Thomson Reuters (NYSE:TRI) has introduced APA Connectivity, an efficient and customizable solution for the financial services industry to comply with trade reporting requirements for Approved Publisher Arrangements (APAs) under MiFID II, set to be implemented on January 3, 2018.
MiFID II regulations require financial companies to publish pre- and post-trade data to at least one APA, which will lead to a significant increase in both number and type of financial instruments subject to reporting obligations. While some financial services organizations are able to scope and manage their own APA connectivity in-house, doing so is a drain on both resources and time against a challenging industry deadline, especially if connecting to multiple APAs. Connectivity setup also has to be done in a way that is both compliant and conforms to the specific APAs specifications, challenging resource-constrained IT organizations across Europe.
Thomson Reuters will offer connectivity to the Tradeweb, TradeEcho and BATS APA Services. More connectivity options will be considered based on client demand, reinforcing Thomson Reuters’ commitment to offering its clients a range of options in line with its open platform approach. The connectivity will cover pre and post-trade publication services for a wide range of MiFID II instruments. The potential benefits of APA Connectivity are: fast, simple but secure connection through a single connection to the APAs of the client’s choice; time-saving set-up and testing; and a single format provided by Thomson Reuters that the client can use to convert to the correct format of the APA chosen by the client.
MiFID II’s publication and transparency requirements add another burden of challenges on both data management and resources in the financial services industry,” said Brennan Carley, global head of Enterprise Products and Propositions, Thomson Reuters. “Our focus remains on offering clients cost-effective, customizable and easy-to-use solutions that help enable compliance and allow clients to gain further value from the investments they have already made in Thomson Reuters’ services.
Thomson Reuters is committed to providing its clients with solutions to meet a wide range of MiFID II regulations. Recently announced initiatives to help its clients achieve MiFID II compliance include: a partnership with VisibleAlpha and enhancements to Eikon to assist in compliance for research unbundling; a collaboration with Tradeweb for APA services; and enhancements to its Tick History feed.