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 Combines Air, RDU to Offer Comprehensive Transaction Reporting for MiFID II

Subscribe to our newsletter

SmartStream Technologies has combined its SmartStream RDU reference data utility with its SmartStream Air (Artificial Intelligence Reconciliations) solution to create a new offering that provides regulated entities with comprehensive reporting capabilities for MiFID II. The new solution – Transaction Reporting Reconciliation and Reporting Decision Control – aims to address regulators’ growing requirement for completeness and accuracy of firm’s transaction reporting processes.

At the heart of the new solution is SmartStream’s AI-based application, SmartStream Air – which allows handling of high volumes of potentially highly complex data in the cloud. SmartStream Air will reconcile all fields firms may need to enter for MiFID II transaction reporting purposes – offering near real-time matching. SmartStream has been working in recent years to incorporate AI into the transaction workflow.

SmartStream Air allows the solution to manage the diverse data structures typically found in financial institutions’ source systems. As a result, clients will be able to prove the integrity of their data, but without the effort and overheads associated with several reconciliations systems.

Within the new transaction reporting solution, SmartStream RDU’s API will allow firms to ascertain whether a financial instrument is Traded on a Trading Venue (ToTV) and therefore reportable under MiFID II. SmartStream RDU draws data from regulatory and industry bodies, assisting firms with their trade and transaction reporting, including avoiding either under- or over-reporting.

According to Jethro MacDonald, Product Manager – Innovations Lab, at SmartStream, “Clearly the FCA is already taking tough measures and has recently imposed large fines on banks where it considers failings have occurred on an extensive, long-term basis. Complying with the demands of MiFID II transaction reporting is complex, also proving data integrity to regulators can place a real strain on firms. This new solution will add an invaluable control for investment firms, allowing them to spot both data, and reporting decision irregularities in one control framework – showcasing to regulators that they’ve taken all the necessary steps to ensure their transaction reporting is both complete and accurate”.

The solution will also provide market participants with the necessary data to support their decision to file a report, or not, should that decision be questioned by regulators. In the future, it may even be possible to make anonymised correlations between users, creating a benchmark so that firms can check whether they are reporting in line with their peers, SmartStream says.

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

Data Infrastructure Faces Stress Test as Private Credit Consolidation Beckons

By Charles Sayac, Managing Director EMEA West, NeoXam. A bout of consolidation unseen in the sector’s history may be on the cards for the private credit space – one that threatens to unearth a host of complex data challenges for the unprepared. A recent Carne Group report revealed almost all (96 per cent) of private debt managers...

EVENT

TradingTech Summit New York

Our TradingTech Summit in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...