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: https://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
LSEG partners with Citi, DTCC goes on-chain, AI on the brain, and more
The Waters Cooler: Trading Technologies buys OpenGamma, CT Plan updates, and the beginning of benchmarking in this week’s news roundup.
AI & data enablement: A looming reality or pipe dream?
Waters Wrap: The promise of AI and agents is massive, and real-world success stories are trickling out. But Anthony notes that firms still need to be hyper-focused on getting the data foundation correct before adding layers.
Data managers worry lack of funding, staffing will hinder AI ambitions
Nearly two-thirds of respondents to WatersTechnology’s data benchmark survey rated the pressure they’re receiving from senior executives and the board as very high. But is the money flowing for talent and data management?
Data standardization is the ‘trust accelerator’ for broader AI adoption
In this guest column, data product managers at Fitch Solutions explain AI’s impact on credit and investment risk management.
As AI pressures mount, banks split on how to handle staffing
Benchmarking: Over the next 12 months, almost a third of G-Sib respondents said they plan to decrease headcount in their data function.
Everyone wants to tokenize the assets. What about the data?
The IMD Wrap: With exchanges moving market data on-chain, Wei-Shen believes there’s a need to standardize licensing agreements.
FIX Trading Community recommends data practices for European CTs
The industry association has published practices and workflows using FIX messaging standards for the upcoming EU consolidated tapes.
TCB Data-Broadhead pairing highlights challenges of market data management
Waters Wrap: The vendors are hoping that blending TCB’s reporting infrastructure with Broadhead’s DLT-backed digital contract and auditing engine will be the cure for data rights management.
