MiFID has enforced new levels of transparency for investment firms across Europe. Any firm executing client order flow away from an exchange
now has to publish their trades as soon they are completed. Additionally, if your firm is categorised as a systematic internaliser (SI) in
liquid stocks, you also have to publish quotes in those stocks. Reuters has developed technology to help you meet both these challenges.
Publishing quotes
Different firms will view this challenge differently. In keeping with our market neutrality, Reuters is focusing on those who want to meet
their regulatory obligations in a way that's (a) most cost efficient, and (b) doesn't impact their existing business model. (Other firms will want
to push their prices aggressively, effectively setting up competing exchanges.)
If you want to achieve compliance in a low cost, low impact way, Reuters Quote Publication (RQP) can help. RQP uses Market Link IP, an existing
Reuters contributions tool which is well established with our customers. RQP will provide the mechanism for quote publication to Reuters as a
publication venue.
Reuters Quote Publication
- Lets you publish quotes via a FIX API in to your systems or automatically using the Reuters Quote Generator
- Makes quotes available to Reuters desktop users through the new .r RIC
- Updates and price-checks quotes every 15 to 30 seconds
- Makes data available to other data vendors who want to publish it
Reuters Quote Publication is using the functionality already provided in Marketlink IP, you can
learn more about MLIP here.
Publishing trades
All investment firms in MiFID jurisdictions must publish details of their trading activities in shares, that take place away from exchanges or ECNs.
Once a trade is completed, the clock is ticking: you have three minutes to publish its price, volume and time. (Unless the trade is of a size to
qualify for delayed reporting.)
Reuters Trade Publication (RTP) uses the technology behind Reuters Trade Notification Service
(RTNS). RTNS is an established post-trade solution used in matching asset classes like FX and FX options.
It publishes detailed messages about trades to counterparties, whereas RTP publishes detailed messages about
trades to Reuters or another venue of your choice.
Reuters Trade Publication
- Guarantees publication to a chosen venue via a FIX API or manually via a graphical interface
- Complies with the FSA's Trade Data Monitor specified functions for the UK
- Carries out price and volume checking and validates timing of trades
- Stores trade data for five years in compliance with MiFID
- Offers value-added reporting such as market share stats
- Contributors pay only €150 per site per month with no fee per trade
Learn more about Reuters Trade Publication
Read Reuters white paper on MiFID