MiFID II Compliance Solutions Guide

1 MiFID II COMPLIANCE
Do you have access
to the data and
solutions you need to
comply with MiFID II?
MiFID II
SOLUTIONS & SERVICES
INTRODUCTION
HOW THOMSON REUTERS
SUPPORTS YOUR MiFID II
OBLIGATIONS
Pre- & Post-Trade
Transparency
Trading Venues
SI Determination
APA & Publication Services
Reference Data
Transaction Reporting
& Record Keeping
Investor Protection
Best Execution
HFT & Structural Change
Research, Permissioning
& Unbundling
Regulatory Automation
& Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS MiFID II
CAPABILITIES & SOLUTIONS
THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE
AWARD-WINNING CONTENT
THOMSON REUTERS: THE
MAINLINE TO COMPLIANCE
ADVANTAGE
CONTACT US
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2 MiFID II COMPLIANCE2 MiFID II COMPLIANCE
The Markets in Financial Instruments Directive, MiFID II, will take effect on
3 January 2018. Speed and quality of data will determine the winners and
losers. MiFID II will command significant changes in business and operating
models, systems, the data you use and retain, your people, and your processes.
Your partners and the solutions you choose can give you an advantage.
Since the adoption of MiFID I in 2007 (and long before) Thomson Reuters
has been a market leader in providing expertise, guidance and solutions to
financial firms so they not only comply, but do so in a way that is streamlined,
efficient and integrated.
Thomson Reuters and our partners have the content, technology and
expertise to help you cross the line into the new world of MiFID II
compliance and beyond.
Visit mifidii.com for the latest news and information.
“MiFID II represents one of the most fundamental and
far reaching regulations that the industry is addressing.
Its effect is not just in the European Union, its ripples will
reach far out into the global financial industry, impacting all
financial organisations that deal with the European markets.”
John Mason, Head of Regulatory Content Propositions,
Thomson Reuters
INTRODUCTION
TO MiFID II
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INTRODUCTION
INTRODUCTION
HOW THOMSON REUTERS
OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
APA Publication Services
Reference Data
Record Keeping
Investor Protection
Best Execution
HFT Structural Change
Unbundling
Workflow Mapping
MiFID II TIMELINES
CAPABILITIES SOLUTIONS
THOMSON REUTERS
SOLUTIONS
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CONTENTS
4 HOW THOMSON REUTERS SUPPORTS YOUR MiFID II OBLIGATIONS
6 Pre- Post-Trade Transparency
8 Trading Venues
10 SI Determination
12 APA Publication Services
14 Reference Data
16 Transaction Reporting Record Keeping
18 Investor Protection
20 Best Execution
22 HFT Structural Change
24 Research, Permissioning Unbundling
26 Regulatory Automation Workflow Mapping
28 MiFID II TIMELINES
30 THOMSON REUTERS MiFID II CAPABILITIES SOLUTIONS
32 THOMSON REUTERS SOLUTIONS
34 THOMSON REUTERS PARTNER MARKETPLACE
36 AWARD-WINNING CONTENT
38 THOMSON REUTERS: THE MAINLINE TO COMPLIANCE ADVANTAGE
39 CONTACT US
MiFID II COMPLIANCE 3 PAGE 2 OF 2
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INTRODUCTION
INTRODUCTION
HOW THOMSON REUTERS
OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE
ADVANTAGE
CONTACT US
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To learn more
see page 26-27
To learn more
see page 24-25
To learn more
see page 22-23
To learn more
see page 20-21
To learn more
see page 18-19
To learn more
see page 16-17
TRANSACTION
REPORTING
RECORD
KEEPING
INVESTOR
PROTECTION
BEST
EXECUTION
HFT
STRUCTURAL
CHANGE
RESEARCH
PERMISSIONING
UNBUNDLING
REGULATORY
AUTOMATION
WORKFLOW
MAPPING
HOW THOMSON REUTERS SUPPORTS
YOUR MiFID II OBLIGATIONS
We provide access to financial
reference data, applications and
solutions to identify and report.
We provide solutions and
expertise to support your
MiFID II Investor Protection
requirements.
We and our partners enable
buy-side firms to track, control
access, and aggregate all
research and associated services
from the sell-side to help manage
budgets and meet research
unbundling requirements.
We enable sell-side firms
to measure and control the
dissemination of their research
so they can effectively monetize
their offering.
We provide state-of-the-art
best execution analytics, data
and applications to help you
prove best execution.
We provide best in class regulatory
change and mapping workflow
solutions to power risk radars.
We help you meet HFT
specific transaction reporting
requirements with access to
modular tools and industry-
leading reference data.
