Bloomberg’s technology platform to help TP ICAP clients register onto new trading venues ahead of the introduction of MiFID II
TP ICAP, the world’s largest interdealer broker, has selected Bloomberg Entity Exchange as the chosen platform to help clients register onto new trading venues operated by its broking businesses, including Tullett Prebon and ICAP.
TP ICAP firms have applied to operate Organized Trading Facilities (OTFs) under the MiFID II regulatory regime. MiFID II, which applies across the European Union from 3 January 2018, requires operators of OTFs and other trading venues to collect information about venue users and transactions. It also prescribes information to be given to venue users, including risk disclosures.
Bloomberg Entity Exchange is a secure, web-based electronic platform, which will provide an environment to centralize the exchange of information required by the new rules. It will also facilitate the distribution and management of venue-related documentation, such as rulebooks and policies, as well as contractual documentation.
Nicolas Breteau, Chief Executive, TP ICAP Global Broking, said: “We are pleased to have agreed this partnership with Bloomberg Entity Exchange, which will help ensure we simplify the repapering process for our clients in our preparation for MiFID II, a regulation which will have far reaching implications for the industry we operate in.
“MiFID II will impose significant requirements on firms to share and collect data from their clients. We want to help our clients to quickly understand what the new rules will mean to their trading relationships, especially around trade execution, reporting and transparency. Partnering with Bloomberg provides us with the opportunity to offer clients and trading partners a combination of innovative technology and dedicated client service.”
Dan Matthies, Global Head of Bloomberg Entity Exchange: ”Entity Exchange enables the secure and efficient exchange of information and documentation required for TP ICAP to provide execution services to its customers in compliance with MiFID II. The adoption of Entity Exchange by a globally recognized player such as TP ICAP, and hundreds of brokers and buy-side firms around the world, shows it is satisfying an unmet need for smarter technology to facilitate regulatory compliance without causing significant disruption to workflow."
TP ICAP brings together buyers and sellers in global financial, energy and commodities markets. It is the world’s largest wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, trusted by clients around the world. We operate from offices in 31 countries, supporting award-winning brokers with market-leading technology.
Bloomberg Entity Exchange provides users with a flexible solution, which can be used for the exchange of all types of data and documents. From Know Your Customer requirements under global legislation, MIFID II, EMIR, Dodd Frank and beyond, Bloomberg’s Entity Exchange provides trading partners with the opportunity to securely permission and exchange their data and information quickly and easily. It also offers built-in workflow tools and a comprehensive audit trail so brokers can manage the data and document collection requirements mandated by reforms like MiFID II and the European Union Fourth Anti-Money Laundering Directive (4MLD).
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively.