21 Sept 2021, London, UK
Qomply, a leading transaction reporting firm, and Euronext, the leading pan-European market infrastructure, have announced a connectivity partnership that delivers a seamless transaction reporting service for market participants.
By linking services, Qomply and Euronext provide clients with a straightforward solution without the high cost and complications of integrating separate solutions. Users of Qomply benefit from a streamlined process that accepts trade data, performs a matrix of over 1,000 rules for accuracy and validity and sends the transaction data directly to Euronext ARM for timely delivery to the regulator. Users can tease out any issues with their trade reporting before sending it to the Euronext ARM. This service is unique in that users control when and if trades are sent to the ARM.
Georges Lauchard, COO of Euronext commented: “Regulatory reporting is an important part of MiFID II, providing security and transparency to European markets. Euronext’s APA and ARM, designed together with clients, provides firms with a flexible solution to meet their obligations. We are delighted to establish a partnership with Qomply to offer market participants an efficient and reliable MiFIR reporting partnership. Together, we will create value for investment firms that are looking for simple, reliable, and cost-effective data driven solutions – and delivered with the confidence that comes from the leading pan-European market infrastructure.”
Michelle Zak, Co-Founder of Qomply adds, “Euronext is a world leader in global financial markets infrastructure and we are pleased to join them as a connectivity partner as we build an efficient system for meeting regulatory requirements.”
In 2017, the rollout of APAs and ARMs was at its inception with many market participants scrambling to secure services in time for the MiFID January 2018 deadline. This left many firms securing costly service agreements as a tactical solution to achieving continuity. Three years on, the services of APAs and ARMs have matured and competitive pricing models have emerged.
“Firms switching service providers could realise a potential savings of upwards of 50pct from 2018 prices. Once ARM contracts are up for renewal, there may be little benefit in maintaining loyalty to a specific provider as Qomply simplifies the process of changing providers.”, according to Zak.
For the financial services industry, the bill to implement MiFID collectively came to more than €2.5bn, and there are further annual compliance costs of €700m, according to Opimas, a leading consultancy. If there is a way to reduce ongoing fees, especially for third party arrangements, firms should seek out these avenues.
Qomply is a leading regulatory technology firm specialising in advanced technology and automated services for transaction reporting accuracy and assurance – covering MiFIR, SFTR and EMIR.
Qomply’s flagship product, the Report Assure Suite, is a subscription-based service that covers key aspects of the control framework for transaction reporting including comprehensive checks for accuracy and completeness, trade reconciliation, over-reporting, and detailed reference data checks. Firms conduct their own periodic comprehensive checks on their transaction reports - both before and after submission to the regulator – putting them firmly in control.
For more information, please contact Qomply on +44 (0) 20 8242 4789 or firstname.lastname@example.org
Euronext is the leading pan-European market infrastructure, connecting local economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With close to 1,900 listed issuers and around €6.4 trillion in market capitalisation as of end June 2021, it has an unmatched blue chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs. Euronext provides custody and settlement services through central securities depositories in Denmark, Italy, Norway and Portugal.
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