LSE and Boat Services launch trade reporting solution for MiFID II
London Stock Exchange (LSE) and Boat Services have launched Tradecho, a combination of the two companies’ existing and “complimentary” trade reporting services.
LSE says by early Q1 2017, Tradecho will provide a single trade reporting venue and “complement” its T+1 MiFID (Markets in Financial Instruments Directive) and EMIR (European Market Infrastructure Regulation) transaction reporting services, offered through UnaVista. LSE says this is “well ahead of MiFID II’s 2018 implementation”.
Jamie Khurshid, CEO, Boat Services, says Tradecho is the “culmination of almost a decade of experience from Boat and the London Stock Exchange”.
Under the terms of the partnership, LSE will host and operate Tradecho’s new reporting service. Boat Services will be responsible for business development and marketing.
Tradecho’s key services include:
- Trade reporting: Tradecho supports the new requirements of investment firms and trading venues for real time OTC trade reporting;
- Systematic internaliser (SI) quoting: Tradecho will publish quotes via LSE’s market data feeds, market data vendors and the service’s portal as well as offer white labelled portals to SIs, who will be able to manage client access to the portal;
- On exchange, off book: Tradecho provides LSE member firms post-trade reporting services for on-exchange trades, to let customers manage investment mandates, counterparty risk through default rules and buy-in rules;
- Cleared model: Tradecho will provide a trade validation and risk management tool to allow trade reports to be flagged for onward routing to a central counterparty clearing house (CCP). This will assist settlement and margin savings through netting with order book trades;
- New multi-service web portal: Tradecho will operate via a new web-based portal supporting the above services as well as providing reference data.