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.

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.

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.

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.

Firms providing MiFID II regulatory reporting tend to focus on Transaction and post trade reporting. There isn’t much of a focus on solutions for other mandatory reports like instrument reference data and transparency calculation data reporting.

Two of the six big firms in the reporting space offer a partial solution, requiring significant provision of data by financial firms. The others offer no solution.

The capability to send reference data to the regulators is a requirement under MiFID II. Two of the six firms in the reporting space offer a partial solution requiring significant provision of data by financial firms.

The Oktris solution requires the provision of one single data field in the case of an existing instrument, and no on-boarding for other products is required!