Contract and symbology archive data to support regulatory investigations into historical transaction reporting.
Regulators have signalled their intentions and stated “that there needs to be a line in the sand” and that they will “continue to take appropriate action against any firm that fails to meet requirements” and for large sell-side institutions whose transaction reporting has been found to be wanting, that can mean fines in the multi-millions.
Whether reporting firms’ non-compliance is due to systems not fit for purpose, not adequately resourced or performing properly, or whether that is identified by internal audit, regulatory consultant audit or by an on the ground audit by the regulator itself, if you are without the data needed to comply then Forensyx should be your first stop.
MiFID I reporting introduced the Alternative Instrument Identifier (Aii) in November 2007 and it has been an essential component of compliant transaction reporting to date but it was replaced under MiFID II with a series ISIN. Under market surveillance legislation a Competent Authority can investigate the transaction reporting records of firms up to seven years in arrears and can impose material fines based on their findings.
Euromoney TRADEDATA has prepared a time series historical archive which includes all Aii exchange tradeable products from MiFID market start to the present day and associated contract attributes, market and vendor symbology used to easily identify past trades.
For easy integration, the archive data can be enriched with a customer’s symbology of choice, subject to third party licensing where applicable, for front, middle or back office systems. Timely access to accurate historical data will materially assist in future regulatory investigation cases and can be used in regular internal back testing to proactively remediate non-compliance by identifying and potentially reducing future liabilities arising from regulators’ fines.
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