Nasdaq Gets First ARM Licence In Sweden
The exchange will be able to submit transaction reports for clients to all relevant regulators.
Today Nasdaq Broker Services announced it has become the first firm to receive an ARM licence from Finansinspektionen, the Swedish Financial Supervisory Authority (FSA). The license is a requirement in order to submit transaction reports as a third party provider under MiFID II. Nasdaq will start acting as an Approved Reporting Mechanism for its clients on January 3, 2018, when the new regulations come into effect.
“By leveraging Nasdaq’s extensive experience in the regulatory reporting landscape, we are able to provide market participants with a one stop shop for their regulatory reporting needs” said Emelie Jacobsson, Head of Regulatory Reporting, Nasdaq Broker Services. “MiFID II introduces extended reporting obligations for market participants, and with the ARM license, Nasdaq will now be able to provide support for clients in order for them to meet their European regulatory transaction reporting obligations in an efficient and accurate way.”
Compared to the existing requirements under MiFID I, which focuses on reporting cash equities transactions to local regulators, MiFID II expands the scope to several non-equity asset classes and significantly increases the amount of data that needs to be reported.
“Nasdaq’s ARM service will use TRACK, an existing, proven and reliable web GUI. The platform is a user friendly solution and will be fully integrated with the other Regulatory Reporting solutions which has been very appreciated by our existing clients. Testing facilities are already available including connections with the FSAs. The on-boarding process is underway, and so far we have seen a high demand for this service,” said Mattias Hammarqvist, CEO, Nasdaq Broker Services.
Under MiFID II, investment firms will have the option of reporting these transactions themselves, or using an ARM. Nasdaq offers an ARM service as part of its comprehensive Regulatory Reporting platform to its clients. Nasdaq’s ARM licence will allow Nasdaq to submit transaction reports on behalf of clients to all relevant regulators in Europe.
Writing essays to support trading decisions "is not ideal."
Lack of a consolidated tape and cost of market data were raised.
Innovation in data analytics is as important as advances in trading technologies.
FIX Orchestra sets machine readable rules of engagement.
Common standards, akin to the FIX protocol, are indicated as a next stop for the industry.