TRADEcho: a single trade reporting venue for all MiFID II asset classes
MiFID II, due for implementation in January 2018, will place new trade reporting obligations on capital markets participants in Europe. To help firms meet those obligations in plenty of time, TRADEcho is first to market with a pan-European pre- and post-trade reporting solution.
A joint venture between the London Stock Exchange Group (LSEG) and Simplitium (previously Boat Services Ltd), TRADEcho delivers unparalleled transparency solutions by bringing together the two companies’ existing trade reporting services, as well as their respective regulatory and technical expertise.
Because it’s a multi-asset-class APA solution, TRADEcho will save firms the trouble and expense of working with multiple APAs; while the scale of the solution will provide increased anonymity for post-trade reporting.
Colt PrizmNet customers will find it easy to connect to TRADEcho’s platform, which is hosted at the LSEG data centre. With access to the TRADEcho platform via Colt’s financial extranet, firms can use the full range of TRADEcho services, including:
- Trade reporting — real time OTC trade reporting for investment firms and trading venues
- SI quoting — publication of quotes via London Stock Exchange market data feeds, and market data vendors.
- On exchange, off book — post-trade reporting services for on-exchange trades for London Stock Exchange member firms
- Cleared model: a sophisticated trade validation and risk management tool to allow trade reports to be flagged for onward routing to a CCP
“The global capital markets ecosystem has its work cut out to get ready for MiFID II compliance. TRADEcho will simplify compliance with MiFID II’s pre- and post-trade transparency obligations with a one-stop shop solution that covers all asset classes. The existing London Stock Exchange and Simplitium MiFID I trade reporting services will be combined at the end of 2016 with our MiFID II Smart Report Router also available at year end – with other services following shortly behind – and Colt PrizmNet will offer a quick and easy way to connect to it.”– Daniel Shepherd, Head of Sales, TRADEcho