SIX Swiss Exchange has approved the London Stock Exchange’s TRADEcho service as a Trade Data Monitor (TDM) for the SIX Swiss Exchange.
This agreement enables foreign participants (Remote Members) of the SIX Swiss Exchange to meet their reporting obligations for trades in Swiss securities admitted for trading on a Swiss regulated market via the TRADEcho platform.
TRADEcho is a Pan-European, multi-asset class MiFID I and MiFID II trade and quote publication service for financial firms. The London Stock Exchange (LSE) service has been brought to the market through a partnership with Boat Services. Together with the Group’s UnaVista service, firms have a one-stop-shop for all their real-time publication requirements and post regulatory reporting requirements for a multitude of regulations.
London Stock Exchange and Boat Services currently manage a substantial share of firms’ MiFID I trade reporting. By combining their existing trade reporting services in June 2017, the partnership will offer the breadth and quality of service needed to help financial firms efficiently comply with their pre- and post-trade transparency obligations in an increasingly complex regulatory landscape.
“We are delighted to maintain the relationship with SIX Swiss Exchange and welcome their remote members on to the TRADEcho platform” says Jamie Khurshid, CEO of Boat Services. “This demonstrates our intention to expand TRADEcho services beyond EU jurisdictions to provide our clients with straightforward solutions in an increasingly complex regulatory landscape.”
Historically, remote members of the SIX Swiss Exchange reported their OTC trades in Swiss securities admitted for trading on a Swiss stock exchange to the reporting office of the exchange. In 2011, Boat Services were approved as a TDM for SIX Swiss Exchange providing flexibility for remote members. TRADEcho being approved as a SIX Swiss Exchange TDM maintains the functionality for Boat clients and extends it to LSE member firms.
TRADEcho is the suite of reporting services hosted and operated by the London Stock Exchange, brought to market in partnership with Boat Services. TRADEcho has been formed in direct response to client feedback for compliant, simplified and cost effective reporting services.
With MiFID II on the horizon, the London Stock Exchange and Boat chose to combine their strengths to form a team of industry, regulatory and technical experts.
The existing London Stock Exchange and Boat MiFID I trade reporting services are currently being combined, bringing together the complementary strengths of Boat’s OTC reporting and the London Stock Exchange’s primarily on exchange reporting. Alongside the partners in the group, such as UnaVista and MTS, TRADEcho truly is a one-stop shop for pre and post trade reporting.
Boat was established in 2007, offering MTFs, SIs and investment firms an easy and cost-efficient way to comply with transparency obligations. Ever since, Boat has operated with exceptional uptime, and is the trade data monitor (TDM) with the most comprehensive offering of reportable instruments, including more than 10,000 stocks and ETFs across Europe, the Swiss and Russian markets. Ever since Boat’s inception, its core technology has been supplied by Cinnober. In 2014 Cinnober acquired Boat ensuring the continued existence of a specialized provider, committed to the long term delivery of transparency services to the benefit of the industry.
London Stock Exchange Group (LSE.L) is a diversified international market infrastructure and capital markets business sitting at the heart of the world's financial community. The Group can trace its history back to 1698.
The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, a pan-European equities MTF. It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors unrivalled access to Europe's capital markets.
Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of multi-asset global CCP operator, LCH.Clearnet Group, LSEG operates CC&G, the Italian clearing house; Monte Titoli, the T2S-ready European settlement business; and globeSettle, the Group’s newly established CSD based in Luxembourg.
Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.