Thomson Reuters solutions:
- Thomson Reuters Eikon
- Thomson Reuters Intelligent Tagging
- Thomson Reuters Research
Management Console
- Thomson Reuters StarMine Monitor
- Thomson Reuters DataScope
- Thomson Reuters Elektron
- Thomson Reuters Enterprise Platform (TREP)
- BestX FX Analytics Platform
- Thomson Reuters Systematic Internaliser
(SI) Determination Platform
- Thomson Reuters Velocity Analytics
- Thomson ONE
- Thomson Reuters Lipper Fund Rankings
- Thomson Reuters Regulatory Change Management
- Thomson Reuters Regulatory Intelligence
- Thomson Reuters Starmine Analyst Rankings
- Thomson Reuters FXall
- Thomson Reuters FX Trading
- Thomson Reuters Regulatory
Change Management
- Thomson Reuters Regulatory Intelligence
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HOW THOMSON REUTERS
OBLIGATIONS
INTRODUCTION
HOW THOMSON REUTERS
OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
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5MiFID II COMPLIANCE
PRE-
POST-TRADE
TRANSPARENCY
To learn more
see page 6-7
To learn more
see page 8-9
To learn more
see page 14-15
To learn more
see page 10-11
To learn more
see page 12-13
TRADING
VENUES
APPROVED
PUBLICATION
ARRANGEMENTS
(APAS)
PUBLICATION
SERVICES
REFERENCE
DATA
SYSTEMATIC
INTERNALISER (SI)
DETERMINATION
THOMSON REUTERS IS UNIQUELY POSITIONED
TO ENABLE OUR CUSTOMERS TO FULFILL THEIR
OBLIGATIONS AND BE COMPETITIVE UNDER MiFID II
We are committed to bringing
transparency to the market
through pre- and post-trade
data sourced from SIs, Approved
Publication Arrangements and
trading venues.
We provide solutions to enable
organisations to determine if
they have breached Systematic
Internaliser (SI) thresholds.
We provide the ability to publish
pre- and post-trade data and
reports in near real-time via
an APA to support your trade
reporting requirements.
We provide the ability to trade
on FX compliant platforms
with suitable volume and
liquidity levels to meet your
FX trading requirements.
We provide access to aggregated
MiFID II risk, liquidity, volume,
additional pricing, and referential
content to support your analysis
and reporting.
- Thomson Reuters FX Trading
- Thomson ONE
- Thomson Reuters FXall
- Thomson Reuters Matching
- Thomson Reuters Regulatory Intelligence (TRRI)
- Thomson Reuters Trade Notification (TRTN)
- Tradeweb APA
- Thomson ONE
- Thomson Reuters Intelligent Tagging
- Thomson Reuters Research
Management Console
- Tradeweb APA
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HOW THOMSON REUTERS
OBLIGATIONS
INTRODUCTION
HOW THOMSON REUTERS
OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
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PRE- POST-TRADE
TRANSPARENCY
“One of the big data challenges posed by
MiFID II is how do I take advantage of what
transparency actually brings to us? How
can I gather all the market data, which
will be available in the market and bring
it together in a normalized way, and data
mine and really understand the market
value of certain instruments?”
David Bull, Head of Fixed Income Content
Management, Thomson Reuters
TRANSPARENCY
ON THE LINE
6 PAGE 1 OF 2
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Pre- Post-Trade
Transparency
INTRODUCTION
HOW THOMSON REUTERS
OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
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7 MiFID II COMPLIANCE 7
When trading through a recognized venue in a
transparency eligible product, the platform will
manage the necessary publication of quotes and
trades. However, when dealing directly with clients
or other firms, this responsibility potentially falls to
the liquidity provider to publish a quote, but to either
one or other of the counterparties when it comes
to publishing the details of the trade itself.
Visibility of other dealers’ quotes and trades, whether
from trading venues or OTC data provided via the
Approved Publication Arrangements (APAs), will
help with price discovery. Traders and sales desks
will need to build strategies for using this data to price
products, based on visible market activity and how the
competition will react to their firms’ own visible quotes.
Quotes can remain private in certain instances,
depending on the quote size. It adds a new strategic
dimension to both buy- and sell-side as you decide
when to select quote sizes above and below
transparency size thresholds. Managing requests
for quote (RFQ) and responses, balancing size,
timeliness of execution, choice of participants in
the process and risk of market impact will be new
competitive weapons.
In order to successfully navigate this new
environment, sales desks and traders will need to
have access to the broadest and most up-to-date
real-time market data. This needs to be available
on both the desktop and within their firms’ pricing
tools for streamed-pricing, quoting and price
benchmarking tools.
We are committed to bringing complete transparency
to the market through sourcing all pre-trade and post-
trade data. These will be sourced from Systematic
Internalisers (SIs), APAs, and trading venues.
We will bring them together via Thomson Reuters
Elektron Real Time feeds or displayed on the
Thomson Reuters Eikon desktop. These provide
you with the most comprehensive, aggregated views
on MiFID II compliant trade activity. The complete
market view in one location.
Thomson Reuters DataScope Select will also
provide access to key MiFID II related instrument
data, allowing the sales and trading desks to make
fully informed pricing decisions. This includes MiFID
II liquidity status and the various threshold size limits
that determine the transparency obligations of each
individual quote provided.
As with our MiFID I service, our instrument reference
data will be mirrored on the real-time feeds and Eikon
desktops, in line with client consumption needs.
Thomson Reuters offers fully transparent reference
data, enhanced transparency and brings a vast
body of data into line to help you achieve full
compliance with MiFID II market structure rules.
