Abel Noser is prepared to bring your firm up-to-speed with MiFID II & PRIIPs European regulatory reporting requirements.
MiFID (Markets in Financial Instruments Directive), in place since November, 2007, has been a European financial services regulation meant to assist fair competition in the EU’s markets and ensure a consistent level of consumer protection.
Due to various technological changes, innovations in financial instruments, and increased fragmentation of markets and data (especially since the 2008-9 world financial crisis), a new regulatory package called MiFID II will be implemented on January 3, 2018.
While MiFID applied solely to equity products, MiFID II extends to other asset classes and has more specific and wide-ranging reporting execution and record keeping requirements. For the first time, products like bonds and derivatives that trade over-the-counter will be subject to certain reporting requirements to create price transparency and supervisory oversight.
MiFID II & PRIIPs - Next Steps?
European Regulations and Solutions for Your Your Firm Today.
Our multi-asset, full trade lifecycle data and measurement tools are industry-leading and MiFID II compliance-focused. From pre-trade and real-time best execution review to post-trade analysis and outlier trade surveillance, you'll experience not just the best tools in the business, but a dedicated client services and assistance team who are ready to customize reporting solutions to meet your specific needs. Available offerings include:
Arrange a WebEx Demo
MiFID II mandates an unprecedented level of transparency with the express aim of making European markets more fair, safe and efficient. However, fully understanding and then implementing policies and practices that comply with this new regulatory regime will be challenging for most firms.
Under MiFID II, member states require investment firms to undertake all sufficient steps to obtain, when executing orders, the best possible result for their clients while taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.
Financial services companies and individual professionals are being directed to develop or obtain the technology needed to provide a higher level of detail on where, why and how trades are executed.
Affected Market Segments: Buy Side, Sell Side, Venue Operators
Affected Geographical Locations: MiFID II applies to MiFID firms, i.e. those financial services businesses undertaking MiFID business anywhere in the European Economic Area ('the EEA'). It will also affect all participants in the EU's financial markets, whether they are based in the EU or elsewhere, including providers of asset management and custodial services.
Asset Class Scope: Cash, Derivatives, FX, Fixed Income & Commodities (MiFID applied solely to Equity products; MiFID II extends to All Asset Classes). Products like bonds and derivatives that trade over-the-counter will be subject to certain reporting requirements so to create price transparency and supervisory oversight. Spot FX is not included.
Reference: See Article 27 in MiFID II as it relates to best execution. Fixed format & publicly available reporting obligations for each of the client segments are available. See ESMA Regulatory Technical Standards.
Reporting Obligation: Annual RTS 28 - Affected investment firms are required to report client orders executed on trading venues, systematic internalisers, market makers or other liquidity providers.
MiFID II RTS 28 Report (Example)
Arrange a WebEx Demo
Sales: +44 (0) 207 058 2109
Client Services: +44 (0) 207 058 2108.
Address: 14 Gray’s Inn Road, London, WC1X 8HN
Our Other Leading Products: