Deutsche Borse to Develop MiFIR-compliant Testing and Pre-Validation Service
Market services firm Deutsche Borse has partnered with New York-based regulatory compliance technology provider RegTek Solutions to deliver a certified testing and pre-validation service for Deutsche Borse’s Regulatory Compliance Hub.
The new platform, which Deutsche plans to roll out in Q4, is intended to improve the quality and transparency of transaction reporting under the Markets in Financial Instruments Regulation (MiFIR), which was brought into effect in January this year and enforced a uniform transaction reporting format across all EU member states.
Deutsche Borse’s new, pre-validation platform will be available to over 2.300 executing entities, which use the firm’s ARM (Approved Reporting Mechanism) service. The platform will add improved testing and data quality remediation capabilities, as well as pre-submission validations for all transactions destined for any of the 25 National Competent Authorities (NCA) to which Deutsche Börse is connected.
“We are now able to offer our clients an additional service, which pre-validates their data before being sent to the Regulatory Reporting Hub. The result is a significant improvement in the quality of data we receive and submit for validation,“ said Georg Gross, Head of Regulatory Services, Deutsche Börse. “The pre-validation process will allow our clients to identify any deviation from ESMA’s guidelines even earlier in the life cycle of their transactions.”