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1 MiFID II COMPLIANCE

Do you have access to the data and solutions you need to comply with MiFID II?

MiFID II SOLUTIONS & SERVICES

INTRODUCTION

HOW THOMSON REUTERS SUPPORTS YOUR MiFID II OBLIGATIONS

Pre- & Post-Trade Transparency

Trading Venues

SI Determination

APA & Publication Services

Reference Data

Transaction Reporting & Record Keeping

Investor Protection

Best Execution

HFT & Structural Change

Research, Permissioning & Unbundling

Regulatory Automation & Workflow Mapping

MiFID II TIMELINES

THOMSON REUTERS MiFID II CAPABILITIES & SOLUTIONS

THOMSON REUTERS SOLUTIONS

THOMSON REUTERS PARTNER MARKETPLACE

AWARD-WINNING CONTENT

THOMSON REUTERS: THE MAINLINE TO COMPLIANCE ADVANTAGE

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2 MiFID II COMPLIANCE2 MiFID II COMPLIANCE

The Markets in Financial Instruments Directive, MiFID II, will take effect on

3 January 2018. Speed and quality of data will determine the winners and

losers. MiFID II will command significant changes in business and operating

models, systems, the data you use and retain, your people, and your processes.

Your partners and the solutions you choose can give you an advantage.

Since the adoption of MiFID I in 2007 (and long before) Thomson Reuters

has been a market leader in providing expertise, guidance and solutions to

financial firms so they not only comply, but do so in a way that is streamlined,

efficient and integrated.

Thomson Reuters and our partners have the content, technology and

expertise to help you cross the line into the new world of MiFID II

compliance and beyond.

Visit mifidii.com for the latest news and information.

“ MiFID II represents one of the most fundamental and

far reaching regulations that the industry is addressing.

Its effect is not just in the European Union, its ripples will

reach far out into the global financial industry, impacting all

financial organisations that deal with the European markets.”

John Mason, Head of Regulatory Content Propositions,

Thomson Reuters

INTRODUCTION TO MiFID II

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CONTENTS

4 HOW THOMSON REUTERS SUPPORTS YOUR MiFID II OBLIGATIONS

6 Pre- & Post-Trade Transparency

8 Trading Venues

10 SI Determination

12 APA & Publication Services

14 Reference Data

16 Transaction Reporting & Record Keeping

18 Investor Protection

20 Best Execution

22 HFT & Structural Change

24 Research, Permissioning & Unbundling

26 Regulatory Automation & Workflow Mapping

28 MiFID II TIMELINES

30 THOMSON REUTERS MiFID II CAPABILITIES & SOLUTIONS

32 THOMSON REUTERS SOLUTIONS

34 THOMSON REUTERS PARTNER MARKETPLACE

36 AWARD-WINNING CONTENT

38 THOMSON REUTERS: THE MAINLINE TO COMPLIANCE ADVANTAGE

39 CONTACT US

MiFID II COMPLIANCE 3 PAGE 2 OF 2

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To learn more see page 26-27






TRANSACTION REPORTING & RECORD KEEPING

INVESTOR PROTECTION

BEST EXECUTION

HFT & STRUCTURAL

CHANGE

RESEARCH PERMISSIONING & UNBUNDLING

REGULATORY AUTOMATION &

WORKFLOWMAPPING


We provide access to financial reference data, applications and solutions to identify and report.

We provide solutions and expertise to support your MiFID II Investor Protection requirements.

We and our partners enable buy-side firms to track, control access, and aggregate all research and associated services from the sell-side to help manage budgets and meet research unbundling requirements.

We enable sell-side firms to measure and control the dissemination of their research so they can effectively monetize their offering.

We provide state-of-the-art best execution analytics, data and applications to help you prove best execution.

We provide best in class regulatory change and mapping workflow solutions to power risk radars.

We help you meet HFT specific transaction reporting requirements with access to modular tools and industry-leading reference data.

