CLS to launch end-of-day report to help clients meet MiFID II requirements

Source: CLS

CLS, a market infrastructure delivering settlement, processing and data solutions, is launching CLSReporting - a reporting product for foreign exchange (FX) matched instructions that supports members with their MiFID II reporting requirements.

In response to market demand, CLS will provide the ability for parties and counterparties to FX trades to exchange additional information in their settlement instructions submitted via SWIFT FIN and ISO20022 XML messages.

The trade information will be collated from CLSSettlement and CLSSameday in a single report after end-of-day processing has occurred for each service. This will create significant post-trade efficiencies for participants, allowing them to gather data necessary for MiFID II reporting with ease.

The report will provide an enhanced view of overall FX trade activity. Data required for reporting under MiFID II, such as legal entity identifiers (LEIs) for counterparties and funds, timestamps, product identifier (spot, forward or swap) and execution venues, will be available in each report, allowing clients to address their transactional reporting requirements more effectively.

Alan Marquard, Chief Strategy and Development Officer at CLS, said: “As we continue to expand our suite of CLS data products, we have been working closely with our members to understand how we can best support them with their MiFID II reporting requirements.

“By allowing clients to include additional information in their settlement instructions and providing a downloadable end-of-day report, we can help them to easily capture data and streamline their MiFID II reporting processes.”
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