NEX Expands Harmony Messaging08.07.2017
NEX Optimisation, which helps clients reduce complexity and optimise resources across the transaction lifecycle, announces today that it has enhanced its existing messaging services to help clients prepare for the 3 January 2018 MiFID II go-live.
NEX Optimisation has extended Traiana’s Harmony messaging network to enable participants to exchange additional information to assist with meeting a number of regulatory obligations under MiFID II. This includes support for data elements associated with transparency, transaction reporting, venue execution, instrument and entity identifiers, timestamps, OTC post-trade indicators and unbundling of research and execution fees.
The enhancements follow a comprehensive review of the regulation in consultation with investment firms and industry working groups, to ensure that all information associated with the above obligations is supported. The MiFID II enhancement is being implemented across all asset classes supported by the Harmony network for bi-lateral, tri-party and cleared trading paradigms. Field reference guides are available to market participants now.
The MiFID II network enhancement programme follows previous initiatives to meet regulatory change for other jurisdictions including support for USIs and UTIs for CFTC and EMIR regulatory reporting respectively.
Steve French, Head of Connectivity and Messaging, NEX Optimisation, said: “It’s clear from the level of interest and participation from existing clients that the Harmony network is key to helping firms satisfy a number of their regulatory requirements. NEX Optimisation is at the forefront of providing services to support MiFID II compliance.”
These extensions to the Harmony network compliment a number of additional NEX Optimisation MiFID II regulatory services including: OTC derivative pre-trade limit checking for multilateral trading facilities, central counterparty clearing connectivity and transparency and transaction regulatory reporting via NEX Regulatory Reporting.
The first amendments to the CFTC's swap data reporting rules come into effect on December 5.
EFAMA said a real-time tape for equities with the inclusion of pre and post-trade data is needed.
Launch follows successful implementation and testing of the initiative by BNP Paribas.
This will ease the process of gathering, aggregating and reconciling counterparty information.
The enhancements provide actionable insights within one click.