Thomson Reuters solutions:- Thomson Reuters Eikon- Thomson Reuters Intelligent Tagging- Thomson Reuters Research

Management Console

- Thomson Reuters StarMine Monitor

Thomson Reuters solutions:- Thomson Reuters DataScope- Thomson Reuters Elektron- Thomson Reuters Enterprise Platform (TREP)

Thomson Reuters solutions:- BestX FX Analytics Platform- Thomson Reuters DataScope- Thomson Reuters Systematic Internaliser

(SI) Determination Platform- Thomson Reuters Velocity Analytics

Thomson Reuters solutions:- BestX FX Analytics Platform- Thomson ONE- Thomson Reuters DataScope- Thomson Reuters Eikon- Thomson Reuters Elektron- Thomson Reuters Enterprise Platform (TREP)- Thomson Reuters Lipper Fund Rankings- Thomson Reuters Regulatory Change Management- Thomson Reuters Regulatory Intelligence- Thomson Reuters Starmine Analyst Rankings- Thomson Reuters Velocity Analytics

Thomson Reuters solutions:- Thomson Reuters DataScope- Thomson Reuters Eikon- Thomson Reuters Elektron- Thomson Reuters Enterprise Platform (TREP)- Thomson Reuters FXall- Thomson Reuters FX Trading- Thomson Reuters Systematic Internaliser

(SI) Determination Platform- Thomson Reuters Velocity Analytics

Thomson Reuters solutions:- Thomson Reuters DataScope- Thomson Reuters Regulatory

Change Management- Thomson Reuters Regulatory Intelligence

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5MiFID II COMPLIANCE

PRE- & POST-TRADE

TRANSPARENCY






TRADING VENUES

APPROVED PUBLICATION

ARRANGEMENTS (APAS) &

PUBLICATION SERVICES

REFERENCE DATA

SYSTEMATIC INTERNALISER (SI) DETERMINATION

THOMSON REUTERS IS UNIQUELY POSITIONED TO ENABLE OUR CUSTOMERS TO FULFILL THEIR OBLIGATIONS AND BE COMPETITIVE UNDER MiFID II

We are committed to bringing transparency to the market through pre- and post-trade data sourced from SIs, Approved Publication Arrangements and trading venues.

We provide solutions to enable organisations to determine if they have breached Systematic Internaliser (SI) thresholds.

We provide the ability to publish pre- and post-trade data and reports in near real-time via an APA to support your trade reporting requirements.

We provide the ability to trade on FX compliant platforms with suitable volume and liquidity levels to meet your FX trading requirements.

We provide access to aggregated MiFID II risk, liquidity, volume, additional pricing, and referential content to support your analysis and reporting.

Thomson Reuters solutions:- Thomson Reuters DataScope- Thomson Reuters Eikon- Thomson Reuters Elektron- Thomson Reuters Enterprise Platform (TREP)

Thomson Reuters solutions:- BestX FX Analytics Platform

- Thomson Reuters FX Trading

- Thomson ONE- Thomson Reuters DataScope- Thomson Reuters Elektron- Thomson Reuters Enterprise Platform (TREP)- Thomson Reuters FXall- Thomson Reuters Matching

- Thomson Reuters Regulatory Intelligence (TRRI)

- Thomson Reuters Trade Notification (TRTN)

- Tradeweb APA

Thomson Reuters solutions:- BestX FX Analytics Platform

- Thomson ONE- Thomson Reuters DataScope

- Thomson Reuters Eikon- Thomson Reuters Elektron

- Thomson Reuters Systematic Internaliser (SI) Determination Platform

- Thomson Reuters Velocity Analytics

Thomson Reuters solutions:- Thomson Reuters DataScope

- Thomson Reuters Eikon

- Thomson Reuters Elektron

- Thomson Reuters Enterprise Platform (TREP)

- Thomson Reuters Intelligent Tagging

- Thomson Reuters Research Management Console

- Tradeweb APA

Thomson Reuters solutions:- Thomson Reuters DataScope- Thomson Reuters Eikon- Thomson Reuters Elektron- Thomson Reuters Enterprise Platform (TREP)

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PRE- & POST-TRADE TRANSPARENCY

“ One of the big data challenges posed by

MiFID II is how do I take advantage of what

transparency actually brings to us? How

can I gather all the market data, which

will be available in the market and bring

it together in a normalized way, and data

mine and really understand the market

value of certain instruments?”

