MiFID II is now a reality. The regulations are broadly in place with only a few milestones remaining and the new market structure is settling down. The rush to be ready has passed and for many financial institutions, the focus is now on reviewing their role and how compliant they have been since January 3rd 2018. The questions are wide-ranging:
- Does it make sense for us to operate in the same markets? Have the economics changed?
- Do we need to become a Systematic Internaliser (SI) in order to compete?
- Will ESMA or the FCA mandate that we become an SI because of the volumes that we trade?
- How will BREXIT impact my MIFID II implementation?
- Is our MIFID II implementation sustainable and is it cost effective for the next 10 – 20 years?
- Has our reporting been accurate? How would we stand up to scrutiny from the regulator?
- Do we have the necessary control framework in place to make sure that our compliance is robust?
The RDU offers a complete set of reference data for all MiFID II requirements, normalized for easy integration. All of the data that you need to meet your pre-trade price transparency, post-trade reporting and transaction reporting obligations delivered either as data files for integration into your security master or through REST based APIs that offer simple trade by trade integration within your trading workflow.
The RDU offers a MIFID II reference data service for anyone that actively trades:
- Full support for Approved Publication Arrangements (APAs), Systematic Internalisers and MIFID Investment Firms
- All of the thresholds, flags, indicators and market volumes required for pre-trade price transparency, post-trade reporting and transaction reporting
- Easy integration into your security master and your trade workflow with file based delivery or cloud based REST APIs
- Comprehensive data coverage for all asset classes, normalized to an instrument level
- Full support for OTC Derivatives, ToTV, uToTV, and ANNA DSB integration
- Sourced from ESMA, GLEIF, ANNA and NCAs with enrichment from other sources
- Integrated counterparty role determination (e.g. Central Bank, SI, MIFID Investment Firm)
- A robust data quality program allows our operations team to ensure data is processed and enriched correctly
- 24 * 7 operations and customer support ensures that all queries and exceptions are handled promptly by expert staff
The RDU provides independent access to the reference data that you need including daily history from the 3rd January 2018, making it a perfect source for your real time controls and your regulatory audits.