SiDICX - Post Negotiation Transparency

The MiFID II Guideline aspires to reinforce the standard of transparency in negotiations, increasing the tutelage of investors, by enforcing the surveillance on the financial instruments and on the positions in derivatives.

Transaction Reporting
Now mandatory when negotiating the following financial instruments:

  • New financial instruments and new places (OTF - Organised Trading Facility);
  • More fields to signal (in standard ISO 200022);
  • Approved Reporting Mechanism (ARM).

Position ReportingNow mandatory when negotiating the following financial instruments:

  • merchandise based derivatives;
  • certificates of issue;
  • derivatives OTC equivalent to merchandise based derivatives, negotiated at the negotiation locations.

Post-negotiation Trasparency
MiFID II has enlarged the boundary of the requested prints, introducing:

  • new instruments: «equity/equity like» and «non equity»;
  • extra fields: about 26 for each category;
  • new publishing timing: 1 minute for «equity/equity like» e 15 minutes (5 min. after year 2021) for «non equity» categories;
  • «Approved Publication Arrangement» (APA).

SiGrade, on a base of previous experience in implementing technological solutions for rule compliance, recommends a modular setup in order to support the investment Companies in fulfilment of obligations..
An investment Company shall be able to handle centrally the following regulatory reportings, through this application:

  • Trade Reporting - EMIR
  • Transaction Reporting
  • Position Reporting
  • Post-Trade Transparency
  • SFTR

SiGrade solution allows to devise and correctly route the different highlightings, permitting at every time to check the status of the highlighting and the results of communication within the various involved entities (TR, ARM, APA, supervisory Agency).
The ensemble of all the highlightings onto a single file archiv allows as well a complete and systematic management of the whole reporting.

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