Futures and options reference data vendor FOW Tradedata has added symbology for prescribed European futures and options markets under MiFID’s mandatory transaction reporting requirements to its Xymbology service of Alternative Instrument Identification (AII).

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There will be few surprises but some disappointment when the updated version of the so-called MiFID Databases goes live in early March.

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Daiwa Securities SMBC Europe Limited (Daiwa) has completed its migration to TRAX2 through the successful expansion of CheckFree’s (now part of Fiserv) TradeFlow capabilities to efficiently manage the flow of securities transactions, the vendor says. The project utilised the CheckFree structured implementation methodology to achieve delivery by September’s mandatory migration deadline. Daiwa, an investment bank headquartered in London, now has a messaging hub that provides a ‘single window’ of all trades enabling Daiwa to reduce its operational risk.

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Deutsche Boerse and Chi-X are the latest entities granted Trade Data Monitor (TDM) status by the UK’s Financial Services Authority (FSA), bringing the total number of TDMs to five, including London Stock Exchange (LSE), PLUS Markets and Reuters. Meanwhile, Boat, the bank-owned trade reporting platform, says it “aims to be TDM registered at launch”.

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As MiFID Monitor went to press, the industry was seeking clarity from CESR on the implementation of the Alternative Instrument Identifier (AII) for use in identifying derivatives in transaction reports.

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BEA Systems and ASPone have jointly created a solution for transaction reporting under MiFID. The vendors say they have received strong interest in the solution, both for implementation inhouse by firms with their own data centres, and as an ASP offering among smaller/mid-tier firms who prefer to outsource. Generally, BEA says there is increasing interest, as the MiFID deadline approaches, in implementing third-party solutions capable of addressing immediate gaps in compliance while also acting as strategic solutions on which to build going forward.

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Version 1 of the FSA’s Transaction Reporting User Pack (TRUP) seeks to offer clarity on when, to which competent authority and how firms in the UK will need to report transactions once MiFID comes into force.

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In what some would call record time, the new ISO 20022 formatted transaction reporting message received final approval this month and already has support from both Swift, its developer, and Euroclear. The news will surely be welcomed by firms worried about the multitude of different, and in many cases as yet undefined, reporting formats required by the regulators across the MiFID countries.

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Swift is close to completing development of an ISO 20022-formatted transaction reporting message. The company plans to pilot the message for three months on its own network before launching a commercially available solution by the end of October in readiness for the November 1 MiFID implementation deadline.

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The message to CESR from respondents to the recent ‘Consultation on CESR’s Level 3 Guidelines on MiFID Transaction Reporting’ has been, in large part, positive. But firms are worried that unless details are clarified in the next few weeks, they won’t be compliant by November.

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Concern is growing within the industry about the status of a system designed to facilitate the sharing of transaction reports between competent authorities within countries subject to MiFID. To date, no details of the system or timetable for its introduction have been made public by the authorities involved.

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