OUR SOLUTIONS
Thomson Reuters Elektron
Thomson Reuters Eikon
Thomson Reuters DataScope
Thomson Reuters Enterprise Platform (TREP)
For full solutions information see page 30-33
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Pre- Post-Trade
Transparency
INTRODUCTION
HOW THOMSON REUTERS
OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
SOLUTIONS
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TRADING
VENUES
“Under MiFID II we expect the trading landscape to change
significantly. We are going to see the introduction of new
trading venues, including MTFs, organised trading facilities
and the SI regime, and of course, there are the regulated
markets we have today.”
Chris Leonard-Appleton, Director, Regulation,
Thomson Reuters
8 MiFID II COMPLIANCE PAGE 1 OF 2
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Trading Venues
INTRODUCTION
HOW THOMSON REUTERS
OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
SOLUTIONS
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Under MiFID II Thomson Reuters will operate
FXall QuickTrade*, our independent electronic
foreign exchange trading platform, as a Multilateral
Trading Facility (MTF), along with Forwards
Matching which is operated as an MTF today.
As an MTF, Thomson Reuters is obligated to report
all trades made on the MTF publicly, we will publish
to the Tradeweb APA to meet this obligation.
Additionally, Thomson Reuters is building out new
reporting solutions for post-trade and transaction
reporting and developing new risk controls (pre-
and post-trade) to help our clients meet their
algo trading requirements. We are also upgrading
graphical user interfaces (GUI) and application
programming interfaces (API) to accommodate
new data fields, and providing new straight through
processing (STP) feeds to provide new data fields
to trade parties for their own reporting and record
keeping requirements.
With increasing regulatory and market conduct
requirements for FX professionals – including
banks, alternative market makers, asset managers,
hedge funds and corporates – access to trusted
solutions is more critical than ever to achieve and
maintain success.
More than 5,000 buy- and sell-side professional FX
market participants trust Thomson Reuters award-
winning transaction platforms to trade over
$350 billion in average daily volume.
Thomson Reuters, in partnership with the foreign
exchange analytics specialist BestX, will enable
buy-side participants using Thomson Reuters
FXall and FX Trading to streamline analysis of
transaction costs, helping them define, achieve
and demonstrate best execution. We will offer
seamless connectivity from the Thomson Reuters
FXall and FX Trading desktops to the independent
transaction cost analysis (TCA) service from our
partner BestX.
Thomson Reuters has the breadth of experience
and existing infrastructure necessary to support
the changing market place under MiFID II.
OUR SOLUTIONS
BestX FX Analytics Platform
Thomson Reuters FX Trading
Tradeweb APA
Thomson Reuters Matching
Thomson Reuters FXall
Thomson Reuters Trade Notification (TRTN)
Thomson ONE
Thomson Reuters Regulatory Intelligence (TRRI)
9
*FXall QuickTrade instrument coverage: forwards, swaps, NDFs, options and money markets.
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Trading Venues
INTRODUCTION
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OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
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SI DETERMINATION
Under the new MiFID II regulations, investment
firms are required to determine whether they trade
on a frequent, systematic and substantial basis
in order to identify whether they are a Systematic
Internaliser (SI) or not. These firms will make this
decision based on whether their activity exceeds
certain thresholds.
Investment firms can be confident whether they
will exceed these thresholds (and become an SI)
by leveraging the Thomson Reuters market
data network.
Firstly, investment firms can estimate the total
market size in near real time for both equity and
non-equity markets through Thomson Reuters
aggregated market data. Thomson Reuters is able
to collect the total number and volume of trades
in the EU from trading venues and Approved
Publication Arrangements (APAs). Instrument
definitions are aligned with the SI threshold criteria.
Secondly, Thomson Reuters will carry ‘official’ total
market size information published by regulators.
Thomson Reuters will distribute this data through
our existing channels, for example Thomson
Reuters DataScope Select, Thomson Reuters
Eikon and Thomson ONE desktops, and feeds.
The extension of the SI regime to non-
equities markets and the introduction
of quantitative thresholds have put this
obligation at the heart of many sell-side
firms MiFID II compliance programmes.
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SI Determination
INTRODUCTION
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OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
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Thirdly, Thomson Reuters Systematic Internaliser
Determination Platform dashboards have been
designed to help investment firms determine
whether they meet regulatory requirements for
trading as an SI. The display takes trading data
from that investment firm, cross-asset, and
compares this to total market size data to conduct
the frequent and systematic as well as substantial
tests. The SI Determination Platform dashboard
provides Traders and Compliance Offers with
insight into their current market participation
in line with MiFID II regulations.
Thomson Reuters enables investment firms not
only to comply with the systematic internaliser
regime, but to thrive in the new MiFID II world.
OUR SOLUTIONS
Thomson Reuters Systematic Internaliser (SI)
Determination Platform
Thomson Reuters Velocity Analytics
Thomson ONE
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SI Determination
INTRODUCTION
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OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
SOLUTIONS
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APA PUBLICATION
SERVICES
DIRECT APA ACCESS TO
ENSURE YOU’RE IN LINE
Consequently there is a need for organizations
to be able to publish that data in an efficient
and timely manner. Ideally this could be
done by utilizing an existing infrastructure
capability rather than require something new
and so Thomson Reuters has enhanced its
market leading Thomson Reuters Enterprise
Platform (TREP) to be able to capture the
necessary quote and trade data and publish
that data to the designated APA of choice.
