Sell-Side Technology Awards 2016: Best Reporting Platform or Service for the Sell Side — Bloomberg

The Bloomberg proposition ─ comprising so much more than data provision and pure trading functionality, but crucially also trade reporting and compliance services ─ has been built on the firm's cross-asset versatility and its global reach and scale, attributes that were instrumental in the firm being named as possessing the best reporting platform for the sell side in this year's awards, replacing the inaugural winner, Traiana.

Bloomberg addresses reporting with its trade order management solutions (TOMS) and sell-side execution & order management solutions (SSEOMS), which fall under the Bloomberg Trading Solutions unit. Over 375 sell-side institutions use Bloomberg’s trade reporting services across the globe, according to the data behemoth.

Fixed-income users can use Bloomberg to automatically report trades to the appropriate authority. As an example, over 200 sell-side firms use Bloomberg to report TRACE-eligible trades—in order to comply with the Financial Industry Regulatory Authority’s Trade Reporting and Compliance Engine (TRACE) requirements, established in 2002. 

Fixed-income and derivatives desks use TOMS additionally to report municipal trades to the Municipal Securities Rulemaking Board (MSRB) and Financial Conduct Authority-eligible trades to the FCA by using the Bloomberg TOMS Approved Reporting Mechanism (ARM). In addition, London Stock Exchange (LSE) and SIX Swiss Exchange members can report eligible fixed-income trades conducted away from an order book to those venues, according to Bloomberg.

Focusing on the equities space, Bloomberg Trade Solutions offers full audit-trail reporting for OATS transaction reporting. Bloomberg also employs a repair and reconciliation utility that includes real-time alerting for rejects and mismatches, the ability to repair rejects in bulk, and auto-generation and transmission of missing records to FINRA, in addition to other analytics services.

“As we continue to build global transaction reporting solutions, particularly for MiFID II, we are honored to be recognized as the leading regulatory reporting solution for the sell side.” Chris McDonald, regulation and compliance product manager, Bloomberg TOMS

In another example of its industry-leading position, Bloomberg, through its TOMS package, became the first technology provider to be certified by the Investment Industry Regulatory Organization of Canada (IIROC) to provide customers with trade reporting tools for eligible trades under Dealer Member Rule 2800c, which took effect on November 1, 2015.

Bloomberg can also report OTC derivatives trades, in real time, to swap data and trade repositories. And, looking ahead to new Mifid II rollouts, Bloomberg has been building out its services to tackle that pan-European regulatory overhaul, in addition to new rules stemming from Reg NMS, Reg SHO and Market Access Rule, 15c3-5.