OmgeoSM’s regulatory reporting service, Omgeo Transaction ReportSM, has been updated to meet new MiFID requirements, as set out by the Financial Services Authority (FSA).
The service has been certified by the FSA as an Approved Reporting Mechanism (ARM) and will enable buy-side and sell-side clients to comply with the new transaction reporting regulations. MiFID requires transactions of all instruments admitted to trading on a Regulated Market to be reported to the local competent authority. Omgeo Transaction Report will report all types of transactions by T+1 to meet the FSA’s Full Approval requirements.
By automating the reporting process, firms can ensure same-day transmission of transaction reports to the FSA and/or the LSE efficiently and in a timely manner. As trade information is routed to the FSA for monitoring, security is increased and there is a reduced risk of fraudulent activity in the market. Reporting costs and operational risk are minimised by reducing errors inherent in manual and verbal communications.
“MiFID compliance is a huge task for our clients, and we are confident that with the updated version of Omgeo Transaction Report we can alleviate some of the pain of regulatory reporting. By automating their transaction reporting, firms can be assured that same-day transmission of transaction reports is taken care of, meeting the MiFID T+1 deadline,” says Steve Matthews, managing director, product, at Omgeo.