Under the MiFID II Systematic Internaliser (SI) regime, banks had to register with their national competent authorities as SIs by the end of August based on whether their trading activity exceeded levels set across different instruments by ESMA on August 1st. By the end of the year, all banks that are registered as an SI must submit an RTS 27 report on execution quality covering price, cost, size and speed of execution. This creates a challenge for some banks to compile the trading and market data they need and analyse it in time to submit their first report.

To help Systematic Internalisers meet this challenge, RTS 27 Now provides a flexible operating model and rapid service-based response, including operational data services so clients can more easily complete their first report before the December reporting deadline.

Thomson Reuters Velocity Analytics, which is powered by Kx’s market-leading technology, provides ultra-high-speed processing of cross-asset real-time and historical data, enabling firms to solve a wide range of challenges that require high-performance analysis of large datasets, including best execution reporting, transaction cost analysis, quantitative and systematic trading, including real-time SI determination, to manage trading against reporting thresholds. As part of the Thomson Reuters Elektron Data Platform, Velocity Analytics can leverage all of the data provided by Thomson Reuters, including new data available as a result of MiFID II from over 28 new venues.

“The MiFID II reporting regime is complex and many banks now face a short window to conduct an urgent data retrieval and analysis exercise to compile their first report, which is why we have created a simple service with all the data, analytics and support they need,” added Brennan Carley, Global Head of Enterprise for the Financial & Risk business at Thomson Reuters. “This service is designed to help clients with a specific reporting requirement and means they have the flexibility and choice to decide whether to use this service module or to unleash the full power of Velocity Analytics across their business.”