Bloomberg Gains ARM Status
The UK Financial Conduct Authority has authorized Bloomberg Data Reporting Services Limited to act as an Approved Reporting Mechanism beginining January 3, 2018.
Under MiFID II, investment firms will be required to submit transaction reports containing up to 65 data fields including legal entity identifiers, personal and trade data to local regulators, known as National Competent Authorities.
As a component of Bloomberg’s pre-integrated MiFID II solution, Bloomberg’s ARM and reporting solutions will allow firms to enrich their transaction reports with data from Bloomberg or third-party order management systems.
“The authorization of our ARM for MiFID II is the final piece of the puzzle allowing Bloomberg to offer a complete regulatory reporting service for MiFID II. The service, used in connection with our seamlessly pre-integrated best execution and trade archiving and reconstruction solutions, helps firms ensure that data is consistent across their entire workflow, which will be critical given the vast amount of data firms need to manage under MiFID II,” said Ben Macdonald, Bloomberg’s Global Head of Enterprise Products.
Today’s ARM authorization follows the recent authorzsation of the Bloomberg APA for MiFID II trade reporting. Together, these provide firms with an option for complete MiFID II trade and transaction reporting, and complement Bloomberg’s reporting solutions for FINRA Trade Reporting and Compliance Engine (TRACE), the Bloomberg Swap Data Repository (BSDR) for Dodd-Frank reporting, and the Bloomberg Trade Repository (BTRL) for EMIR reporting. The ARM will also connect to multiple NCAs across Europe.
Alejandro Perez, Global Head of Post-Trade Solutions at Bloomberg, added: “We are very pleased that the FCA has authorized our ARM for MiFID II transaction reporting. This further strengthens our position as a reporting partner for firms globally, across asset classes and regulatory regimes.”
There are three key areas where action is required.
Some material changes have come out of ESMA’s review of algorithmic trading.
A consolidated tape will significantly improve transparency and create a level playing field.
AFME said there should be mandatory free data contribution to the consolidated tape.
The review is an opportunity to recalibrate MiFID II regulations post-Brexit.