MiFID II mandates that market players,
trading platform providers and related
parties must publish pre- and post-trade
data and report all applicable transactions
to regulators and APAs in accordance with
prescribed timelines.
MiFID II brings a whole new set of market
data publication requirements to both trading
venues and investment firms. MiFID I
pre- and post-trade publication requirements
started with all European equities listed on EU
regulated markets. As MiFID II transparency
requirements move into 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. Thomson Reuters is
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.
Due to the light that MiFID II shines onto previously unlit markets the
ability to publish pre- post-trade data via an Approved Publication
Arrangement (APA) is essential.
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INTRODUCTION
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OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
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13 MiFID II COMPLIANCE 13MiFID II COMPLIANCE
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.
MiFID II requires SIs to demonstrate clear transparency
for their own-account trading. This enables investors
to know that they benefit from execution that equals or
betters that available from public venues.
Thomson Reuters provides the key data infrastructure
and analytics to support transparency through our line
of unrivalled solutions.
OUR SOLUTIONS
Tradeweb APA
Thomson Reuters Research
Management Console
Thomson Reuters Intelligent Tagging
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Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
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REFERENCE DATA
MiFID II mandates that non-equity instruments move onto
exchange where suitable. Market participants will have a
complete overview of the entire non-equity trading lifecycle
and adopt suitable risk models to ensure they are mitigating
their risk exposure, and obtaining the best value across the
trading and investment cycle. A key ability to ensure this is
possible, is the aggregation of market and reference data.
In the new FICC environment under MiFID II, many of the
inter-dealer and dealer-to-client platforms will have to formalize
their status, either as a Multilateral Trading Facility (MTF)
or an Organized Trading Facility (OTF) and as such, will have
to publish trade data in a consistent manner.
Whilst these platforms are not essentially new, the availability,
type and volume of data will change and increase. A good
example of this will be the granularity of time-stamp data
against order and execution data. Trading venues can
include regulated markets, Multilateral Trading Facilities,
and Organized Trading Facilities.
Thomson Reuters is the largest aggregator of financial
data drawn from these venues.
“Reference data really forms the cornerstone of MiFID II data
reporting and a number of workflows and decisions that firms
will have to undertake. Accurate instrument reference data will
be required by trading venues and SIs to report through to the
regulators. Having inaccuracy on these financial instruments
may have impacts on the prices and actually understanding what
those instruments are on the trading platform.”
David Bull, Head of Fixed Income Content Management,
Thomson Reuters
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Reference Data
INTRODUCTION
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OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
THOMSON REUTERS
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Thomson Reuters has unrivalled expertise in normalizing data.
We use unique identifiers and apply an open message model
to manage and integrate multiple data sources. We then
distribute data via Thomson Reuters Elektron in real time,
Thomson Reuters DataScope for intraday and tick data
and Thomson Reuters Eikon for desktops and apps.
MiFID II increases the need for accurate and comprehensive
reference data. Firms need to know more about what
instruments are allowed to be traded; about the specific
products within those instruments; about the rules that
apply; and, finally, about the parties who may buy them.
Many buy-side firms require access to extensive reference
data on the instruments they trade, to determine what
needs to be reported and to generate the data points.
Thomson Reuters is the world’s largest provider of financial
reference data.
OUR SOLUTIONS
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Reference Data
INTRODUCTION
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Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
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Investor Protection
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Unbundling
Workflow Mapping
MiFID II TIMELINES
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Demand for better oversight of the financial markets has meant
that the scope of transaction reporting has increased, both in the
instruments that are covered and the amount of information required
in each report. The scope for reporting will now extend to any financial
instrument which has traded or been admitted to trading on a trading
venue (and not just the Regulated Markets as dictated by MiFID I);
which has had a request for admission to trade on a trading venue;
or which has an underlying instrument or basket/index of instruments
traded on a trading venue.
TRANSACTION REPORTING
RECORD KEEPING
“Reference data will help to drive reporting decisions and
workflows that will ultimately define whether firms are
successful in meeting their reporting obligations.”
David Bull, Head of Fixed Income Content Management,
Thomson Reuters
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Record Keeping
INTRODUCTION
HOW THOMSON REUTERS
OBLIGATIONS
Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
Best Execution
Unbundling
Workflow Mapping
MiFID II TIMELINES
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A pre-requisite of transaction reporting is record
keeping, bringing together a record of every order,
execution and transaction event.
To comply with MiFiD II reporting rules, many
buy-side firms will need access to extensive
reference data on the instruments they trade,
both to determine what needs to be reported
and to generate the data points.
Investment firms must report transactions in any
MiFID II financial instruments to their local regulator
or approved reporting mechanism (ARM) no later
than the close of the following working day.
Under MiFID II each individual transaction report can
contain up to 65 fields, including new flags, detailing
particular trade types in certain instruments; specific
details of participants, including the Legal Entity
Identifier (LEI code) of counterparties, funds and
individual accounts; and, raising privacy concerns,
significant additional personal details (National ID/
passport numbers) of the individual persons involved
in both the investment and execution decision.
Thomson Reuters provides indicators to
identify which instruments require transaction
reporting. Thomson Reuters DataScope Select
continues to be the primary service for instrument
reference and pricing data, much of this information
will also be included within Thomson Reuters
Elektron Real Time data feeds and available
in Thomson Reuters Eikon.
