The Deutsche Boerse service which allows investment firms to ensure post-trade transparency for off-exchange equity transactions in accordance with MiFID, also meets the requirements of the British Financial Services Authority (FSA).
The FSA is the only supervisory authority to issue a special certificate as a trade data monitor. The certificate indicates the quality of the service provider selected, in particular to investment firms subject to FSA regulation.
“Receiving trade data monitor status from the FSA increases the attractiveness of the MiFID OTC Post-trade Transparency Service especially for our British clients,” says Holger Wohlenberg, managing director of Deutsche Boerse.
As of 1 November 2007, when the MiFID is implemented, European investment firms will be required to publish their off-exchange purchases and sales of shares which are admitted to trading on a regulated market in the European Economic Area. When this data is published in real time, quality standards must be adhered to for the publication process as well as for the system infrastructure used.
With the MiFID OTC Post-trade Transparency Service, Deutsche Boerse aims to provide its clients with a service which will meet post-trade transparency requirements in accordance with the MiFID.
This enables clients to publish their OTC transactions that are subject to publication requirements via Deutsche Boerse in compliance with MiFID. The service covers all instruments that are subject to post-trading transparency requirements Europe-wide, and offers optional automatic delay for large transactions, in accordance with MiFID.