In addition to providing the basic validation services required under MiFID, UnaVista will offer firms validation tools to monitor the quality of their transaction reports, significantly reducing the risk of providing incorrect data to the FSA.

UnaVista's Transaction Reporting solution can:
• Accept data in a range of different formats, so clients do not need to rely on middleware to transform their data into the FSA standard formats;
• Apply validations in addition to those mandated by the FSA;
• Facilitate management of exceptions highlighted by validation;
• Monitor trends to discover recurrent issues.

Kevin Milne, Director of Post Trade Services at London Stock Exchange Group, said: "This new service will offer UnaVista's clients a functionally rich and flexible approach to transaction reporting. With UnaVista exceeding the level of validation mandated by regulators, firms using our transaction reporting service will be able to reduce the risks and costs associated with incorrect, late or duplicate reporting."

The Exchange has offered a transaction reporting service known as the Exchange Reporting Service (ERS) since 2002. ERS was approved by FSA as an ARM when this requirement was introduced as part of MiFID. After consultation with major financial institutions the ERS service has been migrated on to the UnaVista platform, providing member firms with a more flexible service with improved validation functionality and a wider choice of interface approaches.

UnaVista is the London Stock Exchange's secure web based platform for all validation, matching and reconciliation needs. UnaVista offers a number of solutions including Transaction Reporting, Post Trade Confirmations, Reconciliation, and Reference Data Management.