IHS Markit has launched a new solution designed to help investment firms comply with RTS 28 reporting requirements under the second Markets in Financial Instruments Directive (MiFID II).
The new cloud-based service addresses trade reporting rules of RTS 28, which require investment firms to publicly report their top five trading venues by asset class.
According to IHS, the solution will categorise trades, tabulate data according to the statute and host required reports on a public website.
It will also provide detailed analytics on demand and through regular scheduled reports.
Michael Aldridge, managing director of trading services at IHS Markit, said: “It’s easy to underestimate the effort required to comply with RTS 28.”
He added: “Smaller firms with uncomplicated trading activity might find compliance straightforward, but as a firm’s activity increases in complexity, so does its reporting obligation.”
Aldridge continued: “We’ve created the calculation engine and programmed the business logic into our system, so that investment firms don’t have to spend time or resources aggregating and classifying trade data.”
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