David Bull, Head of Fixed Income Content

Management, Thomson Reuters

TRANSPARENCY ON THE LINE

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7 MiFID II COMPLIANCE 7

When trading through a recognized venue in a

transparency eligible product, the platform will

manage the necessary publication of quotes and

trades. However, when dealing directly with clients

or other firms, this responsibility potentially falls to

the liquidity provider to publish a quote, but to either

one or other of the counterparties when it comes

to publishing the details of the trade itself.

Visibility of other dealers’ quotes and trades, whether

from trading venues or OTC data provided via the

Approved Publication Arrangements (APAs), will

help with price discovery. Traders and sales desks

will need to build strategies for using this data to price

products, based on visible market activity and how the

competition will react to their firms’ own visible quotes.

Quotes can remain private in certain instances,

depending on the quote size. It adds a new strategic

dimension to both buy- and sell-side as you decide

when to select quote sizes above and below

transparency size thresholds. Managing requests

for quote (RFQ) and responses, balancing size,

timeliness of execution, choice of participants in

the process and risk of market impact will be new

competitive weapons.

In order to successfully navigate this new

environment, sales desks and traders will need to

have access to the broadest and most up-to-date

real-time market data. This needs to be available

on both the desktop and within their firms’ pricing

tools for streamed-pricing, quoting and price

benchmarking tools.

We are committed to bringing complete transparency

to the market through sourcing all pre-trade and post-

trade data. These will be sourced from Systematic

Internalisers (SIs), APAs, and trading venues.

We will bring them together via Thomson Reuters

Elektron Real Time feeds or displayed on the

Thomson Reuters Eikon desktop. These provide

you with the most comprehensive, aggregated views

on MiFID II compliant trade activity. The complete

market view in one location.

Thomson Reuters DataScope Select will also

provide access to key MiFID II related instrument

data, allowing the sales and trading desks to make

fully informed pricing decisions. This includes MiFID

II liquidity status and the various threshold size limits

that determine the transparency obligations of each

individual quote provided.

As with our MiFID I service, our instrument reference

data will be mirrored on the real-time feeds and Eikon

desktops, in line with client consumption needs.

Thomson Reuters offers fully transparent reference

data, enhanced transparency and brings a vast

body of data into line to help you achieve full

compliance with MiFID II market structure rules.

OUR SOLUTIONS

Thomson Reuters Elektron

Thomson Reuters Eikon

Thomson Reuters DataScope

Thomson Reuters Enterprise Platform (TREP)

For full solutions information see page 30-33

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TRADING VENUES

“ Under MiFID II we expect the trading landscape to change

significantly. We are going to see the introduction of new

trading venues, including MTFs, organised trading facilities

and the SI regime, and of course, there are the regulated

markets we have today.”

Chris Leonard-Appleton, Director, Regulation,

Thomson Reuters

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Under MiFID II Thomson Reuters will operate

FXall QuickTrade*, our independent electronic

foreign exchange trading platform, as a Multilateral

Trading Facility (MTF), along with Forwards

Matching which is operated as an MTF today.

As an MTF, Thomson Reuters is obligated to report

all trades made on the MTF publicly, we will publish

to the Tradeweb APA to meet this obligation.

Additionally, Thomson Reuters is building out new

reporting solutions for post-trade and transaction

reporting and developing new risk controls (pre-

and post-trade) to help our clients meet their

algo trading requirements. We are also upgrading

graphical user interfaces (GUI) and application

programming interfaces (API) to accommodate

new data fields, and providing new straight through

processing (STP) feeds to provide new data fields

to trade parties for their own reporting and record

keeping requirements.

With increasing regulatory and market conduct

requirements for FX professionals – including

banks, alternative market makers, asset managers,

hedge funds and corporates – access to trusted

solutions is more critical than ever to achieve and

maintain success.

More than 5,000 buy- and sell-side professional FX

market participants trust Thomson Reuters award-

winning transaction platforms to trade over

$350 billion in average daily volume.

