LONDON – Thomson Reuters has entered into an agreement with Trax to provide its trusted reference and market data to support Trax’s MiFID II regulatory reporting and Systematic Internaliser (SI) determination services.
This includes providing comprehensive reference data for Trax’s trade and transaction reporting services via its Approved Publication Arrangement (APA) and its Approved Reporting Mechanism (ARM). In addition, Thomson Reuters is providing market data for Trax’s SI determination service, by leveraging real-time market data from Thomson Reuters to estimate the total market size at a per instrument or sub-asset class level.
Trax’s SI determination service performs quarterly SI assessment by calculating a firm’s market share and provides a daily indication of a firm’s potential for becoming an SI per instrument ahead of the official assessment period. This service, in conjunction with Trax’s intelligent rules-based engine for regulatory reporting, helps firms improve efficiency and confidently meet their regulatory obligations.
Chris Smith, Head of Trax, commented, “Although MiFID II implementation took place on 3rd January 2018, the industry is still confronted with impending regulatory obligations, including the start of the Systematic Internaliser regime. As one of the leading providers of both trade and transaction reporting services through a centralised platform and also SI determination services, working with a reputable partner like Thomson Reuters is paramount.”
More on Thomson Reuters MiFID II solutions can be found here.