WFIC 2017: SmartStream RDU Debuts Systematic Internaliser Register, Partners with Deutsche Börse
Service aims to plug MiFID II reporting gap; Deutsche Börse to Use SmartStream RDU for Regulatory Reporting Hub.
In 2007, the original MiFID allowed banks to act as systematic internalizers (SIs), enabling them to carry out client orders internally against their own capital. MiFID II, which comes into force on Jan. 3, 2018, broadens the definition of an SI so that any investment firm that deals on its own account in an organized, regular and material basis will be categorized as an SI.
Firms must be able to identify which counterparties are SIs in order to be MiFID II compliant, because that identification determines which party has the obligation to carry out post-trade reporting. However, the European Securities and Markets Authority (ESMA) has announced that it will neither provide a list of SIs before Jan. 3, nor centralize and publish international securities identification numbers for SI relationships before the end of 2018. Firms will therefore have no chance to fully test their new reports ahead of the MiFID II deadline.
The SI Register, jointly developed by Smartstream RDU and Deutsche Börse Group, allows SIs to share the financial instruments for which they are offering services.
Deutsche Börse is also cooperating with SmartStream RDU to use the utility for its upcoming Regulatory Reporting Hub, which bundles all of the exchange group’s regulatory compliance solutions into one platform. The RDU includes data from ESMA and the Global Legal Entity Identifier Foundation, as well as the opening and closing times of markets used in transparency services offered by the Deutsche Börse hub.
“By collaborating with SmartStream RDU we are able to offer a comprehensive offering via our hub, which meets all regulatory requirements; and processes are simplified, resulting in lower overall administrative costs for our users. The SmartStream RDU Systematic Internaliser Register in particular, will be extremely valuable to our clients since it eliminates the need to bilaterally communicate systematic internalizer status in trade messages,” says Georg Gross, head of regulatory services at Deutsche Börse, in a statement.
Click here to return to our WFIC hub for all the latest stories from the event.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Growing pains: Why good data and fortitude are crucial for banks’ tech projects
The IMD Wrap: Max examines recent WatersTechnology deep dives into long-term technology projects at several firms and the role data plays in those efforts.
Investing in the invisible, ING plots a tech renaissance
Voice of the CTO: Less than a year in the job, Daniele Tonella delves into ING’s global data platform, gives his thoughts on the future of Agile development, and talks about the importance of “invisible controls” for tech development.
Optiver relies on BMLL market data for quant strategy
The market-maker has built its trading business on top of BMLL’s Level 3 data. But the collaboration is young, and the pair have grand plans to make options the next quant frontier.
Bloomberg expands IBVAL; the SIPs and 24/5 trading; Broadridge’s agentic play, and more
The Waters Cooler: State Street embraces interop, Citi’s CIO outlines the XiNG risk platform, power companies explore alternative nuclear supply options to datacenters, and more.
As costs rise, buy-side CIOs urge caution on AI
Conference attendees encouraged asset managers to tread carefully when looking to deploy AI-driven solutions, citing high cost pressures.
XiNG: Inside Citi’s all-encompassing risk platform
Voice of the CTO: Citi’s chief information officer, Jon Lofthouse, explains how and why the bank has extended its enterprise-wide risk platform so that every trade in any asset class goes through it.
Demand for private markets data turns users into providers
Buy-side firms seeking standardized, user-friendly datasets are turning toward a new section of the alternatives market to get their fix—each other.
LSEG-AWS extend partnership, Deutsche Bank’s AI plans, GenAI (and regular AI) concerns, and more
The Waters Cooler: Nasdaq and MTFs bicker about data fees, Craig Donohue to take the reins at Cboe, and Clearwater closes its Beacon deal, in this week’s news roundup.