Thomson Reuters, in partnership with the foreign

exchange analytics specialist BestX, will enable

buy-side participants using Thomson Reuters

FXall and FX Trading to streamline analysis of

transaction costs, helping them define, achieve

and demonstrate best execution. We will offer

seamless connectivity from the Thomson Reuters

FXall and FX Trading desktops to the independent

transaction cost analysis (TCA) service from our

partner BestX.

Thomson Reuters has the breadth of experience

and existing infrastructure necessary to support

the changing market place under MiFID II.

OUR SOLUTIONS

BestX FX Analytics Platform


Thomson Reuters FX Trading

Tradeweb APA



Thomson Reuters Matching

Thomson Reuters FXall

Thomson Reuters Trade Notification (TRTN)

Thomson ONE

Thomson Reuters Regulatory Intelligence (TRRI)



9

*FXall QuickTrade instrument coverage: forwards, swaps, NDFs, options and money markets.

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SI DETERMINATION

Under the new MiFID II regulations, investment

firms are required to determine whether they trade

on a frequent, systematic and substantial basis

in order to identify whether they are a Systematic

Internaliser (SI) or not. These firms will make this

decision based on whether their activity exceeds

certain thresholds.

Investment firms can be confident whether they

will exceed these thresholds (and become an SI)

by leveraging the Thomson Reuters market

data network.

Firstly, investment firms can estimate the total

market size in near real time for both equity and

non-equity markets through Thomson Reuters

aggregated market data. Thomson Reuters is able

to collect the total number and volume of trades

in the EU from trading venues and Approved

Publication Arrangements (APAs). Instrument

definitions are aligned with the SI threshold criteria.

Secondly, Thomson Reuters will carry ‘official’ total

market size information published by regulators.

Thomson Reuters will distribute this data through

our existing channels, for example Thomson

Reuters DataScope Select, Thomson Reuters

Eikon and Thomson ONE desktops, and feeds.

The extension of the SI regime to non-

equities markets and the introduction

of quantitative thresholds have put this

obligation at the heart of many sell-side

firms MiFID II compliance programmes.

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Thirdly, Thomson Reuters Systematic Internaliser

Determination Platform dashboards have been

designed to help investment firms determine

whether they meet regulatory requirements for

trading as an SI. The display takes trading data

from that investment firm, cross-asset, and

compares this to total market size data to conduct

the frequent and systematic as well as substantial

tests. The SI Determination Platform dashboard

provides Traders and Compliance Offers with

insight into their current market participation

in line with MiFID II regulations.

Thomson Reuters enables investment firms not

only to comply with the systematic internaliser

regime, but to thrive in the new MiFID II world.

OUR SOLUTIONS

Thomson Reuters Systematic Internaliser (SI) Determination Platform



Thomson Reuters Velocity Analytics



Thomson ONE


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APA & PUBLICATION SERVICESDIRECT APA ACCESS TO ENSURE YOU’RE IN LINE


Consequently there is a need for organizations

to be able to publish that data in an efficient

and timely manner. Ideally this could be

done by utilizing an existing infrastructure

capability rather than require something new

and so Thomson Reuters has enhanced its

market leading Thomson Reuters Enterprise

Platform (TREP) to be able to capture the

necessary quote and trade data and publish

that data to the designated APA of choice.

MiFID II mandates that market players,

trading platform providers and related

parties must publish pre- and post-trade

data and report all applicable transactions

to regulators and APAs in accordance with

prescribed timelines.

MiFID II brings a whole new set of market

data publication requirements to both trading

venues and investment firms. MiFID I

pre- and post-trade publication requirements

started with all European equities listed on EU

regulated markets. As MiFID II transparency

requirements move into the OTC space, there

is a huge increase in instrument coverage,

both in number and asset type. Inevitably,

the challenges are around what needs to be

published, when and by whom. With such

a profound change to the amount of data

available to the market, there are bound to

be impacts.

To successfully navigate this new

environment, sales desks and traders will

need access to both up-to-date, real-time

market data and comprehensive instrument

reference data. Thomson Reuters is

committed to bringing together as many of

the new data sources as practical, whether

new systematic internaliser (SI) quotes, OTC

quotes and trade reports from APAs, new

trading venues or just new transparency data

from existing markets.

