BME introduces reporting service
03 January 2008 | 1678 views | 0
In accordance with the Stock Market Act, which implements the MiFID Directive, financial firms must report their completed transactions to the CNMV.
Bolsas y Mercados Españoles (BME) will offer its members a new service for the management of their transaction reporting (in MiFID terminology) to the Spanish stock market regulator, CNMV. This new service is compliant with the new transaction reporting arrangements set out in Section 59 bis of the Stock Market Act.
This facility will respond to the new reporting arrangements to be laid down by the CNMV. In any case, the transaction reporting will be carried out by BME subsidiaries - the Spanish stock markets - with the resources and technical processes already in place. As a result, the service will only require interested firms to the internal adjustments needed to provide the details of the information required.
BME also will offer its member firms the possibility of reporting to the CNMV the transactions executed outside its own markets. This category includes trades in instruments such as those - included in Section 2 of the Stock Market Act - listed on the BME regulated markets but executed on other domestic or foreign markets as well as instruments not admitted to trading on any market at all.
This initiative is a new service that BME offers to the financial community following the advent of MiFID.
The Spanish Stock market welcomes the Directive as a great opportunity for creating new products and IT services.