A Costly Race to MiFID II Reporting Compliance
Trade reporting and publication mechanisms are a key part of the new MiFID II legislation. So why are alarming numbers of firms yet to choose their providers? With a last-gasp sprint on the cards in a crowded field of participants, Jamie Hyman investigates whether some have left it too late.
Thousands of firms are attempting to comply with new reporting rules, and most need an ARM and APA to make it happen. A spokesperson for UK regulator the Financial Conduct Authority declines to comment on the progress of applications by potential ARMs to connect with the market data processor (MDP), as ARMs are now required to do, and so far, no providers have announced official authorization. However, under the first iteration of MiFID, only half a dozen firms were approved. If we assume
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