Gresham has announced a strategic partnership with Trax, the post-trade services and European market data division of MarketAxess. Trax will leverage Gresham’s Clareti platform to power a sophisticated 3-way reconciliation service for regulatory transaction reporting.
Reconciliation is mandatory under MiFID II to ensure complete and accurate transaction reporting.
Regulatory Technical Standard (RTS) 22, Article 15, specifies that reconciliation between a firm’s
transaction data versus trade data as published by National Competent Authorities (NCAs) is required by investment firms. The new ARM (Approved Reporting Mechanism) service offers firms a greater assurance of their data integrity across trading systems and transaction reporting venues.
Whilst the regulatory reporting requirements for MiFID II have been implemented and transparency
delivered, many firms are now seeking to drive greater efficiency and data quality across their
Ian Manocha, CEO, Gresham, comments, “Some ARM services are only able to deliver simple
reporting processes, hamstrung by outdated software that limits the efficiency and sophistication of
the service. We are delighted to be partnering with Trax, who can now bring absolute confidence to
even their most complex clients by delivering the first simple, real time, 3-way data reconciliation of its kind”
Individual accountability is being made far more explicit with the FCA’s Senior Managers Regime
imposing wide-ranging implications for executives unable to demonstrate control and effective
governance in relation to transaction reporting. Gresham’s Clareti platform delivers absolute
precision, evidencing holistic control between the trading systems, reporting systems and NCA’s.
Chris Smith, Head of Trax, said, “Gresham offers an innovative technology solution that helps us
configure data controls efficiently. The speed of client integration has proven to be a valuable benefit
throughout the on-boarding process, by offering varieties of file formats with the highest data volumes. With Gresham we can offer our clients a reconciliation solution that allows them to comply with confidence and have total control over their data integrity.”
Peyman Mestchian, expert and advisor on fintech commented, “In the current real-time, intraday,
event-driven world, ensuring data quality is critical. The impact of inaccurate and missing data and
costs of manual remediation are higher than ever so a service that can deliver operational integrity is
going to be disruptive in this market.”