Due to the light that MiFID II shines onto previously unlit markets the

ability to publish pre- & post-trade data via an Approved Publication

Arrangement (APA) is essential.

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13 MiFID II COMPLIANCE 13MiFID II COMPLIANCE

We will also provide access to a pre- and post-trade

publication service for bonds, structured finance

products, derivatives and emission allowances. The

APA (in partnership with Tradeweb) will be designed to

ease publication by incorporating deferral and waiver

rules into the platform. This will ensure only appropriate

quotes and trades are published at the right time.

MiFID II requires SIs to demonstrate clear transparency

for their own-account trading. This enables investors

to know that they benefit from execution that equals or

betters that available from public venues.

Thomson Reuters provides the key data infrastructure

and analytics to support transparency through our line

of unrivalled solutions.

OUR SOLUTIONS

Tradeweb APA





Thomson Reuters Research Management Console

Thomson Reuters Intelligent Tagging


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REFERENCE DATA

MiFID II mandates that non-equity instruments move onto

exchange where suitable. Market participants will have a

complete overview of the entire non-equity trading lifecycle

and adopt suitable risk models to ensure they are mitigating

their risk exposure, and obtaining the best value across the

trading and investment cycle. A key ability to ensure this is

possible, is the aggregation of market and reference data.

In the new FICC environment under MiFID II, many of the

inter-dealer and dealer-to-client platforms will have to formalize

their status, either as a Multilateral Trading Facility (MTF)

or an Organized Trading Facility (OTF) and as such, will have

to publish trade data in a consistent manner.

Whilst these platforms are not essentially new, the availability,

type and volume of data will change and increase. A good

example of this will be the granularity of time-stamp data

against order and execution data. Trading venues can

include regulated markets, Multilateral Trading Facilities,

and Organized Trading Facilities.

Thomson Reuters is the largest aggregator of financial

data drawn from these venues.

“ Reference data really forms the cornerstone of MiFID II data

reporting and a number of workflows and decisions that firms

will have to undertake. Accurate instrument reference data will

be required by trading venues and SIs to report through to the

regulators. Having inaccuracy on these financial instruments

may have impacts on the prices and actually understanding what

those instruments are on the trading platform.”

David Bull, Head of Fixed Income Content Management,

Thomson Reuters

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Thomson Reuters has unrivalled expertise in normalizing data.

We use unique identifiers and apply an open message model

to manage and integrate multiple data sources. We then

distribute data via Thomson Reuters Elektron in real time,

Thomson Reuters DataScope for intraday and tick data

and Thomson Reuters Eikon for desktops and apps.

MiFID II increases the need for accurate and comprehensive

reference data. Firms need to know more about what

instruments are allowed to be traded; about the specific

products within those instruments; about the rules that

apply; and, finally, about the parties who may buy them.

Many buy-side firms require access to extensive reference

data on the instruments they trade, to determine what

needs to be reported and to generate the data points.

Thomson Reuters is the world’s largest provider of financial

reference data.

OUR SOLUTIONS






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Demand for better oversight of the financial markets has meant

that the scope of transaction reporting has increased, both in the

instruments that are covered and the amount of information required

in each report. The scope for reporting will now extend to any financial

instrument which has traded or been admitted to trading on a trading

venue (and not just the Regulated Markets as dictated by MiFID I);

which has had a request for admission to trade on a trading venue;

or which has an underlying instrument or basket/index of instruments

traded on a trading venue.

TRANSACTION REPORTING & RECORD KEEPING

“ Reference data will help to drive reporting decisions and

workflows that will ultimately define whether firms are

successful in meeting their reporting obligations.”

David Bull, Head of Fixed Income Content Management,

Thomson Reuters


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A pre-requisite of transaction reporting is record

keeping, bringing together a record of every order,

execution and transaction event.

To comply with MiFiD II reporting rules, many

buy-side firms will need access to extensive

reference data on the instruments they trade,

both to determine what needs to be reported

and to generate the data points.

