Reuters has moved to develop a trade reporting system for investment firms operating under the MiFID rulebook.
The vendor says Reuters Trade Publication (RTP) is the first of three new applications that the firm is working on to help clients meet their regulatory requirements under the Markets in Financial Instruments Directive (MiFID) from 1 November.
After that date all investment firms will have to publish data on any trading activity that does not take place on an exchange or a Multilateral Trading Facility (MTF) immediately after a trade is done. Reuters says RTP will provide "an independent and cost effective mechanism" to help both buy-side and sell-side firms to meet this obligation.
Other applications in the pipeline include a facility for viewing the best aggregated price and all trading activity for a stock, even when it is traded on more than one exchange or other execution venue; and a system to help clients to check that best execution has been obtained for a trade via Transaction Cost Analysis (TCA).
Under the MiFID regulations investment firms will be required to execute trades efficiently, publish that information and show that best execution was obtained for clients.