[ I N
47%
38%
2%
Perfect
It’s been okay, but
we had to work hard
to get to this point
Too early to tell
D E P T H
|
M I F I D
I I ]
So... how’s it been
so far?
6% 6%
Not great I’ve quit my
job due to stress
and I’m just
here for the free
lunch
Source: Audience poll at The TRADE’s MiFID II: Check In event
He added that volumes were slightly lower in the first week
of implementation, although there were expectations for
this to occur and has since seen activity pick up again. The
most noticeable change for McLoughlin has been around
reporting requirements, but even this hasn’t been too much
of a burden to bear so far.
“The only real change in day-to-day operations is ensuring
we have our approved publication arrangement (APA) up
and open at all times on our desktops in case there are trades
we need to report ourselves. Even then, there have so far
been only a few cases where we have had to do this,” he said.
Reporting concerns
Changes to trade and transaction reporting processes under
MiFID II have proven to be one of the most contentious and
complicated parts of the new regulatory regime, requiring
firms to process vast quantities of new data, and establish
and maintain relationships which had previously not existed
to ensure reporting runs smoothly.
“Day-to-day there has been a lot of system checking to
make sure they are working as expected,” said Neil Bond,
head of trading at Ardevora Asset Management. “There are
extra fields we are getting now so we need to make sure
brokers are populating them correctly, the data is feeding
Issue 55 // TheTradeNews.com // 37