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Post-trade

Transaction reporting
Trades on all financial instruments will need to be reported to the National Competent Authority (NCA) to their market abuse and surveillance functions. Reports require 65 fields of economic terms and static data.

To help firms comply with their regulatory reporting-related obligations, Bloomberg Regulatory Hub (RHUB) offers a full service platform that connects to the Bloomberg APA and Approved Reporting Mechanism (ARM) (both subject to regulatory approval being granted) for transparency and transaction reporting. Bloomberg currently operates an ARM under MiFID I.

Best execution
Market participants must take all sufficient steps to ensure and demonstrate best execution for their clients. Trading venues and Systematic Internalisers will be required to periodically publish reports relating to the quality of execution for individual financial instruments. Bloomberg has expanded the Transaction Cost Analysis (BTCA) service to assist participants in demonstrating best execution.

Record keeping, trade reconstruction and surveillance
Records must be kept of all services, activities and transactions undertaken by investment firms for a minimum of five years in a readily available manner that cannot be modified or deleted. Records include all email, instant messaging, telephone conversations and documents even if they do not lead to transactions.

In addition to the responsibilities under the Market Abuse Regulation of 2016 firms will be required to increase monitoring and surveillance of market activity for prohibited or restricted financial instruments.

Bloomberg Vault is being expanded to assist clients in meeting their record keeping, trade reconstruction and surveillance regulatory requirements.

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