About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

SmartStream Adds MiFID II Derivatives Component Ahead of September Deadline

Subscribe to our newsletter

SmartStream Technologies, the financial Reference Data Utility (RDU) solutions provider, has added derivatives to its Systematic Internaliser (SI) Registry service, to help clients meet the rapidly approaching MiFID II deadline of 15 September, 2020. The new service will allow trading counterparties to identify who is responsible for reporting trades in general, but also supports them through one of the most complex elements of the SI Regime.

The SI registry is a market initiative where SmartStream in collaboration with a group of APAs, including: Bloomberg, Deutsche Boerse, MarketAxess, TRADEcho and Tradeweb, enable SIs to register, the financial instruments for which they are providing SI services, in a centralised database.

The MiFID II SI Regime mandates that the SI test is conducted differently depending on the asset class. For derivatives, the SI determination is based on the volume of trades across a class of instruments, and not just at the ISIN level. To meet the September deadline firms will have to handle a complex ESMA classification scheme in order to be compliant.

This makes it imperative that they are able to access and rely on good quality reference data to ensure they can successfully trade electronically, automate their operations and report accurately to the regulators. The latest derivatives service further strengthens SmartStream’s partnership with the APA (Approved Publication Arrangements) community as the RDU continues to be the sole distributor of the SI Registry, which provides SI status across equity, fixed income and derivative instruments.

Additionally, the new API (Application Programming Interface) service is designed to reduce the complexity out of traversing between an ISIN and the associated Classes of Financial Instruments Approach (COFIA) SI status for derivatives – aiming to simplify a customer’s ability to identify counterparty SI status.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

How Firms Are Adapting to a Multi-Channel, AI-Driven Future – Global Relay Survey

Global Relay has published its 2025/26 Data Insights: Communications Capture Trends report, now in its third annual edition and rapidly becoming a reference point for how regulated financial institutions manage their communications obligations. Drawing on data from more than 12,000 regulated financial institutions using Global Relay’s connectors, the survey tracks which channels firms are archiving,...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

MiFID II handbook, third edition – How compliant are you?

Six months after Markets in Financial Instruments Directive II (MiFID II) went live, how compliant is your organisation? If you took a tactical approach to cross the compliance line on January 3, 2018, how are you reviewing and renewing systems to take a more strategic approach and what are the business benefits of doing so?...