Markets in Financial Instruments Directive II (MiFID II) is set to considerably expand the scope of reporting requirements, imposing new obligations on investment firms, particularly in the areas of trade and transaction reporting, best execution, and commission management. Obliging firms are required to report on nearly all instruments traded on regulated markets, Multilateral Trading Facilities (MTFs), Organised Trading Facilities (OTF) and financial instruments whose underlying component is admitted to trading on such venues.
An important challenge faced by the financial services organization is that the source data required for generating the regulatory reports is scattered across many different systems, business units and even regional locations. DataTracks MiFID II reporting solution is designed to integrate relevant data from multiple sources and consolidate into a single view for regulatory reporting.
1. Simple manual entry
2. Automated mapping of data from source files directly to a relevant cell, ensuring consistency
3. Direct import and export of templates using spreadsheets.
DataTracks MiFID II Solution enables reviewing, commenting and moderating files concurrently and with ease. Our spreadsheet-like interface is designed for easy navigation and control for quick execution. You don’t have to be an XML expert. Our automated conversion process limits manual intervention saving you time and effort.
The MiFID II validation engine performs complex calculations as per the level 2 validation of ESMA through aggregation of various data sources in the least possible time with utmost accuracy. XML versions 1.1 & 1.2 cater to fund houses marketing their funds in all EU nations.
DataTracks MiFID II solution implements robust version control and audit trail mechanisms. Version Control feature allows users to compare changes and filings in prior period for data consistency. Cell by cell audit trail is maintained for every user. Information about any changes to a cell and about the user responsible for making the changes can be retrieved. Cell by cell audit trail is maintained for every user. Information about any changes to a cell and about the user responsible for making the changes can be retrieved.
DataTracks MiFID II reporting solution is hosted on a private cloud with no associated hardware or maintenance costs. Roles-based security model enables the administrator to determine which users have access to different groups of information within the application. The solution is provisioned for automatic scaling and disaster recovery.
Regulations and taxonomies change frequently, either as scheduled evolutions or as dictated by the requirements of the regulator. Aware of this fact, DataTracks MiFID II solution has been designed to be agile and adaptable, responding to regulatory changes quickly, thus future-proofing the solution for tomorrow. For our clients this translates into better efficiency and reduced total cost of ownership.