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Bloomberg Receives FCA Approval For MIFID II MDP Testing

July 17, 2017

Bloomberg Data Reporting Services Limited (BDRSL) has received approval from the UK Financial Conduct Authority (FCA) to start testing its MiFID II Approved Reporting Mechanism (ARM) for transaction reporting and its Approved Publication Arrangement (APA) for trade reporting with the FCA’s Market Data Processor system (MDP).

The connection to the MDP will allow the transmission of transaction reports and transparency calculation data to the FCA when MiFID II applies on 3 January 2018. Bloomberg currently operates an ARM under MiFID and is expecting to receive authorisation from the FCA to operate a MiFID II-compliant ARM and APA later in 2017.

Alejandro Perez, Global Head of Post-Trade Solutions at Bloomberg, said: “MiFID II requires more trades and data to be reported across a wide range of asset classes and within very short timeframes. As a provider of ARM services since December 2014, Bloomberg is very well placed to support market participants with these requirements. With this approval, we have taken one more step towards providing firms with the necessary reporting capabilities, and a fully-integrated suite of MiFID II solutions across all their needs and workflows.”

To make regulatory reporting simpler and minimise data reconciliation issues, Bloomberg offers clients the ability to report transactions in all asset classes via one feed directly through Bloomberg’s Regulatory Hub (RHUB). RHUB is a full service platform for regulatory reporting-related requirements connecting to the Bloomberg ARM and APA[1]. RHUB not only helps enrich and validate data to be reported for Bloomberg’s clients, it also helps maintain data consistency throughout the post-trade reporting process by making the same data that is generated in real-time and reported to regulators available for best execution analysis, trade reconciliation and record-keeping.

Fully integrated with all Bloomberg services, RHUB will accept client data from multiple venues through a standard single point of entry for the Bloomberg MiFID II workflow solutions which include:

  • Entity Exchange, a KYC solution for onboarding clients and repapering
  • Research Management Solutions (RMS) to create, consume and share research
  • Order management systems supporting the new MiFID II workflow
  • Bloomberg’s MTF for execution
  • BTCA, a transaction cost analysis solution for best execution and trade surveillance
  • BVault, a surveillance, trade reconstruction and record-keeping solution
  • MiFID II market and reference data on the Terminal and via data feeds

[1] BDRSL’s APA and ARM services are pending FCA regulatory authorisation.

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