Colt PrizmNet, the financial extranet developed by Colt, will enable connectivity to TRADEcho’s multi asset APA solution for pre- and post-trade reporting, enabling capital markets firms to comply with the new trade reporting obligations due for implementation in January 2018 as part of MiFID II.
TRADEcho is a multi-asset-class APA solution, saving firms the trouble and expense of working with multiple APAs, while the scale of the solution provides increased anonymity for post-trade reporting. A joint venture between the London Stock Exchange Group (LSEG) and 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.
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 Boat 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”, said Daniel Shepherd, Head of Sales, TRADEcho.
With its deterministic low latency, Colt PrizmNet is a dedicated private network that links the global capital market ecosystem. The extranet provides a scalable, secure, and reliable platform to rapidly connect and support market participants in areas such as trade reporting, algorithm testing and best execution, helping firms comply with the requirements of the upcoming MiFID II directive.
“MiFID II is a complex set of regulations and, understandably, institutions cannot yet quantify exactly how they will need to change their systems to ensure compliance or the investment required to do so. Colt believes a partnership approach is the best way to reduce this complexity, bringing together the expertise of specialised providers. Colt PrizmNet, our financial extranet, is an enabler for this, as it allows firms to easily tap into a range of financial and regulatory services,” commented John Loveland, VP of Capital Markets at Colt.