Investment firms must report transactions in any

MiFID II financial instruments to their local regulator

or approved reporting mechanism (ARM) no later

than the close of the following working day.

Under MiFID II each individual transaction report can

contain up to 65 fields, including new flags, detailing

particular trade types in certain instruments; specific

details of participants, including the Legal Entity

Identifier (LEI code) of counterparties, funds and

individual accounts; and, raising privacy concerns,

significant additional personal details (National ID/

passport numbers) of the individual persons involved

in both the investment and execution decision.

Thomson Reuters provides indicators to

identify which instruments require transaction

reporting. Thomson Reuters DataScope Select

continues to be the primary service for instrument

reference and pricing data, much of this information

will also be included within Thomson Reuters

Elektron Real Time data feeds and available

in Thomson Reuters Eikon.

Thomson Reuters also provides a transactional store

using Thomson Reuters Velocity Analytics,

and, from this stage, also the data required for

transaction analysis.

In addition, using standard or custom analytics,

combined with Thomson Reuters Elektron Real

Time or Tick History data, you can provide benchmark

analytics for proving other typical business analytics,

such as RFQ hit rates.

Thomson Reuters is the world’s number one

provider of financial reference data and well

positioned to help you easily access and integrate

these regulatory data points.

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INVESTOR PROTECTION

Under MiFID II, financial institutions must act in

the best interest of their client, and it is therefore

paramount for firms to have a deep understanding

of who is distributing the financial products

they manufacture.

MiFID II requires that firms improve attention

paid to product design, provide complete and

clear information about investments, suitability

assessment of products recommended to clients,

protect investor assets and fair and efficient

treatment of investor complaints. This means

that clients would require product suitability

classifications to differentiate between complex

and non-complex products and MiFID II asset

classification data to comply with product design

and suitability assessment.

Thomson Reuters DataScope Select, our pricing

and reference data service, will be updated

with new fields. These will identify which new

instruments and products fall under the scope

of MiFID II, their classification using industry

standards such as Classification of Financial

Instrument (CFI) Codes, as well as indicators that

provide information about product complexity

and any MiFIR venue trading mandates and EMIR

clearing mandates as they come into force.

Where bundled investment products are sold to

investors, there needs to be clear transparency as

to how products are made up. Firms need to ensure

that bundled products are appropriate and must

also disclose whether investors could obtain better

prices for individual products if they were sold

separately. Costs, fees and commissions and any

non-monetary benefits paid to intermediaries must

also be itemized and declared.


Under MiFID II, financial institutions must act in the best interests

of their clients. Firms must have a deep understanding of who is distributing

the financial products they manufacture. This underlines the responsibilities

of buy-side and sell-side firms.

COMMITTED TO INVESTOR PROTECTION

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Firms must declare if the investment advice

that they give is independent. And whether

it is based on a sufficiently wide view of

the market as a whole or a restricted one.

Furthermore, firms must acknowledge if the

products they advise on are developed by

entities that are related to them.

In addition to this, Thomson Reuters

Regulatory Change Management workflow

solutions enable firms to stay abreast of new

regulatory moves. We enable you to adopt a

robust regulatory change framework because

MiFID II is likely to herald further investor

protection initiatives.

Thomson Reuters has the solutions and

expertise to help you be in line with MiFID II

investor protection requirements.

OUR SOLUTIONS






Thomson Reuters Regulatory Change Management

Thomson Reuters Regulatory Intelligence


Thomson ONE

Thomson Reuters Lipper Fund Rankings

Thomson Reuters StarMine Analyst Rankings


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BEST EXECUTION


The ability to prove best execution quality will

draw a line between those providers who can

deliver competitive service and those who

cannot... Data, analytics and technology are the

keys... Thomson Reuters can show you the way.

ALIGNING YOUR ORGANIZATION TO BEST EXECUTION

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21

MiFID II extends the requirements of best

execution across all asset classes whilst at the

same time establishing a greater number of

venues to aggregate. Thomson Reuters is

uniquely positioned to address both elements

of this equation by being the market leader in

aggregated data as well as providing a best

execution solution, Thomson Reuters Velocity

Analytics. With its ability to absorb both real-time,

reference, tick-history and client data, Velocity

Analytics enables organisations to address the

three fundamentals of best execution, reporting,

monitoring and controlling.

