-day processing has occurred for each service. The CLSReporting will allow significant post-trade efficiencies for members and clients and also allows them to gather information necessary for reporting more effectively and with ease. The report will include detailed view of overall FX trading activity required under MIFID II guidelines including legal entity identifiers (LEIs), timestamps, spot, forward or swap product identifiers and execution venues.

Alan Marquard, Chief Strategy and Development Officer at CLS, said: 

“As we continue to expand our suite of CLS data products, we have been working closely with our members to understand how we can best support them with their MiFID II reporting requirements.”

“By allowing clients to include additional information in their settlement instructions and providing a downloadable end-of-day report, we can help them to easily capture data and streamline their MiFID II reporting processes.”