APA MiFID II
At Refinitiv, we provide direct approved publication arrangement (APA) access, providing you a comprehensive view of MiFID II data along with the ability to publish your pre- and post-trade data, to support your trading reporting requirements.
What's the challenge?
With MiFID II in place, market players, trading platform providers, and related parties must publish pre- and post-trade data, and report all applicable transactions to regulators and APAs. This will need to be done within prescribed timelines.
MiFID II brings a whole new set of market data publication requirements to both trading venues and investment firms.
With transparency requirements now in the OTC space, there is a huge increase in instrument coverage, both in number and asset type. Inevitably, the challenges are around what needs to be published, when, and by whom. With such a profound change to the amount of data available to the market, there are bound to be impacts.
To successfully navigate this new environment, sales desks, and traders will need access to both up-to-date, real-time market data and comprehensive instrument reference data.
How we help
How can Refinitiv help?
Utilize existing infrastructure capabilities
Ideally, the publication of pre- and post-trade data could be done by utilizing an existing infrastructure capability. To this effect, we have enhanced our market leading Real-Time Distribution System so that it captures the necessary quote and trade data, and publishes these to the designated APA of choice.
Moreover, we are committed to bringing together as many of the new data sources as practical, whether new systematic internaliser (SI) quotes, OTC quotes and trade reports from APAs, new trading venues, or just new transparency data from existing markets.
Publish appropriate quotes and trades
We will also provide access to a pre- and post-trade publication service for bonds, structured finance products, derivatives, and emission allowances. The APA (in partnership with Tradeweb) will be designed to ease publication by incorporating deferral and waiver rules into the platform. This will ensure only appropriate quotes and trades are published at the right time.
Because MiFID II requires SIs to demonstrate clear transparency for their own-account trading – to enable investors to know that they benefit from execution that equals or betters that available from public venues – we provide the key data infrastructure and analytics to support transparency through our line of unrivalled solutions.
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