Trax is responding to regulatory change with a comprehensive transparency solution.
Intended to go live in January 2018, MiFID II will bring about unprecedented change to the European capital markets. Pre- and post-trade transparency (trade reporting) will 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
Trax is working closely with industry participants and analysing the latest regulatory updates to develop solutions in response to these challenges. Trax is planning on registering as an APA and also working on developing unique tools for SI determination and liquidity classification. The pre-MiFID II transparency solution provides:
- 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
The Trax Transparency Solution is available today. Contact us to learn more.