Trax is responding to regulatory change with a comprehensive transparency solution.

Having gone live on 3rd January 2018, MiFID II has brought about unprecedented change to the European capital markets.  Pre- and post-trade transparency (trade reporting) necessitate market participants to:

  • make public certain quotes prior to execution
  • publish trades in near real-time post-execution
  • determine Systematic Internaliser (SI) status
  • asses the liquid status of instruments in order to anticipate the transparency implications
  • apply pre-trade transparency waivers and post-trade transparency deferrals

 

As an Approved Publication Arrangement (APA) under MiFID II, Trax has developed a range of innovative solutions to meet the complex MiFID II obligations, including:

  • APA 'Demonstrator' rules-based validation engine to allow institutional firms to test preparedness for post-trade transparency regime
  • SI determination to assess whether a firm will be an SI at instrument level and to what extent a firm will be subject to pre- and post-trade reporting as well as reference data reporting obligations
  • Liquid classification to determine whether an instrument would be classified as liquid or illiquid based on a consolidated MiFID II eligible instrument list
  • Firm specific analysis of trading activity to determine the impact of transparency requirements under the MiFID II regime

 

Firms can access the APA publication website here.

Instructions on how to download post trade data from the APA can be found here