Thomson Reuters also provides a transactional store
using Thomson Reuters Velocity Analytics,
and, from this stage, also the data required for
transaction analysis.
In addition, using standard or custom analytics,
combined with Thomson Reuters Elektron Real
Time or Tick History data, you can provide benchmark
analytics for proving other typical business analytics,
such as RFQ hit rates.
Thomson Reuters is the world’s number one
provider of financial reference data and well
positioned to help you easily access and integrate
these regulatory data points.
OUR SOLUTIONS
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Pre- Post-Trade
Transparency
Trading Venues
SI Determination
Reference Data
Record Keeping
Investor Protection
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MiFID II TIMELINES
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INVESTOR
PROTECTION
Under MiFID II, financial institutions must act in
the best interest of their client, and it is therefore
paramount for firms to have a deep understanding
of who is distributing the financial products
they manufacture.
MiFID II requires that firms improve attention
paid to product design, provide complete and
clear information about investments, suitability
assessment of products recommended to clients,
protect investor assets and fair and efficient
treatment of investor complaints. This means
that clients would require product suitability
classifications to differentiate between complex
and non-complex products and MiFID II asset
classification data to comply with product design
and suitability assessment.
Thomson Reuters DataScope Select, our pricing
and reference data service, will be updated
with new fields. These will identify which new
instruments and products fall under the scope
of MiFID II, their classification using industry
standards such as Classification of Financial
Instrument (CFI) Codes, as well as indicators that
provide information about product complexity
and any MiFIR venue trading mandates and EMIR
clearing mandates as they come into force.
Where bundled investment products are sold to
investors, there needs to be clear transparency as
to how products are made up. Firms need to ensure
that bundled products are appropriate and must
also disclose whether investors could obtain better
prices for individual products if they were sold
separately. Costs, fees and commissions and any
non-monetary benefits paid to intermediaries must
also be itemized and declared.
Under MiFID II, financial institutions must act in the best interests
of their clients. Firms must have a deep understanding of who is distributing
the financial products they manufacture. This underlines the responsibilities
of buy-side and sell-side firms.
COMMITTED TO
INVESTOR PROTECTION
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Firms must declare if the investment advice
that they give is independent. And whether
it is based on a sufficiently wide view of
the market as a whole or a restricted one.
Furthermore, firms must acknowledge if the
products they advise on are developed by
entities that are related to them.
In addition to this, Thomson Reuters
Regulatory Change Management workflow
solutions enable firms to stay abreast of new
regulatory moves. We enable you to adopt a
robust regulatory change framework because
MiFID II is likely to herald further investor
protection initiatives.
Thomson Reuters has the solutions and
expertise to help you be in line with MiFID II
investor protection requirements.
OUR SOLUTIONS
Thomson Reuters Regulatory
Change Management
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Thomson ONE
Thomson Reuters Lipper Fund Rankings
Thomson Reuters StarMine
Analyst Rankings
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BEST EXECUTION
The ability to prove best execution quality will
draw a line between those providers who can
deliver competitive service and those who
cannot... Data, analytics and technology are the
keys... Thomson Reuters can show you the way.
ALIGNING YOUR ORGANIZATION
TO BEST EXECUTION
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21
MiFID II extends the requirements of best
execution across all asset classes whilst at the
same time establishing a greater number of
venues to aggregate. Thomson Reuters is
uniquely positioned to address both elements
of this equation by being the market leader in
aggregated data as well as providing a best
execution solution, Thomson Reuters Velocity
Analytics. With its ability to absorb both real-time,
reference, tick-history and client data, Velocity
Analytics enables organisations to address the
three fundamentals of best execution, reporting,
monitoring and controlling.
MiFID II requires execution venues as well as
market makers and SIs to publish execution reports
as stipulated by the Regulatory Technical Standard
(RTS) 27. In addition, buy-side Investment Firms
must also publish execution reports under the RTS
28 standard. Thomson Reuters Velocity Analytics
supports the production of both of these reports.
Additional monitoring capability across the
extended asset classes is also supported, bringing
traditional equities Transaction Cost Analysis (TCA)
to a new set of instruments.
Thomson Reuters Velocity Analytics also allows
companies to apply the necessary controls such
as policy effectiveness, calibration and case
management ensuring their best execution policies
are adhered to and remain effective.
Are you ready to be a leader in offering
compliant, best execution products and services
in this new world?
Thomson Reuters can show you the way.
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HFT STRUCTURAL
CHANGE
For high frequency traders, meeting
MiFID II’s tough demands on transaction
reporting will be a necessity from January
2018. Uniquely, our modular tools mean
that HFT trading organizations can shape
their trading platforms to meet their
specific requirements.
MEETING MiFID II’S
TOUGH DEMANDS
ON HFT
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23 MiFID II COMPLIANCE 23MiFID II COMPLIANCE
MiFID II introduces a new regulatory regime for firms
that engage in algorithmic and/or high frequency
trading (HFT). In general, under MiFID II, firms
carrying out algorithmic trading (including HFT)
and trading venues allowing or enabling algorithmic
trading will have to have in place specific effective
systems, procedures and arrangements to ensure
resilience and capacity. This includes testing and
monitoring, as well as business continuity plans
and mechanisms to control trading.
