Bloomberg Data Reporting Services Limited (BDRSL) has secured authorisation, effective 3 January 2018, from the UK Financial Conduct Authority (FCA) for its Approved Publication Arrangement (APA).
Under MiFID II, investment firms trading OTC, including systematic internalisers, are required to make public through an APA certain transaction information. As a component of Bloomberg’s pre-integrated MiFID II solution, Bloomberg’s APA will allow the seamless publication of required trade details when MiFID II goes into force.
“APA authorisation is a critical component of our regulatory reporting service that not only enables our clients to meet trade transparency reporting requirements, but also transaction reporting, best execution and trade archiving requirements through our fully integrated regulatory hub,” says Ben Macdonald (pictured), Bloomberg’s Global Head of Enterprise Products.
The FCA authorisation adds an APA for MiFID II pre- and post -trade reporting under the new regulatory regime to Bloomberg’s existing reporting solutions: FINRA Trade Reporting and Compliance Engine (TRACE), Bloomberg Swaps Data Repository (BSDR) for Dodd Frank reporting, and Bloomberg Trade Repository (BTRL) for EMIR reporting. Contingent on regulatory approval, Bloomberg will extend its ARM reporting capabilities under MiFID I to MiFID II transaction reporting.
Alejandro Perez, Global Head of Post-Trade Solutions at Bloomberg, adds: “We are pleased to receive authorisation from the FCA. We have already begun testing our end-to-end workflow with the APA. With this approval we are ready to help clients satisfy their public reporting requirements from pre-trade onwards, along with the other MiFID II mandates addressed by our comprehensive suite of solutions.”
Bloomberg currently operates an ARM for transaction reporting under MiFID I and expects to receive authorisation from the FCA in due course to operate a MiFID II-compliant ARM.