Tradeweb Signs Deutsche Bank, JPMorgan, Goldman Sachs for Mifid II Reporting Service

The implementation of post-trade transparency rules under the Markets in Financial Instruments Regulation (Mifir) will require real-time public reporting of detailed information for the majority of trades, across a range of asset classes including fixed-income and derivatives. While transactions conducted on-venue will be reported by the venue itself, any trades executed over-the-counter (OTC) or off-venue must be reported by via an APA by the trade counterparty.

The Tradeweb APA will include data collection, monitoring, validation, exception processing and management information statistics, as well as determination of both standard and enhanced deferred publication arrangements. All relevant information will be made public electronically and via a website, satisfying both "machine readable" and "human readable" regulatory requirements.

"An effective reporting solution for Mifir needs to combine a deep understanding of the market, familiarity with real-time reporting and data enrichment processes together with a strong appreciation of the many nuances of client requirements," Sam O'Neill, head of trade reporting at JPMorgan, said in a statement. "We have selected Tradeweb because its approach will combine all of those elements through a flexible APA mechanism that makes use of existing connectivity via a cross-asset FIX API."