Post-trade workflow.* *

 

 

 

• Direct and indirect connectivity to clearing houses
• Rules and waiver engine to prevent over-reporting (Bloomberg AIM) 

* Not affected by the MiFID II update. 

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• Trades in all covered instruments reported
• T+1 to National Competent Authority (NCA), the local regulators, with LEIs, other identifying personal data and economic terms
• Direct reporting through ARM or venue
• Firms must prove completeness with controls and procedures for errors and corrections 

 

• Extension of Trading Solution’s multi-asset MiFID ARM to meet MiFID II requirements Integration with a complete post-trade regulatory compliance workflow
• Trade capture and enrichment with MiFID II data across multiple asset classes (Bloomberg AIM) 
• Integration with RHUB, ARM for  regulatory reporting (Bloomberg AIM)
• Rules and waiver engine to prevent over-reporting (Bloomberg AIM)

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• Expanded requirements to demonstrate “sufficient” steps to provide best execution
• Publish execution policy
• Demonstrate performance against that policy
• SIs and trading venues required to publish reports on quality of execution
• Applicable to all MiFID II instruments accounting for size, price, cost, speed, likelihood of execution and settlement 

 

• The new standard for best execution consisting of the pre-trade Profiler of Execution (PEX) analytic (integrated within TSOX) coupled with the multi-asset Bloomberg Transaction Cost Analysis (BTCA) product for trade and trend outlier identification

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• Market abuse surveillance by identifying suspicious execution outliers and trends
• Investigate with trade reconstruction incorporating structured and unstructured data
• Compliance workflow for documenting conclusions
• Immutable Write Once, Read Many (WORM)record keeping 
  
   

 

• Bloomberg VAULT: comprehensive and compliant data storage and reconstruction of structured and unstructured data 

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Bloomberg solutions

Approved Reporting Mechanism

Bloomberg's Approved Reporting Mechanism (ARM) has been extended to meet the 65 MiFID II transaction reporting fields. In conjunction with the Bloomberg RHUB trade economics from order and execution management systems may be enriched with all necessary reference data and routed to the appropriate National Competent Authority (NCA).

Best execution

Bloomberg’s Profiler of Execution (PEX) pre-trade analytics toolkit and Bloomberg’s Transaction Cost Analysis (BTCA) service — when used together throughout the life cycle of a transaction — empower the trader to keep best execution policy as an integrated, systemic part of the trading process, whilst also offering the infrastructure necessary to manage exceptions, compile management reports, de-construct and analyze transactions post-trade, consider trends and use that information to revise execution policies.

 

Profiler of Execution (PEX)

PEX is a pre-trade analytical tool that systemically applies a set of statistical analyses to a firm’s historical trade records and current dealer contributions to provide the trader with a simple, data-driven indication of which dealers have performed best for orders with similar attributes and are best positioned to trade today.

• PEX assesses the historical, peer-to-peer trade performance between the trader’s firm and its price providers, considering each order's key attributes when conducting the analysis of behaviour
• PEX scores help the trader identify the counterparties that have provided the best trading experience and are most ready to enter into a transaction at the present
• Traders access PEX through Bloomberg’s execution management system for fixed income, derivatives and futures — TSOX
• TSOX ensures PEX metadata is archived and made available for ex-post analysis using the full BTCA toolkit

 

 

 

Key features:

• Supports fixed income, equities, foreign exchange and exchange-traded derivatives (more in development)
• Over 100 benchmarks for relative or absolute comparison
• Cost decomposition across the order lifecycle from decision through final fill
• Flexible on-demand or scheduled reporting for any date range
• Pre-configured report styles include on-Terminal and interactive as well as presentation ready 
• Exception-based architecture streamlines workflow and outlier investigations
• Single-click access to Bloomberg’s analytics, charting, news and data
• for forensic-level trade analysis
• Full integration with Bloomberg EMS/OMS (AIM) and EMSxNet, the open order-routing network
• Open architecture incorporates trade data from third-party systems

 

Record keeping, trade reconstruction and surveillance

Bloomberg VAULT — comprehensive and compliant data storage and reconstruction of structured and unstructured data.

File analytics

• Gain visibility into unstructured data repositories to identify sensitive data
• Globally search, manage, retain and analyse data instantly

Trade reconstruction

• Instantly search and associate communication data transactions for export
• Complement internal trade compliance/surveillance practices

Enterprise archiving

• Immutable Storage
• Letters of Attestation

Surveillance

• Real-time policy management
• Dramatically reduce false positives

eDiscovery

• Advanced search, analytics and review
• Improves performance and efficiency 
• Bloomberg has applied to be a LOU with accreditation pending