TP ICAP has deployed Bloomberg Entity Exchange’s platform in a bid to help its clients register with new trading venues operated by Tullett Prebon and ICAP under MiFID II. Bloomberg Entity Exchange provides a web-based electronic platform which centralises the exchange of information and manages trading venue documentation. MiFID II will see operators of organised trading facilities (OTFs) and other venues collect data on users and transactions. Chief executive at TP ICAP global broking, Nicolas Breteau, explained the partnership with Bloomberg will ensure a simpler repapering process for clients ahead of MiFID II. “MiFID II will impose significant requirements on firms to share and collect data from their clients. We want to help our clients to quickly understand what the new rules will mean to their trading relationships, especially around trade execution, reporting and transparency,” he said. Dan Matthies, global head of Bloomberg Entity Exchange, added the platform will provide a more efficient exchange of information for TP ICAP to provide execution services for its customers in compliance with MiFID II. “The adoption of Entity Exchange by a globally recognised player such as TP ICAP, and hundreds of brokers and buy-side firms around the world, shows it is satisfying an unmet need for smarter technology to facilitate regulatory compliance without causing significant disruption to workflow,” he commented.
Tullett Prebon and ICAP will use Bloomberg Entity Exchange’s platform to help clients registering with new trading venues operated by the two entities under Nicolas Breteau provide a more efficient exchange of information. The forthcoming regulations will change how firms share and collect data from their clients. "We want to help our clients to quickly understand what the new rules will mean to their trading relationships, especially around trade execution, reporting and transparency," said Mifid II, the chief executive of global broking at TP ICAP.