TORA, provider of a cloud-based order and execution management system (OEMS), has expanded its support for MiFID II transaction and trade reporting by integrating its trading system with NEX Regulatory Reporting.
In a bid to improve transparency, MiFID II requires asset managers to submit transaction reports, including order size, timestamps, asset type and venue to an Approved Reporting Mechanism (ARM) on T+1 for onward reporting to local regulators. MIFID II firms are also required to send trade reports including prices, volumes and instrument identifies to an Approved Publication Arrangement (APA).
By integrating the TORA OEMS with NEX Regulatory Reporting, which is an approved ARM and APA, TORA clients will enjoy a straight-through-processing solution that reduces the operational demands of the regulation.
Commenting on the partnership, Chris Jenkins, Managing Director of TORA, said: “We are excited to add NEX Regulatory Reporting to the growing list of partners we work with to provide our clients with a comprehensive MiFID II solution. Developments like this one, combined with the AI-powered pre-trade metric enhancements that we‘ve added to address MiFID II’s best execution requirements, we are giving our clients an important advantage under this regulatory regime.”
Joanna Davies, Head of NEX Regulatory Reporting, commented, “We’re looking forward to working with TORA to provide its buy-side clients with a future-proof MiFID II reporting solution that is built on agile technology and backed by specialist consultancy and support.”