TRADEcho Connects To CBOE Europe APA


TRADEcho is the real-time MiFID II pre and post-trade reporting service delivered through a partnership between the London Stock Exchange Group and Simplitium (formerly known as Boat Services).

MiFID II introduces many challenges for buy and sell-side investment firms, not least, around trade transparency. The obligation to report trades within a tighter regulatory timeframe and the increased rules around which counterparty has the responsibility trade report will pose significant challenges for firms under MiFID II. TRADEcho’s SRR was specifically developed tackle these issues and to make it easier for firms to meet their MiFID II transparency obligations.

The SRR determines if and when a firm has the obligation to report a trade, and where there is a requirement, routes that trade to an Approved Publication Arrangement (APA) of choice for publication. The SRR is APA agnostic allowing firms to use an alternate APA to make trades public. The ability to smart route trade reports to different APAs provides firms with flexibility and reduces the cost of connecting directly to multiple APAs. Further, the SRR allows firms to route their trades to an APA that offers the best trade flows for a given asset class, making the SRR a truly unique service offering.

“Connecting the SRR to Cboe’s APA strengthens our position and furthers our mission of providing the industry with more choice. We are big advocates of open access platforms and take pride in the flexibility the SRR can offer our clients. The SRR is completely unique and is a great example of a service being built to meet the requirements of the market,” says Jamie Khurshid, CEO of Simplitium.

“We are pleased to be working with TRADEcho to allow their clients to utilise the Cboe APA to fulfil their MiFID II trade reporting obligations,” says Jerry Avenell, Co-Head of Sales at Cboe Europe Equities. “Our goal is to provide easy-to-implement solutions for buy-side and sell-side firms across Europe to meet the needs of the new regulation. Collaborating with other industry platforms like TRADEcho enables us to achieve this goal.”

Cboe’s trade reporting facility BXTR, which will become an APA for MIFID II, currently handles approximately 60% of all OTC trade reporting across the region and covers nearly 13,000 European equities and exchange-traded products. Cboe expanded its BXTR service earlier this year to provide an “assisted reporting model” service to buy-side customers helping them to meet trade reporting obligations under MiFID in a flexible, cost-effective manner.

TRADEcho is the one stop shop for MiFID II transparency services and today over 380 firms are contracted with TRADEcho, ensuring compliance by the 3rd of January 2018. TRADEcho’s services include SI Determination, SI Quoting, Trade Reporting (APA), Smart Report Routing and Assisted Reporting

Source: Simplitium

Related articles

  1. Deutsche Borse-LSE Merger in Focus

    Archax is the UK’s first regulated digital securities exchange.

  2. SIP Speeding Up

    These are the lowest latency market data services between Illinois’ largest futures exchanges and Asia.

  3. This project includes market data for BIST’s equities, futures and options markets.

  4. Basel Committee Consults on Interest-Rate Risk

    CME reported that open interest in SOFR options also reached a record.

  5. Trading volume fell 30% and transaction revenue dropped 35% sequentially.