MiFID II Reporting

Reduce MiFID/MiFIR Reporting Headaches

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MiFID II Transaction Reporting

Our innovative solution reduces your reporting headaches and errors while lowering the costs of MiFID II compliance. Ever since MiFID II regulation came into effect in January 2018, banks, investment managers and brokers face new, complicated regulation reporting requirements, at a hefty expense.

We offer full MiFID II compliance from its own proprietary, secured and automated, platform, as well as providing instant insights based on trading data. The platform seamlessly integrates with your trade reports from various systems including EMS and OMSs. Data is compiled and submitted to an ESMA licensed ARM allowing you a smoother, more thorough MiFID II compliance for regulation by all European NCA’s (including FCA, BAFIN, CySEC, CBOI, MFSA)

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How Cappitech can solve your MiFIR reporting obligations

Automates your daily transaction reports to a licensed ARM

GAP analysis to review product scope

Provides a straightforward regulatory dashboard for ongoing in-depth reporting governance analysis and overview

Dashboard Insights to identify errors and track compliance KPIs

Slashes your reporting expenses, in addition to overall cost of ownership

Experienced professional services team, providing advice on instrument reporting eligibility and correct enrichment of Natural Client Identifiers (NCI)

Easily integrates your existing, multi-format trade data files and APIs

Provides secure integration features, comprised of an encrypted and segregated file upload system

Customized validations and merging of Trade Fill and Order data

How the Cappitech Solution Works

Connect

Data collection from customer DB, file upload or API

Validate

Reports validated for eligibility & field content

Enrich

Reports enriched with static & dynamic data

Submit

Report is submitted to an ARM, and review notifications are updated to the web dashboard

See it in action

Monitor the timeliness of your reporting and drill down into the details of late submissions to identify any underlying problems in your reporting process.

Gain insights into your transaction reporting; improve KPIs on accuracy, completeness and timeliness of your submissions. Monitor and improve your rejection rates by viewing the top reasons for rejections. Historical reports for rejected trades can be viewed and analyzed, enabling firms to improve their reporting.

Automate and monitor your reporting with our multi-regulation platform, a single platform for all your transaction reporting needs. From a single dashboard you can get a visual status overview of your reported trades and review complete transaction lifecycles. Use our sophisticated filtering and search functionality to easily investigate individual trade submissions.

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What is MiFID II?

MIFID II started in 2018 and is an update from MIFID I that came into effect in 2007. As the legal documents for MIFID II where nearly four times as long as MIFID I, the regulation was split into two frameworks: MIFID and MIFIR. MIFIR deals with reporting obligations and MIFID deals with corporate governance issues. For clarity, we refer to both MIFID and MIFIR as MIFID II.

Who needs to report MiFID II?

EU investment firms with a MiFID Investment Firm license designation are required to report under MiFIR. Exemptions exist for firms with a AIFM or UCITS license that also provide MIFID Investment services but that is not their main source of business.

Where are trades reported to under MiFID?

Under MIFID II, transaction reports are submitted to a National Competent Authority (NCA). This is the firm’s local regulator. For example, the FCA is the NCA in the UK and BAFIN is the NCA in Germany.

In addition, firms can decide to send the report to an Approved Reporting Mechanism (ARM) who then shares it with the NCA.

Why use an ARM for MiFID II transaction reporting?

The advantage of an ARM compared to sending directly to the NCA are additional validations the ARM can do to reduce errors received by the NCA. Also, for firms that have entities in different parts of Europe, for example a UK and Cyprus entity, we can send the reports to single ARM who splits it to the different NCAs.