LONDON – May 29, 2018 – TORA, provider of the industry’s most advanced cloud-based order and execution management system (OEMS), today announced that it has partnered with Trax, the post-trade services and European market data division of MarketAxess, to help their mutual clients meet MiFID II trade and transaction reporting requirements. This development is the latest in a range of solutions that TORA offers to help clients satisfy MiFID II demands covering best execution, regulatory reporting and commission management.
The new reporting requirements under MiFID II are designed to improve the pre- and post-trade transparency of execution prices and the actions of those parties involved in transactions. For investment managers, trade reports, including volumes, prices and instrument identifiers need to be sent in near real-time to an Approved Publication Arrangement (APA). Transaction reports, including timestamps, venue, asset type and trade size need to be sent to an Approved Reporting Mechanism (ARM) on T+1.
TORA’s OEMS, combined with Trax’s regulatory reporting engine, provides clients a straight through processing solution that enables clients to meet their trade and transaction reporting requirements of MiFID II. Commenting on the partnership, Chris Jenkins, Managing Director of TORA, said: “To keep pace with the ever-changing regulatory landscape, buy-side firms need trading technology that can be easily integrated with other solutions”. “We’re excited to add Trax to our expanding MiFID II ARM and APA partner eco-system and be able to offer our clients a simplified trading and reporting workflow.”
Nick Moss, Head of Product Management, Trax Post-Trade, commented, “The trade and transaction reporting obligations of MiFID II have brought increased operational complexity to a wide range of participants. Trax is committed to working with OEMS providers, such as TORA, to help reporting firms streamline their processes and ultimately reduce risks.”
TORA is the leading global provider of advanced investment management technologies supporting the full trading lifecycle. With a full suite of 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.
Trax is a leading provider of capital market data, trade matching and regulatory reporting services to the global securities market. Trax processes on average over 1 billion annual transactions on behalf of its community of over 600 entities including approximately 12 million fixed income transactions. Trax estimates that it processes approximately 65% of all fixed income transactions in Europe as part of its post-trade service offering. Trax operates an Approved Publication Arrangement (APA) and Approved Reporting Mechanism (ARM) for MiFID II trade and transaction reporting in addition to providing support for other regulatory regimes.
Trax is based in London and was originally established in 1985. Acquired by MarketAxess in 2013, Trax is a trading name of Xtrakter Ltd. and is a wholly owned subsidiary of MarketAxess Holdings, Inc. For more information, please visit www.traxmarkets.com.
Forefront Communications for TORA