ResourcesCash & Liquidity ManagementPaymentsNeed to know: getting MiFID II transaction reporting right

Need to know: getting MiFID II transaction reporting right

MiFID II and SFTR have given many companies a valid reason to automate and consolidate their post-reporting reconciliation processes. Getting this wrong can result in severe financial penalties, so it is essential that the right framework and controls are put in place to save your organization money, time and reputational harm.

The recent go-live of MiFID II and the upcoming implementation of SFTR have given many companies a valid reason to automate and consolidate their post-reporting reconciliation processes. Getting this wrong can result in severe financial penalties – the FCA has previously charged a £1.50 fine per line of incorrect or non-reported data, so the costs of non-compliance can potentially run into the millions. 

It is therefore essential that the right framework and controls are put in place to save your organization money, time and reputational harm.

Core to each of the G20 reporting regimes is the requirement for transaction data to be presented to the respective regulators in a timely fashion. A great deal of expense and time has gone into creating eligibility and pre-eligibility checkers but little to nothing has been done by firms to satisfy the regulator’s requirement for post-reporting reconciliations.

AutoRek can assist your firm with reconciling transaction data across all the G20 Reporting Obligations regimes using a single controls framework that meets the various regulatory requirements and adheres to the individual, jurisdictional data laws.