UnaVista, the London Stock Exchange Group’s approved reporting mechanism (ARM) for the Market in Financial Instruments Directive (MiFID) regime, has launched its testing environment for transaction reporting under the corresponding regulation (MiFIR).
User acceptance testing is now available for the MiFIR transaction reports, which will replace the current MiFID reporting regime and is expected to come into effect in January 2018.
The new reporting regime will expand the scope and field list of reports, with firms reporting up to 65 fields to the National Competent Authority (NCA) in their home state.
The UnaVista ARM will be connected to the various European NCAs, meaning firms won’t have to build and manage connections themselves. The system can also receive and manage data from multiple sources and in varying formats, determining which transactions are relevant and which authorities they should be sent to.
Finally, a delegated and assisted reporting model allows firms to connect to the ARM through a broker or technology partner.
Mark Husler, CEO of UnaVista, said: “This is a big step in the process for helping clients get ready in time for MiFIR reporting go-live.”
He added: “There are large-scale changes and a vast amount of data that will need to be sourced and configured, so it is important that reporting firms start testing sooner rather than later. We believe we have built an ARM that not only helps firms be completely compliant, but one where they can also use the information reported to improve their business processes.”
In conjunction with the testing environment, UnaVista is running a MiFIR Accelerator project tool to help firms get data ready for reporting.
The accelerator helps firms import data and compare it against the latest technical standards, allowing them to identify gaps in content, format and validity of data.
UnaVista is also helping clients with some of the more complex aspects of MiFIR reporting such as the masking of personal data, acquiring legal entity identifiers and spotting gaps in these identifiers.
