The Tradeweb APA today received authorisation from the UK’s Financial Conduct Authority (FCA), effective from 3rd January, 2018.
• Tradeweb launched its APA-early facility in December last year to enable firms to connect and test well ahead of MiFID II implementation.
• The Tradeweb APA already has commitments to participate from a significant number of sell-side firms representing an estimated 60+% of OTC non-equity trading volumes.
Comment from Simon Maisey, MD, global head of business development at Tradeweb:
“We are pleased that our application to the FCA for APA status has been successful. Our APA service has already received support from a significant number of leading financial institutions. More recently, buy-side firms have shown particular interest in our ‘Assisted Reporting’ service, which helps them comply with post-trade reporting obligations without having to set up direct connectivity. This saves them time, money and effort, while eliminating uncertainty over how to deal with different trades.”