Euronext today announces that TradeLog, its online software which allows companies to monitor and automate pre-clearance for employees’ personal trading, is now available to companies across Europe, after its successful launch in Denmark and Norway.
TradeLog is an innovative tool for companies of all sizes which supports them in their compliance with the European Market Abuse Regulation (MAR), the Markets in Financial Instruments Directive II (MiFID II) and with their own internal policies related to personal securities, transactions and holdings. The European built and hosted SaaS-platform guarantees full data privacy protection in line with the EU GDPR regulation.
TradeLog provides companies with a detailed view of their employees’ transactions and holdings and allows them to gather employees’ consents to policies in one place. It also helps companies avoid wasting valuable time manually checking each individual’s prospective trade. The system checks whether each trade is in line with internal policies and regulations in order to pre-clear the trade.
Finally, in selected geographies, TradeLog can also connect to custody accounts and automatically monitor employees’ trading. This model has been successfully implemented in Denmark and Norway, through Euronext’s own Central Securities Depositories, Euronext Securities Copenhagen and Euronext Securities Oslo.
MiFID II requires firms to implement effective organisational and administrative internal policies and procedures to identify, prevent, manage, and disclose conflicts of interest by monitoring the share dealings of employees and requiring pre-clearance. The MAR regulation, which applies in the European Union, aims to protect investors by creating a standardised framework across EU members that helps prevent market abuse and thus encourages market activity.
Richard Waller, Managing Director at ComplyLog, a Euronext Company, said: “Today, we make TradeLog available to all our clients across Europe. TradeLog is the perfect example of how the combination of our different capabilities across Euronext can solve our customers’ problems: it was developed by Euronext Securities - the Group’s Central Securities Depository business - and will now be scaled across Europe by Euronext Corporate Services. Two years after its successful launch in Denmark and Norway, we are thrilled to offer this innovative product to more corporates and financial institutions in Europe. Following and managing employee trading is becoming increasingly important for businesses, and this new product helps our customers meet this challenge efficiently.”