MiFID II requires execution venues as well as

market makers and SIs to publish execution reports

as stipulated by the Regulatory Technical Standard

(RTS) 27. In addition, buy-side Investment Firms

must also publish execution reports under the RTS

28 standard. Thomson Reuters Velocity Analytics

supports the production of both of these reports.

Additional monitoring capability across the

extended asset classes is also supported, bringing

traditional equities Transaction Cost Analysis (TCA)

to a new set of instruments.

Thomson Reuters Velocity Analytics also allows

companies to apply the necessary controls such

as policy effectiveness, calibration and case

management ensuring their best execution policies

are adhered to and remain effective.

Are you ready to be a leader in offering

compliant, best execution products and services

in this new world?

Thomson Reuters can show you the way.

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HFT & STRUCTURAL CHANGE


For high frequency traders, meeting

MiFID II’s tough demands on transaction

reporting will be a necessity from January

2018. Uniquely, our modular tools mean

that HFT trading organizations can shape

their trading platforms to meet their

specific requirements.

MEETING MiFID II’STOUGH DEMANDS ON HFT

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23 MiFID II COMPLIANCE 23MiFID II COMPLIANCE

MiFID II introduces a new regulatory regime for firms

that engage in algorithmic and/or high frequency

trading (HFT). In general, under MiFID II, firms

carrying out algorithmic trading (including HFT)

and trading venues allowing or enabling algorithmic

trading will have to have in place specific effective

systems, procedures and arrangements to ensure

resilience and capacity. This includes testing and

monitoring, as well as business continuity plans

and mechanisms to control trading.

Tick History delivers unmanipulated global trade

and order book quote messages, microsecond

time-stamped data back to 1996. These cover

more than 45 million global, cross-asset OTC and

exchange-traded instruments worldwide. Tick History

enables market makers and prop trading firms

who algorithmically quote and trade, to accurately

reconstruct the order book and replay the market.

These can be applied for the purposes of

back-testing algos and stress testing against volatile

or fast market conditions, both pre-deployment

(conformance testing) and post-deployment, as part

of required annual validation requirements.

MiFID II defines a high-frequency trader as one

sending at least two messages per second, for

a single instrument on any trading venue, or at

least four messages per second in respect to all

instruments being traded on a venue. This goes

further than any previous regulation and more firms

will need to register their HFT activities.

Compliance will mean storing detailed time series

records of algorithmic trade history for at least five

years. These records must include all fields outlined

in Annex III of regulatory technical standard (RTS) 6.

That is, 28 fields for each decision to buy or sell and

35 fields for each outgoing and executed order.

That’s a lot of information and high quality data

access, storage and retrieval are vital to achieving

the required level of MiFID II compliance.

Thomson Reuters offers the ability to back-test

trading algorithms in a pre- and post-trade testing

environment. We provide unparalleled access

to global historical tick data. This is recorded from

Thomson Reuters real-time feeds covering both OTC

and exchange traded instruments, across more than

500 trading venues as well as third party contributed

data. Thomson Reuters DataScope Select will carry

all relevant flags and reference data for meeting

the requirements of RTS 6.

For HFT traders, meeting MiFID II’s tough

requirements on transaction reporting will be a

necessity from January 2018. Uniquely, our modular

tools and industry-leading reference data mean that

HFT trading organizations can shape their trading

platforms to meet their specific requirements.

Partnering with Thomson Reuters opens the way

to meeting these requirements and continuing

to stay competitive in the MiFID II environment.

OUR SOLUTIONS





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RESEARCH, PERMISSIONING & UNBUNDLING


BUY-SIDE

OBTAIN THE BEST QUALITY RESEARCH EFFICIENTLY

Choice in research is almost unlimited, but quality

and price vary greatly. As the largest aggregator

of real-time research in the world, we serve up a

comprehensive listing of research and enable you

to easily request the entitlements required to view

the best research to meet your needs. With our

partners, Thomson Reuters can provide you with

an aggregated view of all sell-side touchpoints

(research, analyst calls, corporate access events,

etc.), and a MiFID II compliant resource tracking

and broker vote solution.

