LSE and Boat launch MiFID II trade reporting service

Source: London Stock Exchange

London Stock Exchange Group (LSEG) and Boat Services Ltd today announce the launch of TRADEcho, the combination of the two companies’ existing and complimentary trade reporting services.

By early Q1 2017, TRADEcho will offer customers a more efficient, single trade reporting venue and complement LSEG’s T+1 MiFID and EMIR transaction reporting services, offered through UnaVista.

In addition, TRADEcho will provide a single, multi-asset, pan-European reporting solution to help customers meet all of their new MiFID II trade reporting obligations, well ahead of MiFID II’s 2018 implementation.

TRADEcho’s key services include:
• Trade Reporting: TRADEcho supports the new requirements of investment firms and trading venues for real time OTC trade reporting
• SI Quoting: TRADEcho will publish quotes via London Stock Exchange market data feeds, market data vendors and the service’s portal as well as offer white labelled portals to SIs, who will be able to manage client access to the portal
• On exchange, off book: TRADEcho provides London Stock Exchange member firms post-trade reporting services for on-exchange trades, to help customers manage investment mandates, counterparty risk through default rules and buy-in rules
• Cleared model: TRADEcho will provide a sophisticated trade validation and risk management tool to allow trade reports to be flagged for onward routing to a CCP. This will facilitate settlement and margin savings through netting with order book trades
• New multi-service web portal: TRADEcho will operate via a new web-based portal supporting the above services as well as providing reference data

Nicolas Bertrand, Head of Equity and Derivatives Markets, London Stock Exchange Group said: “TRADEcho aims to be the platform of choice for trade reporting in Europe and will start by covering equities and fixed income. Responding to demand from customers, this partnership delivers with exceptional combined technical and compliance expertise, a comprehensive reporting solution to market quickly, ahead of new reporting requirements under MiFID II.”

Jamie Khurshid, CEO, Boat Services said: “TRADEcho is the culmination of almost a decade of experience from Boat and the London Stock Exchange. We have brought together the two most significant regulatory reporting and transparency solutions in operation since MiFID was introduced in 2007.

“Real-time regulatory reporting is our core business, we are the industry experts, and through our partnership we have a wealth of regulatory, technical and trading expertise between us. This is why, when we go live with our MiFID II Multi asset-class APA solution, we will without a doubt be the premier destination for financial firms to not only meet their trade reporting obligations but exceed them with our additional services.”

Under the terms of the partnership, London Stock Exchange will host and operate TRADEcho’s new reporting service. Boat Services will be responsible for Business development and marketing.  

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