FIX Trading Community helps with MiFID II

FIX Trading Community reports the development of the FIXProtocol for use for transmitting MiFID II Transaction Reports to Approved Reporting Mechanisms (ARMs).

James Baugh, head of sales & marketing LSE Equities & Turquoise, said: “As we move towards the implementation of MiFID II, market participants’ minds will become increasingly focused on new trade reporting requirements. Together with Boat, as the developers of a single, multi-asset, pan-European reporting platform, we welcome FIX Trading Community’s commitment to create an industry wide standard.”

Georg Groß, head of regulatory services, Deutsche Börse, said: “We believe that harmonisation and standardisation where possible are key aspects of efficient and transparent markets. We therefore highly welcome this initiative by FIX Trading Community. To prepare for the upcoming regulatory changes, Deutsche Börse has been working closely with clients and regulators alike. We developed a state-of-the-art Regulatory Reporting Hub which helps market participants fulfil all reporting requirements under one roof, including reporting via ARM and APA – for MiFID II/MiFIR as well as further existing and upcoming regulations.”

Len Delicaet, head of regulatory report strategy, Trax, added: “MiFID II transaction reporting extends the reporting obligation in three meaningful ways to include 1) a new group of financial participants including the buy-side, 2) a much broader set of in-scope instruments and 3) a deeper set of required data fields.  These obligations add operational complexity which Trax has extensive experience in helping firms manage, including the development of a pre-MiFID II ARM rules engine allowing firms to test their preparedness for MiFID II today.  The ability for firms to connect to the Trax ARM via the common FIX language will be of great value as the industry prepares for regulatory change.”