Nasdaq has joined the the Systematic Internaliser (SI) Registry, which provides a hub for SIs to register financial instruments in a centralised database through their approved publication arrangements (APA).
The second Markets in Financial Instruments Directive II (MiFID II) requires that industry participants identify whether trading counterparties are SIs for the financial instrument that they are trading, so that they can determine which counterparty must report the trade.
To help, SI Registry data assists trading firms to meet their post-trade transparency obligations and allows buy-side firms to identify upfront whether they, or their selected brokers, will be required to report the trade.
The date on which it becomes mandatory for financial firms to comply with the SI regime is 1 September 2018.
Nasdaq joins the existing participants, Bloomberg, Deutsche Boerse, NEX Regulatory Reporting, TRADEcho, Tradeweb and Trax. The announcement was made by The SmartStream Reference Data Utility.
The SI Registry has been in operation since the 3 January 2018 for participating APA and contributing SIs and the addition of Nasdaq to the group extends the coverage to more than 60 SIs, with further SIs registering regularly.
The service is open to all APAs and SIs on equivalent terms and has been supported by The European Securities and Markets Authority.
Fredrik Ekström, vice president and head of Nordic fixed income at Nasdaq, said: “One of the key ambitions on MiFID II is to promote transparency and investor protection. The ability to provide markets with accurate and complete data, regardless of trading type, is an important component in this ambition, and one that Nasdaq is happy to support by joining the SI Registry.”
David Bullen at Systematic Internaliser Registry Data Group, commented: “It’s very rewarding to see key industry players pulling together to close this gap in the market infrastructure introduced by MiFID II.”
He added: “Nasdaq is an important addition to the group adding geographic reach and taking us closer to complete coverage. The SI Registry serves as a ‘golden source’ of SI status to help market participants meet their regulatory reporting obligations.”
