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Best execution reporting under MiFID II has been scaled back for the first year of implementation, as investment firms may not have access to “full and granular data”. The
European Securities and Markets Authority’s (ESMA) latest Q&A explained investment
firms are expected to report on best execution efforts in the first quarter of 2018 within
their annual reports, which should be published by June 2018.
ESMA scales back best execu-
tion reporting plans for 2018
Fixed income traders may face a last minute rush to attain vital trade identifiers in order
to meet MiFID II’s transaction reporting rules. Speaking at event hosted by The TRADE
and ICE Data Services, one panellist highlighted that around 90% of sovereign issue
bonds and between 50-75% of all corporate bonds do not have a legal entity identifier.
Fixed income traders face scramble
to meet MiFID II reporting rules
Several major financial services and technology firms have been granted authorisation
to operate as approved publication arrangements (APAs) for reporting under MiFID II.
Tradeweb, MarketAxess’ Trax, NEX Regulatory Reporting, Bloomberg and the London
Stock Exchange’s TRADEcho all received approval from the FCA. As APAs, those firms
will be able to publish reports on trades for post-trade transparency on behalf of clients
as required under the impending European regulation.
FCA grants APA status to
firms ahead of MiFID II