Omgeo offers MiFID reporting service

Omgeo offers MiFID reporting service

Post-trade processing house Omgeo has updated its transaction reporting service to comply with new EU trading regulations under the Markets in Financial Instruments Directive and has been certified by the Financial Services Authority as an Approved Reporting Mechanism.

MiFID requires transactions of all instruments admitted to trading on a regulated market to be reported to the local competent authority. The vendor says Omgeo Transaction Report will report all types of transactions by T+1 in line with FSA requirements.

The key trade details are entered into Omgeo Transaction Report and sent on to the Omgeo host for validation. Once validated, the client receives an acknowledgement confirming the transaction details have been accepted by the Omgeo host. A batch process is run nightly and the day's transactions are collated and sent to the appointed regulatory body.

Omgeo says the system will enable investment managers to meet reporting rules for transactions conducted by their broker/dealers over internal crossing networks and for those executed by non-EEA brokers trading in dual listed instruments admitted to EEA regulated markets.

Steve Matthews, managing director, product, at Omgeo comments: "MiFID compliance is a huge task for our clients, and we are confident that with the updated version of Omgeo Transaction Report we can alleviate some of the pain of regulatory reporting. By automating their transaction reporting, firms can be assured that same-day transmission of transaction reports is taken care of, meeting the MiFID T+1 deadline."

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