TORA has extended its provision of MiFID II solutions through a partnership with Trax, the European market data division of MarketAxess. The partnership will combine TORA’s order and execution management system (OEMS) with the Trax regulatory reporting engine to provide users with straight through processing for the trade and transaction reporting requirements of MiFID II.
Chris Jenkins, managing director of TORA, says: “To keep pace with the changing regulatory landscape, buy-side firms need trading technology that can be easily integrated with other solutions. Trax adds to our expanding MiFID II Approved Reporting Mechanism (ARM) and Approved Publication Arrangement (APA) partner ecosystem and offers our clients a simplified trading and reporting workflow.”
Nick Moss, head of product management at Trax Post-Trade, adds: “The trade and transaction reporting obligations of MiFID II have brought increased operational complexity to a wide range of participants. Trax is committed to working with OEMS providers, such as TORA, to help reporting firms streamline their processes and reduce risks.”
TORA’s partnership with Trax expands its MiFID II product line covering best execution, regulatory reporting and commission management.