SmartStream Technologies, the financial Transaction Lifecycle Management (TLM ® ) solutions provider, today announces a new regulatory solution, Trading Venue Quantitative Reporting Outlier Reconciliation - helping firms to further meet MiFID II obligations, including assisting trading venues (non-OTC) to fulfil MiFID II RTS 2 transparency requirements.
Post-Brexit, ESMA has increased the data continuity checks that trading venues must perform when reporting instrument reference and quantitative data. Any irregularities must be accounted for and mistakes re-reported, so that ESMA can meet its timelines in publishing instrument liquidity, size-specific-to-the-instrument, and large-in-scale calculations. At present, trading venues typically check their records retrospectively, on a three-month basis, against massive ESMA data files. This highly complex exercise is costly and accompanied with a huge operational burden.
