Forefront Communications

Waters Technology: Tora and NEX Partner for Mifid II Reporting

LiquidityBook

Sam Belden

Sam Belden

Trading technology provider Tora has expanded its support for transaction and trade reporting under the revised Markets in Financial Instruments Directive (Mifid II) by integrating its trading system with NEX Regulatory Reporting.

Under Mifid II, asset managers are required to submit transaction reports under the European two-sided reporting model, in which both counterparties are required to file trade and transaction details with Approved Reporting Mechanisms (ARMs) and Approved Publication Arrangements (APAs).

“The integration is supposed to help address some of the operational concerns [clients had],” says David Tattan, head of European business development for Tora. “So thinking beyond just the execution, how do we make life easier for funds? Rather than having them to deal with multiple different providers, copying and pasting or sending emails or doing things the slow way, the process we set up with NEX basically allows them to cut the time and energy that they focus on making things work operationally.”

With NEX, which is both an ARM and APA, it is creating straight-through processing for transaction reporting. While Tora already has integration with other ARMs, the partnership with NEX to be an additional ARM is driven by recent client demand.

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