UnaVista, a reporting platform developed by the London Stock Exchange Group (LSEG) for the EMIR and MiFID reporting regimes, has made MIFIR transaction reporting available for user acceptance testing. The feature comes 17 months before reporting obligations come into force.
UnaVista facilitates transaction reporting helping firms speed up the process by collecting information that is required by regulators across trading platforms. UnaVista currently supports MiFID, EMIR and G20 reporting.
MiFIR is a European Commission regulation that was adopted in 2011 at the same time as MIFID II to replace existing reporting requirements after the financial crisis. It will come into force on the January 3, 2018, after a one year delay.
The LSEG has made MiFIR reporting available for user acceptance testing early so that firms can make sure that all their systems are working correctly ahead of the regulation coming into effect. Michael Leach, managing director of global business development, said that the platform will be modified to reflect any clarifications in the reporting requirements by part of the European Union as the implementation date approaches.
“This is not the final version of the platform,” said Leach. “There are still some questions around certain fields, but the technology is easy to adjust. We will also be providing our customers with training and support for onboarding and testing.”
LSEG has partnered with regulatory reporting compliance firm Kaizen to offer the ReportShield data testing service through UnaVista. The service assures the quality of the data, making sure that it is correct on order to reduce the number of reporting irregularities.
