Aimed to improve the efficiency and integrity of the European capital markets, Markets in Financial Instruments Directive (MiFID II) took effect in January 2018, including all trading or execution venues conducting business within the European Economic Area (EEA) in its scope. ICE’s MIFID II solutions seek to help customers with the Transparency requirements under the rules, offers data required for Transaction Reporting, indicators identifying Complex Instruments, and additional MiFID specific reference data.
As part of investment firms’ obligations to act in the best interest of their clients, as per the investor protection framework, more granular disclosure requirements are captured under the European MiFID II Template (EMT). ICE makes data reported by manufactures available in its EMT service, including costs and charges associated with a product, its target market, and whether the product is deemed leveraged by the manufacturer . Clients can subscribe to services to access current and historical EMTs via feed , with over 2.8 million templates stored.
Specifications
Key Features
- Pre/Post Trade Transparency: includes MiFIR instrument type – Drives rules for reporting, Liquid Assets Indicators – COFIA /IBIA / Average Daily Turnover - identifies assets eligible for Pre-Trade reporting, Trade Size Thresholds – (LIS / SSTI ) to determine pre-trade waivers and post-trade deferrals and Most Relevant Market – identifies country with most liquid market
- Transaction Reporting: includes MiFID II eligibility flags – driven by aggregation of relevant venues/SIs,EEA listed instruments & non-EEA listed instruments with underlying's listed in EEA (bringing a security into scope), ToTV /uToTV from DSB, Details of underlying for eligible non-EEA listed securities
- Instrument Complexity: Complex Product identification – to help inform the level of investor protection required based on the product’s classification
- Reporting Reference Data Module: includes Regulator reportable reference data attributes required for Transaction Reporting in RTS 22 and Venue reporting in RTS 23, Industry standard format data fields: e.g. CFI (2015 version), LEI, FISN, DSB data, and identify securities pending admission to trade and suspended from Trade (RTS 17/18)
- Best Execution: MiFID recommends all sufficient steps are taken to offer Best Execution of a trade. ICE can offer Evaluated Pricing providing price discovery for inputs to Market Making and Trade Decision Making, Best Ex and Liquidity Analytics in support of due diligence processes to evidence this
Products
The evolution of our file-based offering. Bringing together, in a unified solution Corporate Actions, Reference Data, Analytics and our wealth of pricing datasets including ICE Evaluations, CEP, Fair Value Information Services & Listed Market Pricing.
Buy-side and sell-side front offices continue to embrace more data and more technology in order to expand their opportunities and gain an edge over the competition. Enrich front office systems with ICE’s Data API solution, providing intraday access to fixed income pricing, on-demand analytics, reference data and more.