UnaVista launches MiFIR Transaction Reporting test environment
- UnaVista is one of the largest ARMs in Europe for current MiFID regime
- Clients are now able to begin testing against the latest MiFIR RTS
- Credit Suisse among the first clients to move into test environment
London Stock Exchange Group announced today that UnaVista, their award winning MiFID Approved Reporting Mechanism (ARM), has made user acceptance testing (UAT) available for MiFIR transaction reporting 17 months ahead of expected go-live.
MiFIR transaction reporting, expected to go-live in January 2018, is replacing the existing MiFID reporting regime with an expanded scope and field list. Reporting firms will need to report up to 65 fields to their home-state National Competent Authority (NCA).
UnaVista ARM will be connected to the European NCAs so reporting firms won’t need to build and manage connections to each of the NCAs themselves. Using the service, clients can send in all their data from multiple sources, UnaVista being compatible with a wide range of industry data formats. UnaVista can determine which transactions are relevant and which competent authorities to send it to. UnaVista will also be offering a delegated and assisted reporting model for firms who want to connect via their broker or technology partner.
Mark Husler, CEO UnaVista said:
“This is a big step in the process for helping clients get ready in time for MiFIR Reporting go-live. We are delighted to have Credit Suisse as one of the first clients to start testing in UAT. 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.”
A number of firms are using the UnaVista MiFIR Accelerator project tool to get their data ready for MiFIR. By importing individual data sources, the Accelerator allows firms to compare their data against the latest RTS to identify gaps in content, format and validity of data.
UnaVista has also developed functionality to assist firms with some of the more difficult aspects of MiFIR reporting such as the masking of personal data, the identification of LEI gaps and acquiring these LEI’s. UnaVista can also help firms to avoid “over” or “under” reporting by providing reference data and control services such as N-way reconciliations and independent field level data quality assurance.
UnaVista believes firms should treat MiFIR reporting as an opportunity to view all of their transaction data, across asset classes, in single platform, and leverage that data for additional compliance and integrity checking. UnaVista has management information tools that allow firms to dive into their data and understand trends and common errors, as well as provided anonymised peer-to-peer analysis.
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Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) is an international markets infrastructure business. Its diversified global business focuses on capital formation, intellectual property and risk and balance sheet management. LSEG operates an open access model, offering choice and partnership to customers across all of its businesses. The Group can trace its history back to 1698.
The Group operates a broad range of international equity, ETF, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS (Europe's leading fixed income market); and Turquoise (a pan-European equities MTF). Through its platforms, LSEG offers market participants, including retail investors, institutions and SMEs unrivalled access to Europe’s capital markets. The Group also plays a vital economic and social role, enabling companies to access funds for growth and development.
Through FTSE Russell, the Group is a global leader in financial indexing, benchmarking and analytic services with approximately $10 trillion benchmarked to its indexes. The Group also provides customers with an extensive range of real time and reference data products, including SEDOL, UnaVista, XTF and RNS.
Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of LCH, a multi-asset global CCP operator, LSEG owns CC&G, the Italian clearing house; Monte Titoli, a leading European custody and settlement business; and globeSettle, the Group’s CSD based in Luxembourg.
LSEG is a leading developer and operator of high performance technology solutions, including trading, market surveillance and post trade systems for over 40 organisations and exchanges, including the Group’s own markets. Additional services include network connectivity, hosting and quality assurance testing. MillenniumIT, GATElab and Exactpro are among the Group’s technology companies.
Headquartered in the United Kingdom, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 3,500 people.
Further information on London Stock Exchange Group can be found at www.lseg.com