Charles River Development has formalized a partnership agreement with the London Stock Exchanges UnaVista to automate Transaction reporting under the European Unions Markets in Financial Directive II (MiFID II). Under the partnership, the firms mutual clients are able to use UnaVista as an Approved Reporting Mechanism (ARM) to report transactions to National Competent Authorities (NCAs) for all required asset classes.
MiFID II includes a requirement that investment firms submit detailed transaction reports to their NCAs within one day of the transaction. All trades involving financial instruments admitted to trading or traded on an EU trading venue need to be reported. Firms can use an ARM such as UnaVista to report to NCAs on their behalf. Charles River has integrated leading ARMs within its platform using bi-directional workflows to streamline transmission and validation of reports.
Transaction reporting is part of a complete, flexible solution Charles River provides investment managers to fulfill their requirements under the EU directive, which goes into effect in January of 2018. In addition to the transaction reporting enabled by the UnaVista integration, Charles Rivers solution provides trade reporting, commission management, and best execution workflows, as well as the underlying data capture across asset classes.
As part of our MiFID II initiative over the past two years, we have been working with leading ARMs to provide our clients with the best possible transaction reporting solution, said Peter Lambertus, CEO, Charles River. With Charles River capturing the necessary data throughout the investment lifecycle, the integration with UnaVista for reporting provides a straight through processing solution for our mutual clients.
Wendy Collins, Global Head of Strategic Partnerships, UnaVista, commented, With its long history and strong reputation in the market, we are delighted that Charles River has chosen to partner with UnaVista to help our mutual clients meet their regulatory reporting obligations in a timely and efficient way. The partnership will enable clients to benefit from our shared expertise in simplifying and automating processes. UnaVistas unrivalled wealth of regulatory reporting experience will be key in helping our mutual clients reduce regulatory and operational risk.
