LONDON – September 18, 2018 – TORA, provider of the industry’s most advanced cloud-based order and execution management system (OEMS), announced today that it 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.”
TORA is the leading global provider of advanced investment management technologies supporting the full trading lifecycle. With a full suite of cloud-based SaaS-delivered execution, analytics and compliance tools, as well as order, portfolio and risk management capabilities and a global FIX network, TORA’s products are utilized by hundreds of the industry’s leading hedge funds, asset managers, proprietary trading firms and sell-side trading desks globally. With headquarters in San Francisco, TORA has over 250 employees across offices in Hong Kong, Jersey, New York, Romania, Singapore, Sydney and Tokyo. More information is available at www.stage.toratrading.tw.
About NEX Regulatory Reporting
NEX Regulatory Reporting operates within NEX Optimisation, which helps clients simplify complexity and optimise resources. NEX Regulatory Reporting includes Abide Financial and Abide Financial DRSP, an FCA regulated entity. The platform introduces cost efficiencies, mitigates operational risk and provides regulatory reporting effectiveness. Through its multi-regime reporting hub, regulatory obligations are translated into future proof compliant solutions while its specialist advisory teams interpret the impact of evolving markets regulation relating to trade and transaction reporting. In addition to local European regulatory environments (EMIR, MiFID/II, REMIT), NEX Regulatory Reporting provides specialised reporting services for entities subject to international regulatory regimes such as Dodd Frank, ASIC (Australia) and MAS (Singapore). For more information, go to www.nexregulatoryreporting.com
Forefront Communications for TORA