Tick History delivers unmanipulated global trade
and order book quote messages, microsecond
time-stamped data back to 1996. These cover
more than 45 million global, cross-asset OTC and
exchange-traded instruments worldwide. Tick History
enables market makers and prop trading firms
who algorithmically quote and trade, to accurately
reconstruct the order book and replay the market.
These can be applied for the purposes of
back-testing algos and stress testing against volatile
or fast market conditions, both pre-deployment
(conformance testing) and post-deployment, as part
of required annual validation requirements.
MiFID II defines a high-frequency trader as one
sending at least two messages per second, for
a single instrument on any trading venue, or at
least four messages per second in respect to all
instruments being traded on a venue. This goes
further than any previous regulation and more firms
will need to register their HFT activities.
Compliance will mean storing detailed time series
records of algorithmic trade history for at least five
years. These records must include all fields outlined
in Annex III of regulatory technical standard (RTS) 6.
That is, 28 fields for each decision to buy or sell and
35 fields for each outgoing and executed order.
That’s a lot of information and high quality data
access, storage and retrieval are vital to achieving
the required level of MiFID II compliance.
Thomson Reuters offers the ability to back-test
trading algorithms in a pre- and post-trade testing
environment. We provide unparalleled access
to global historical tick data. This is recorded from
Thomson Reuters real-time feeds covering both OTC
and exchange traded instruments, across more than
500 trading venues as well as third party contributed
data. Thomson Reuters DataScope Select will carry
all relevant flags and reference data for meeting
the requirements of RTS 6.
For HFT traders, meeting MiFID II’s tough
requirements on transaction reporting will be a
necessity from January 2018. Uniquely, our modular
tools and industry-leading reference data mean that
HFT trading organizations can shape their trading
platforms to meet their specific requirements.
Partnering with Thomson Reuters opens the way
to meeting these requirements and continuing
to stay competitive in the MiFID II environment.
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RESEARCH,
PERMISSIONING
UNBUNDLING
BUY-SIDE
OBTAIN THE BEST
QUALITY RESEARCH
EFFICIENTLY
Choice in research is almost unlimited, but quality
and price vary greatly. As the largest aggregator
of real-time research in the world, we serve up a
comprehensive listing of research and enable you
to easily request the entitlements required to view
the best research to meet your needs. With our
partners, Thomson Reuters can provide you with
an aggregated view of all sell-side touchpoints
(research, analyst calls, corporate access events,
etc.), and a MiFID II compliant resource tracking
and broker vote solution.
Thomson Reuters Eikon provides an unbiased sell-
side analyst performance evaluation focusing on
analyst accuracy as well as relative analyst ranking
by security and sector. Part of our proprietary
Thomson Reuters StarMine investment analytics,
our analyst score card and rankings help you make
or justify broker selection decisions.
MAXIMIZE THE USE
AND EFFECTIVENESS OF
IN-HOUSE RESEARCH
Knowing how research is used within your
organization can help you measure its value and
relevance, and aid in discussions with sell-side
firms. Thomson Reuters enables you to track usage
by enterprise, departments or individual buy-side
analyst. You can also use the Thomson Reuters
Eikon platform to host your own proprietary
research. This can help you gain an understanding
of the strengths of your internal research — and
know where your firm relies on outside perspective.
You can also learn how each professional or team
uses information, where it comes from and what
the cost is.
OUR SOLUTIONS
Thomson Reuters StarMine
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Value, Measure and Monetize Research
The first step in monetizing your research is
ensuring that buy-side consumers are able
to find it.
To help you assess the usability, competitive quality
and improve the monetization of your research, we
offer StarMine Monitor. This application enables
you to assess the relative, unbiased performance of
your analysts across industries, sectors and overall
coverage universes. It evaluates the profitability of
buy/sell/hold recommendations and the accuracy
of earnings estimates so Directors of Research
can review overall strengths and weaknesses of
their analysts. We also provide full usage reporting
including details of all research consumed by your
buy-side customers.
We also help sell-side firms to control and manage
administration and distribution of research.
The Thomson Reuters Research Management
Console is an easy-to-use platform that enables
you to control and track requests for access and
entitlements in a customizable and granular
fashion. ‘Link back’ capabilities to your research
portal are available through Thomson Reuters
Eikon and APIs, to add an additional level of
authentication and allow for a more dynamic
presentation of your research. We can help you
make your research more discoverable using
Thomson Reuters Intelligent Tagging software
that adds a unique identifier, enabling enhanced
search and discoverability via a research portal. In
addition, for those wanting to enrich the customer
experience, we can host your own research portal,
and also provide custom design via our partners.
Thomson Reuters has the solutions and expertise
to help you be in line with MiFID II requirements.
OUR SOLUTIONS
Thomson Reuters StarMine Monitor
Thomson Reuters Research
Management Console
Our solutions help control access and permissions, and offer research readership
reporting providing transparency into what is actually being viewed and what
customers find most valuable. All of which can help build more accurate research
pricing models and billing schemes.
