Today, Kinetic Partners, the global professional services firm to the financial services industry, announced that it has joined forces with UnaVista, London Stock Exchange Group's leading transaction reporting service, to offer a full-service transaction reporting solution.
The partnership is a significant move to bolster the risk and compliance services offering of Kinetic Partners, which has come to be recognized as the leading provider of advisory and consulting services to asset management, investment banking and broking firms worldwide.
Established in 2005, Kinetic Partners has grown rapidly to serve over 1,200 clients globally, providing a bespoke service for firms who need in-depth industry advice and analysis across borders. The firm currently has six offices in London, Dublin, Grand Cayman, New York, Geneva, and Hong Kong.
Kinetic Partners is well-renowned as the pre-eminent regulatory advisor in the transaction reporting arena, due to the firm's unrivalled experience and holistic approach to assisting companies improve their transaction reporting arrangements. The team has over 20 years of experience working at the FSA's Transaction Monitoring Unit, combined with qualified audit staff that has extensive experience in transaction reporting projects. UnaVista is the market-leading Approved Reporting Mechanism (ARM) for transaction reporting, due to its user friendly interface and revolutionary control and monitoring tools.
The partnership will offer a complete solution to both Kinetic Partners and UnaVista's clients and other MiFID investment firms, including regulatory guidance, audit and operational services, and technical solutions. According to MiFID, all regulated entities executing transactions are obliged to report all transactions in equity and debt-related financial instruments and related derivatives, in order that regulators can effectively monitor for market abuse.
Today's announcement follows Friday's publication of the FSA's Transaction Reporting User Pack (TRUP) Version 3. TRUP 3 provides a more comprehensive definition of 'execute' and consequently when firms are obliged to report, greater clarity for portfolio managers regarding advisory transactions, trades on NYSE Liffe and d Direct Electronic Access (DEA), and the guidelines around DEA were also expanded for Direct Market Access (DMA) users generally.
This latest guidance reflects the increasing importance that regulators are putting on transaction data, and it is anticipated that the FSA and other competent authorities will continue to fine firms for failing to report accurately, promptly and comprehensively. The MiFID review will require additional instrument types and data content to be reported so it is vital that firms have robust change management processes and governance arrangements in place. By working together, Kinetic Partners and UnaVista are best positioned to help firms comply with their reporting obligations, by submitting accurate and complete reports, and therefore avoid enforcement action.
Monique Melis, a Member of Kinetic Partners commented, "We are delighted to be joining forces with UnaVista to offer a comprehensive one-stop-shop transaction reporting service. Our unique expertise and unrivalled experience in the transaction reporting space will complement UnaVista's market leading system to provide the highest standard of regulatory guidance available and effective remedial solutions."
Mark Husler, Head of Business Development at London Stock Exchange Group said, "We are very excited by our new partnership with Kinetic Partners. The London Stock Exchange Group has been offering transaction reporting services for its clients since 1989, a commitment that was reinforced by the recent acquisition of the FSA's Transaction Reporting Service. By combining the technology of our Approved Reporting Mechanism with the regulatory expertise and remedial services of Kinetic Partners, we now offer our client community of over 500 companies a complete solution with access to a wide range of regulatory compliance advice and consultancy."