Bloomberg announced today that the Investment Industry Regulatory Organization of Canada (IIROC) has certified Bloomberg TOMS to provide customers trade reporting tools for eligible trades under Dealer Member Rule 2800c – Transaction Reporting for Debt Securities, which takes effect on November 1, 2015.
Bloomberg TOMS is the award-winning multi-asset order management solution for sell-side firms developed by Bloomberg Trading Solutions.
The IIROC transaction reporting functionality is available to all current customers of Bloomberg TOMS for use as part of their normal ticketing workflow. This functionality supports Canadian debt security transactions executed by Dealer Members or their affiliates that are Government Securities Distributors.
“The certification by IIROC signals our readiness to help our sell-side clients in Canada embrace this important and evolutionary change to its regulatory structure,” said Sunil Biswas, global head of product for Bloomberg TOMS. “Bloomberg has a proven track record of providing reporting capabilities to the market place. To develop a solution for IIROC reporting, we tapped into the experience we gained over the last decade building a solution for FINRA's Trade Reporting and Compliance Engine (TRACE) requirements in the U.S.”
The Bloomberg TOMS IIROC Regulation 2800c reporting solution:
Gives customers the ability to consult Bloomberg security master and reference data to assist in identifying trades for reporting, which helps customers meet their reporting requirements by the end of the following business day (T+1).
Once implemented and configured by a customer, operates via straight through processing of the trade ticket so that no middleware, manual re-keying or file conversions are required, which helps Dealer Members respond faster to accelerated trade reporting requirements.
More than 375 sell-side fixed income and derivatives desks use tools provided by Bloomberg TOMS to help fulfill their trade reporting obligations to regulatory authorities across the globe. Customers can report TRACE-eligible trades to the Financial Industry Regulatory Authority (FINRA), municipal trades to the Municipal Securities Rulemaking Board (MSRB) and FCA-eligible trades to the Financial Conduct Authority (FCA) by using the Bloomberg TOMS Approved Reporting Mechanism (ARM). In addition, London Stock Exchange (LSE) and SIX Swiss Exchange members can report eligible fixed income trades conducted away from an order book to those venues.
Christopher McDonald, Regulation and Compliance Product Manager for Bloomberg TOMS, will take part in the Debt Transaction Reporting panel at the Annual CLS Compliance Conference on December 1, in Toronto. The Compliance and Legal Section (CLS) committee is an IIROC education sub-committee dedicated to providing IIROC Member Firms with education on compliance and legal-oriented topics.