NEX Optimisation Goes through Network Upgrade for Consistency Ahead of MIFID II


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The upgrade will enhance openness steps surrounding Traiana’s Harmony messaging network.

The steady push to January 2018 continues and with it places are working to support their services to be certified with MiFID II. NEX Optimisation has actually revealed its most current improvement requiring its messaging services, which now has actually extended to Traiana’s Harmony network.

Traiana’s Harmony network assists provide a vast array of international market connection, processing trades from both buy- and sell-side individuals in the forex, equities, and exchange-traded derivatives area. Ahead of the January 3 execution of MiFID II, NEX updated the network facilities to allow individuals to exchange extra details.

Dealing with regulative commitments
The enhanced circulation of details and following openness of reporting lots of post-trade components are locations of focus under MiFID II. The upgrade from NEX will likewise make the Harmony network completely certified under the brand-new regulative program.

More particularly, this will involve assistance for crucial information aspects related to openness, consisting of deal reporting, location execution, instrument and entity identifiers, timestamps, non-prescription (OTC) post-trade signs, and unbundling of research and execution costs.

NEX’s upgrade to the Harmony network the conclusion of a prolonged assessment and current evaluation of the brand-new policies from a huge selection of financial investment companies and market working groups. Certainly, MiFID II has actually loomed big for most groups for over a year, with such efforts and services being at a premium with less than 6 months up until its passage.

Ahead of the game?
The upgrade likewise assists resolve any commitments for the Harmony network well ahead of any due dates. Numerous other places have actually not been as fast to reconcile their requisite compliance needs, triggering the UK’s Financial Conduct Authority (FCA) to prompt companies to get ready for the brand-new guidelines without hold-up. In late June, a report revealed that upwards of 90 percent of buy-side companies were at threat of missing out on the MiFID II due date.

Such advancements contribute to Traiana’s Harmony network, provided the need for multi-lateral trade cleaning, deal reporting, and other commitments required by MiFID II. The most recent improvements to its network likewise are simply among numerous upgrades impacting its facilities, offered a groundswell of regulative responsibilities supporting USIs and UTIs for CFTC and EMIR regulative reporting.

Steve French, Head of Connectivity and Messaging, NEX Optimisation, commented: “It’s clear from the level of interest and involvement from existing customers that the Harmony network is essential to assisting companies please a variety of their regulative requirements. NEX Optimisation is at the leading edge of offering services to support MiFID II compliance.”

The most recent upgrade caps off a hectic two-month stretch for NEX, which has actually currently resolved its FX options suite and abilities. This consisted of the rollout of a brand-new automated settlement service for OTC FX and a credit rebalancer tool last month.