SELL-SIDE
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REGULATORY
AUTOMATION
WORKFLOW MAPPING
MiFID II aims to provide a more efficient, resilient
and transparent way for financial markets to
operate. Understanding the impact of MiFID II on
your organization and how to prepare to meet your
regulatory requirements is essential. Thomson
Reuters Regulatory Change Management is
a powerful workflow solution that enables your
organization to manage a high volume of regulatory
developments with a streamlined and automated
process. We support you in taking the appropriate
steps for your business to ensure that you change
the required processes and procedures in light
of the regulatory changes brought by MiFID II.
Enhanced content integration and mapping
capabilities connect the regulatory change
LEVERAGING OUR REGULATORY CONTENT
INTO MiFID II COMPLIANCE WORKFLOWS
Under MiFID II, financial institutions
must act in the best interests of their
clients. Firms must have a deep
understanding of who is distributing the
financial products they manufacture.
This underlines the responsibilities
of buy-side and sell-side firms.
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management process to your organizational
structure. Your compliance teams can
incorporate insight and content from Thomson
Reuters Regulatory Intelligence, which offers
comprehensive coverage from over 750 regulators
globally. This can be used to map relevant policies
to rule changes around MiFID II and evaluate their
effect on your business. The solution can also
integrate regulatory content into your compliance
workflow processes from third parties.
As authorities outline the regulations they will
require, Thomson Reuters can alert you to the
changes you need to make. Our fully equipped
compliance dashboard can provide industry insight
on MiFID II from subject matter experts, track
new and updated regulatory changes around
MiFID II, and map relevant rules and regulatory
requirements across your entire enterprise.
Our flexible rating system lets you plot regulatory
change by risk level, keep oversight of key due
dates, identify controls relevant to the regulation
and issue action plans and allocate ownership to
proactively notify business owners of any regulatory
change updates.
Let Thomson Reuters guide you to MiFID II
regulatory compliance.
OUR SOLUTIONS
Thomson Reuters Regulatory
Change Management
Thomson Reuters Regulatory Intelligence
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MiFID II TIMELINES
The timeline for MiFID II compliance is now clear but time
is passing. There is so much work to do before January 2018
that it is important to act now to ensure your business and
operations will be MiFID II ready in time. Once you have the right
solutions and services in place, the challenging workload that
MiFID II requires will be easier to get to grips with.
2014 2015
SEP 2015
ESMA publishes
the RTS and
submits these to
the Commission
DEC 2015
ESMA publishes
the ITS and
submits these to
the Commission
MAY 2014
ESMA published
a Discussion Paper
and a Consultation
Paper to gather
industry’s initial
views
JUN 2015
ESMA published
and sent to the
commission
its first set
of Technical
Standards
DEC 2014
ESMA published
its Technical Advice
to the Commission
and a key
Consultation Paper
on draft RTS / ITS
JUN 2014
MiFID II / MiFIR
published in the
Official Journal
MAY 2014
Council approves
MiFID II / MiFIR
2016
Operationalizing MiFID I
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2016
Operationalizing MiFID II
2017
Implementing MiFID II
2018
JUL 2017
MiFID II must be
transposed into
national law of
Members States
JAN 2018
MiFID II / MiFIR
comes into effect
MAY 2016
Council and Parliament agree
with the proposal from the
EC to delay the application of
MiFID II to 3 Jan 2018 and the
deadline for implementation in
national laws to 3 July 2017
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KEY MiFID II
CAPABILITIES:
Real Non Real
Time Market
Liquidity, Volume
Pricing Data:
MiFID II Identifiers
Referential Content:
Approved
Publication
Arrangements
(APAs):
Foreign Exchange
Trading Solutions:
Best Execution
Analytics
Suitability Services:
Systematic
Internaliser (SI)
Determination:
THOMSON REUTERS
MiFID II COMPLIANT
PROPOSITIONS:
- Thomson Reuters
Elektron
- Thomson Reuters
DataScope
- Thomson Reuters
Enterprise Platform
(TREP)
- Thomson Reuters
DataScope
- Thomson Reuters
Enterprise Platform
(TREP)
- Tradeweb APA
-Thomson Reuters MTF
-Thomson Reuters FXall
-Thomson Reuters
Matching
- Thomson Reuters
Trade Notification
(TRTN)
- BestX FX Analytics
Platform
- Thomson Reuters
Velocity Analytics
- BestX FX Analytics
Platform
- Thomson Reuters
Systematic
Internaliser (SI)
Determination
Platform
Pre- Post-Trade
Transparency
Trading Venues
Systematic
Internaliser (SI)
Determination
Approved
Publication
Arrangements
(APAs)
Publication
Services
Reference Data
Transaction
Reporting
Record Keeping
Investor
Protection
Best Execution
HFT Structural
Change
Research
Permissioning
and Unbundling
Regulatory
Automation
Workflow
Mapping
MiFIDIISERVICEREQUIREMENTS:
THOMSON REUTERS
MiFID II CAPABILITIES SOLUTIONS
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PROPOSITIONS vs CHALLENGES
Research Permissioning
Unbundling:
Tick History
(Date Time Stamp):
Regulatory Change
Workflow Mapping
Services:
Market Analysis
Desktop Services:
Ratings Ranking Data
and Benchmarks:
Partner Workflow
Connectivity Services:
- Thomson Reuters
Research Management
Console
- Thomson Reuters
Intelligent Tagging
- Thomson Reuters
Elektron
- Thomson Reuters
DataScope
- Thomson Reuters
Regulatory Change
Management (TRRCM)
- Thomson Reuters
Regulatory Intelligence
(TRRI)
- Thomson ONE
- Thomson Reuters
Regulatory Intelligence
(TRRI)
- Thomson Reuters
Lipper Fund Rankings
- Thomson Reuters
StarMine Analyst
Rankings
- Thomson Reuters
StarMine Monitor
- Thomson Reuters
Partner Marketplace
Thomson Reuters customers are uniquely positioned
to benefit from our MiFID II solutions enabling them
to meet their MiFID II objectives.
