GoldenSource has integrated approved reporting mechanism and approved publication arrangement services from Trax to help banks and asset managers with the second Markets in Financial Institutions Directive (MiFID II) reporting obligations.
Trax, the post-trade services and European market data division of MarketAxess, was integrated during Q3 and Q4 of 2017, ahead of the MiFID II implementation date in January.
Firms, who use GoldenSource, will now have the option for data to be automatically submitted to the Trax approved reporting mechanism or the approved publication arrangement.
The solution is also scalable to serve as the operational basis for the requirements of other regulations such as the Securities Financing Transactions Regulation (SFTR).
SFTR, which is due to go live next year, is the latest big data collection exercise for the market, as intricate details behind a repo or margin loans now need to be captured and reported to an EU trade repository.
Volker Lainer, vice president of product management at GoldenSource said: “What we are offering is a single way for market participants to meet their MiFID II reporting requirements in an efficient and consistent manner.”
“While the European Securities Markets Authority is expected to show a degree of leniency to those who scrambled to be ready for the January deadline, firms should be using this time to ensure their MiFID II capabilities are fully up to speed. Our platform can help smooth this process with a standardised approach which is also prepared for other regulations, such as SFTR.”
