To resolve the challenges that many firms face from MiFID II, London-based OSMO Partners has partnered with Hedgd.
With the deadline for MiFID II fast-approaching, the partnership has launched a new full service approved reporting mechanism (ARM) offering to satisfy MiFID II Transaction Reporting obligations.
OSMO will provide the regulatory reporting operations to ensure that reporting obligations are met, while Hedgd will act as a post-trade aggregator to collect trading data, map identifiers and output the data to an ARM.
Craig Wallis, partner and head of Trading at OSMO, said: “Our clients need peace of mind at this challenging time that they can meet their regulatory reporting obligations in full.
Therefore, it’s critical that we’re able to offer a full-service MiFID II Transaction Reporting function to our clients, alongside our other bespoke services. Hedgd is a natural partner for us because they are domain experts and the technology solution they provide simplifies the Transaction Reporting challenge. Hedgd provides the technology to successfully report to an ARM, whilst OSMO’s experienced operational team deal with all exception management.â€
Having visibility in record keeping and reporting is now essential to firms, with the deadline for MiFID II set for the 3rd January 2018. Hedgd, which provides software and services to allow trading firms to manage their executions in the cloud, claims to enable auditing for every event with time-stamping.
OSMO provides outsourced front, middle and back office services to investment management firms, enabling managers to focus purely on delivering their investment strategy and generating alpha.
The new Markets in Financial Instruments Directive (Mifid II) has left the financial services industry scrambling to be fully compliant.
Last month, the Association of German Banks criticised the regulation by claiming banks will have to cover the €1bn of costs needed to set up the technical infrastructure required.
Michael Kemmer, general manager of the association, said that the new regulation ‘undermines the trust’ between the customer and bank and will create an ‘information overload’ for bank customers.
InfoReach, a provider of multi-asset electronic trading technology for capital markets, also recently incorporated MiFID II support into its solutions.
While, Dublin-based Corvil launched a new solution that establishes a system of traceability to Coordinated Universal Time (UTC).
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