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Our partnership with FX analytics specialists BestX
offering seamless connectivity to the independent
total cost analysis (TCA) service from BestX from the
Thomson Reuters FXall and FX Trading desktops.
Thomson ONE
Integrated access to information, analytics and tools
delivered within workspaces designed specifically for
each target customer’s workflow.
Tradeweb APA
Global electronic multi-dealer-to-customer marketplace
for trading fixed income, derivatives and money market
products which connects major investment banks with
institutional customers. Thomson Reuters partnership
with Tradeweb allows market participants to access
a fully compliant APA service.
Data delivery platform for non-streaming cross-asset
class content globally; supports the management of
financial risk, including such instruments as peer-to-
peer or marketplace loans.
Our flagship desktop platform providing pre-trade
decision-making tools, news, real-time pricing, charting,
analytics, portfolio tools, trading connectivity and
collaboration tools.
Flexible, high performance, cross asset data and trading
infrastructure that includes low latency real-time data
feeds, non real-time data, analytics and transactional
connectivity. Services can be offered in a range of
deployment models.
Scalable and robust technology platform that enable
financial institutions to control real-time information flows.
Bank-to-client trading and workflow solutions to over
1,700 institutions worldwide including asset managers,
banks, broker-dealers, corporates and hedge funds with
liquidity from over 160 leading market makers.
FX Trading is our next generation desktop platform
that delivers our entire foreign exchange offering and
provides a single point of access to liquidity in hundreds
of currency pairs from the Thomson Reuters Matching,
Dealing and FXall platforms.
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Thomson Reuters Intelligent Tagging, processes internal
research and co-mingles valuable in-house insights
with external research and multiple additional sources
of unstructured data.
Thomson Reuters Lipper Fund Rankings
Thomson Reuters Lipper Rankings are award winning
fund ratings that are available to the market.
Thomson Reuters Matching
Thomson Reuters Matching is an anonymous central
limit order book spot, forward and NDF trading for the
interbank FX community in over 80 currency pairs and
with over 1,100 subscribers.
Thomson Reuters Regulatory Intelligence (TRRI)
Compliance Management
A suite of information and software products with
global coverage of over 500 regulatory bodies, over 950
rulebooks, and exclusive news and analysis from global
regulatory compliance experts and journalists.
Thomson Reuters Regulatory Intelligence is a single
solution providing content and technology to help
navigate global regulatory compliance.
Thomson Reuters Regulatory Change Management
provides coverage of legislative and regulatory
content from over 750 global regulators and mapping
capabilities. Thomson Reuters Research Management
Console application or API enables you to value, measure
and monetize research within your organization.
Thomson Reuters StarMine Analyst Rankings
Thomson Reuters StarMine Analyst Rankings
are essential when benchmarking which analysts
are performing best.
Thomson Reuters StarMine Monitor
Thomson Reuters StarMine Monitor offers the
most proven, fair, and rigorous tools to objectively
measure the performance of your research team.
StarMine evaluates the profitability of buy/sell/hold
recommendations and the accuracy of
earnings estimates.
Thomson Reuters Systematic Internaliser
A best of breed systematic internaliser (SI) determination
platform that allows our customer to be MiFID II compliant.
Thomson Reuters Trade Notification (TRTN)
The premier global messaging hub where banks,
brokers and their clients come together to exchange
trade notifications on a neutral and independent
platform with more than 2,500 publishers and receivers,
sharing millions of messages every month.
Our cross asset best execution reporting and monitoring
solution which consumes Tick History data and is
powered by Kx analytical software.
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THOMSON REUTERS
PARTNER MARKETPLACE
Our valuable Partner ecosystem enables you
to get more from working with Thomson Reuters
to solve your MiFID II challenges, further
streamlining your operations.
Our partners provide a wealth of platforms, data,
consulting and other services that augment our
content and technology and extend its capabilities.
We are closely collaborating with our partners to
develop MiFID II specific content and capabilities.
Whether working with the more than 500 venues
in our network or developing greater connectivity
with a wide range of front-, middle-, and back-office
providers, we will ensure you seamlessly have access
to integrated solutions tailored to your needs.
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AWARD-WINNING
CONTENT
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Global Finance World’s Best FX Providers
Best Independent Online FX Trading System
Best Liquidity Provider Innovator in FX
January 2016
Wall Street Letter
Institutional Trading Awards
Best Trading Technology
February 2016
CTA Intelligence US Services Awards
Best Data and Information Provider
February 2016
Corporate Treasurer Awards 2015
Best Technology Platform
Best Trading Platform
Best Treasury Finance Strategies
March 2016
Technical Analyst Awards
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39 MiFID II COMPLIANCE 39
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