We provide regulatory solutions and data for both the UK and EU financial services regulatory regimes.
Instrument Reference Data
Oktris offers over 100m records covering the entire MiFID II scope of instruments for both the UK and EU Regimes - live and historical dating back to 2017. These can be accessed via a simple web interface - including over 20m free records - and also via an enterprise strength API allowing thousands of records per second to be retrieved. The Oktris data has the advantage of being the same data used by the regulators to validate transaction reports and can either supplement a firms existing reference data sources or be used to strengthen checks on transaction reports and help with back reporting where an instrument has expired and the reference data needed for the report is no longer available from other sources.READ MORE
Transaction and Trade Eligibility Checking
In 2018, the UK FCA handed out a fine of £34.3m and another of £27.6m to two large banks for MiFID transaction reporting failures which included omissions of transactions eligible to be reported, and over reporting of transactions that were ineligible for reporting. Oktris offers an eligibility checking service via API that can be integrated into a firms automated workflows to check ToTV/uToTV status of a transaction instrument prior to report submission or as a validation after submission to supplement a firms existing controls and allow those firms to further demonstrate to a regulator how they are taking all steps to ensure accurate reporting.READ MORE
Reporting done YOUR way.
In most regulatory reporting scenarios, a firm is ultimately responsible for the completeness and accuracy of the reports - even if they outsource this to a regulated third party such as an ARM. All too often a report solution provider has an interpretation of the regulations which whilst generally very good, in some scenarios may differ from that of their customers' compliance experts. Oktris allows an unprecedented level of control, often on a record by record basis on exactly how the values in reports are generated. Oktris presently offers some MiFID II reporting solutions and is expanding the range of reporting offerings with a view to eventually covering all regulatory reporting requirements of all regimes globally for the financial sector. If a firm has a specific reporting solution requirement, we are happy to discuss building it should we not already provide it or adapt our existing solutions.READ MORE
A new way forward
I’ve seen reporting firms request 20-40 fields of data from their customers in order to be able to report a single instrument. How about one. The ISIN. That’ll do nicely for Oktris in most cases.DARRENCEO, Oktris Limited.
The provision of reference data to the regulators is a requirement under MiFID II. Of the two “big six” firms in the reporting space that offer any solution at all, they both require a customer to provide a large amount of hard to source data to enable them to do so.DARRENCEO, Oktris Limited.
The capability to send both reference and quantitative trade data to the regulators. Not one firm is offering this solution as a standalone. The single firm that actually had the capability when we started, required a customer to take other expensive products first and had serious gaps in product coverage.DARRENCEO, Oktris Limited.
The industry is stuck with the same reporting choices as they have been for the past 5 years. There is no innovation and no customer service. The thinking is very much “Take it or leave it – who else will they turn to?” Well, now those customers have someone else to turn to.DARRENCEO, Oktris Limited.