Bloomberg announced today that as of December 1, 2014, Bloomberg's sell-side trading solution has been granted approval by the Financial Conduct Authority (FCA) to report securities with an International Securities Identification Number (ISIN) and Over The Counter (OTC) derivatives as part of the Approved Reporting Mechanisms (ARM) regime within the United Kingdom.
The Bloomberg transaction reporting service is now available as part of the normal ticketing workflow to all current users of Bloomberg TOMS, a sell-side trading solution for fixed income and derivative transactions.
"The ARM approval allows Bloomberg's sell-side trading solution to deliver to firms a similar regulatory reporting infrastructure for the FCA to what Bloomberg established in the U.S. for FINRA's Trade Reporting and Compliance Engine (TRACE) reporting requirement in 2002," said Mike Wood, global head of Bloomberg's sell-side fixed income order management solutions group. "The ARM designation represents a great opportunity for our sell-side clients to reduce the cost of transaction reporting and improve efficiency."
Bloomberg's sell-side trading solution is an award-winning global multi-asset order management solution for the sell-side that is relied upon by over 375 firms to provide trade reporting services to regulatory authorities across the globe.
The FCA ARM reporting solution uses Bloomberg market data to reduce transaction over-reporting and meet the current reporting requirement by the end of the following business day (T+1). The reporting solution is accomplished directly via the trade ticket so that no middleware, manual re-keying or file conversions are required, helping to position firms for the accelerated trade reporting requirements expected in 2017 for MiFID II.
Given the multiple requirements for regulatory and exchange reporting across asset classes, the Bloomberg sell-side trading solution ARM represents a significant step toward providing clients with a regulatory reporting suite that addresses EMIR, MiFID, MiFID II, TRACE and off-exchange transaction reporting via a single trading platform.
According to Aite Group senior analyst Virginie O'Shea, "As the scope of regulatory reporting increases, so does the burden on reporting institutions. Leveraging a single platform to address transaction reporting requirements across assets and regulatory regimes is a good way for firms to gain cost and operational efficiencies."