TP ICAP appoints Bloomberg Entity Exchange
TP ICAP, the world’s largest interdealer broker, has selected Bloomberg Entity Exchange as the chosen platform to help clients register onto new trading venues operated by its broking businesses, including Tullett Prebon and ICAP.
TP ICAP firms have applied to operate Organized Trading Facilities (OTFs) under the MiFID II regulatory regime. MiFID II, which applies across the European Union from 3 January 2018, requires operators of OTFs and other trading venues to collect information about venue users and transactions. It also prescribes information to be given to venue users, including risk disclosures.
Bloomberg Entity Exchange is a secure, web-based electronic platform, which will provide an environment to centralize the exchange of information required by the new rules. It will also facilitate the distribution and management of venue-related documentation, such as rulebooks and policies, as well as contractual documentation.
Nicolas Breteau, Chief Executive, TP ICAP Global Broking, said: “We are pleased to have agreed this partnership with Bloomberg Entity Exchange, which will help ensure we simplify the repapering process for our clients in our preparation for MiFID II, a regulation which will have far reaching implications for the industry we operate in.
“MiFID II will impose significant requirements on firms to share and collect data from their clients. We want to help our clients to quickly understand what the new rules will mean to their trading relationships, especially around trade execution, reporting and transparency. Partnering with Bloomberg provides us with the opportunity to offer clients and trading partners a combination of innovative technology and dedicated client service.”
”Entity Exchange enables the secure and efficient exchange of information and documentation required for TP ICAP to provide execution services to its customers in compliance with MiFID II,” said Dan Matthies, Global Head of Bloomberg Entity Exchange. “The adoption of Entity Exchange by a globally recognized player such as TP ICAP, and hundreds of brokers and buy-side firms around the world, shows it is satisfying an unmet need for smarter technology to facilitate regulatory compliance without causing significant disruption to workflow.”
Source: TP ICAP
AI has significant potential in the fight against financial crime.
The firm's financial risk monitoring services had a 400% increase in demand since 2020.
The firm uses machine learning and natural language processing to help prevent financial crime.
FundApps automates increasingly complex regulatory reporting requirements.
There is an increasing amount of regulatory fragmentation between jurisdictions.