Kaizen Reporting (Kaizen) is extending its assurance service, ReportShield, to cover Markets in Financial Instruments Regulation (MiFIR) trade reporting.
Kaizen’s ReportShield assurance service is a set of four controls that test for the accuracy and completeness of regulatory reports, mandated under MiFIR.
Kaizen has hired Chris Machin to help develop its new testing service.
Machin has a background in global banking at UBS and Credit Suisse, within their operations and client services.
Machin previously worked on regulatory regimes including MiFIR, Central Securities Depositories Regulation, Securities Financing Transactions Regulation (SFTR), European Market Infrastructure Regulation (EMIR) and Dodd-Frank.
He was most recently head of client support at Simplitium, where he partnered with the London Stock Exchange to help build the approved publication arrangement (APA) TRADEcho.
Earlier this year, Kaizen hired former regulator David Nowell, and the former head of the International Capital Market Association (ICMA) Taskforce on SFTR, Jonathan Lee.
Under the Markets in Financial Instruments Directive (MiFID II), investment firms are required to report on both trades and transactions and financial details of trades are reported to an APA for dissemination to the market.
In transaction reporting trade details must be reported in T+1 to an approved reporting mechanism which validates the data before sending the reports to regulators.
Ian Rennie, managing director of Kaizen, said: “With both the buy- and sell-side financial firms now turning their attention to the quality of the data published in the real-time reports through APAs, trade reporting is an important focus for our clients and exactly where Kaizen’s strengths of quality, accuracy and transparency will pay dividends.”
He added: “We are delighted to have Chris Machin leading the development of our testing service for MiFIR trade reporting. His expertise will enable us to quickly meet the increasing demand from clients and regulators for accurate and complete MiFIR trade reports.”
Machin commented: “Kaizen are pioneers in their approach to regulatory reporting assurance and I’m delighted to be joining such a forward-thinking company dedicated to giving clients peace of mind in their reporting data quality.”
He added: “Trade reporting is a key part of MiFID II’s aims to improve price transparency in the financial markets and I am confident that clients will quickly benefit from the new service.”
