The Markets in Financial Instruments Directive (MiFID) was introduced in 2007 to increase competition and consumer protection in investment services. It has impacted almost every aspect of business for financial services firms across Europe.
Following the European Commission’s review of MiFID in 2010, the scope of MiFID is being expanded.
While the first phase of MiFID covered only equities, MiFID II brings transparency requirements to the fixed-income markets. Other changes include:
- New criteria for the trading of derivatives products
- Closer scrutiny for commodity derivatives
- New rules governing packaged retail investment products
- Examination of corporate governance structures
A new regime to encourage the development of trading platforms specifically for SMEs is also being explored.
Trax – the perfect MiFID reporting solution
Trax has been developed to comply with increased transaction reporting requirements under MiFID. It is flexible enough to fulfil varied regulatory reporting requirements of different regulatory authorities in a wide range of financial instruments.
In accordance with article 25 of MiFID, Trax facilitates your reporting to the competent authorities of the United Kingdom, France and the Netherlands.
Trax is also developing its future Approved Publication Arrangement (APA) offering to ensure it meets the needs of its user community.