Thomson Reuters Eikon provides an unbiased sell-

side analyst performance evaluation focusing on

analyst accuracy as well as relative analyst ranking

by security and sector. Part of our proprietary

Thomson Reuters StarMine investment analytics,

our analyst score card and rankings help you make

or justify broker selection decisions.

MAXIMIZE THE USE AND EFFECTIVENESS OF IN-HOUSE RESEARCH

Knowing how research is used within your

organization can help you measure its value and

relevance, and aid in discussions with sell-side

firms. Thomson Reuters enables you to track usage

by enterprise, departments or individual buy-side

analyst. You can also use the Thomson Reuters

Eikon platform to host your own proprietary

research. This can help you gain an understanding

of the strengths of your internal research — and

know where your firm relies on outside perspective.

You can also learn how each professional or team

uses information, where it comes from and what

the cost is.

OUR SOLUTIONS


Thomson Reuters StarMine


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Value, Measure and Monetize Research

The first step in monetizing your research is

ensuring that buy-side consumers are able

to find it.

To help you assess the usability, competitive quality

and improve the monetization of your research, we

offer StarMine Monitor. This application enables

you to assess the relative, unbiased performance of

your analysts across industries, sectors and overall

coverage universes. It evaluates the profitability of

buy/sell/hold recommendations and the accuracy

of earnings estimates so Directors of Research

can review overall strengths and weaknesses of

their analysts. We also provide full usage reporting

including details of all research consumed by your

buy-side customers.

We also help sell-side firms to control and manage

administration and distribution of research.

The Thomson Reuters Research Management

Console is an easy-to-use platform that enables

you to control and track requests for access and

entitlements in a customizable and granular

fashion. ‘Link back’ capabilities to your research

portal are available through Thomson Reuters

Eikon and APIs, to add an additional level of

authentication and allow for a more dynamic

presentation of your research. We can help you

make your research more discoverable using

Thomson Reuters Intelligent Tagging software

that adds a unique identifier, enabling enhanced

search and discoverability via a research portal. In

addition, for those wanting to enrich the customer

experience, we can host your own research portal,

and also provide custom design via our partners.

Thomson Reuters has the solutions and expertise

to help you be in line with MiFID II requirements.

OUR SOLUTIONS


Thomson Reuters StarMine Monitor


Thomson Reuters Research Management Console


Our solutions help control access and permissions, and offer research readership

reporting providing transparency into what is actually being viewed and what

customers find most valuable. All of which can help build more accurate research

pricing models and billing schemes.

SELL-SIDE


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REGULATORY AUTOMATION & WORKFLOW MAPPING

MiFID II aims to provide a more efficient, resilient

and transparent way for financial markets to

operate. Understanding the impact of MiFID II on

your organization and how to prepare to meet your

regulatory requirements is essential. Thomson

Reuters Regulatory Change Management is

a powerful workflow solution that enables your

organization to manage a high volume of regulatory

developments with a streamlined and automated

process. We support you in taking the appropriate

steps for your business to ensure that you change

the required processes and procedures in light

of the regulatory changes brought by MiFID II.

Enhanced content integration and mapping

capabilities connect the regulatory change


LEVERAGING OUR REGULATORY CONTENT INTO MiFID II COMPLIANCE WORKFLOWS

Under MiFID II, financial institutions

must act in the best interests of their

clients. Firms must have a deep

understanding of who is distributing the

financial products they manufacture.

This underlines the responsibilities

of buy-side and sell-side firms.

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management process to your organizational

structure. Your compliance teams can

incorporate insight and content from Thomson

Reuters Regulatory Intelligence, which offers

comprehensive coverage from over 750 regulators

globally. This can be used to map relevant policies

to rule changes around MiFID II and evaluate their

effect on your business. The solution can also

integrate regulatory content into your compliance

workflow processes from third parties.

As authorities outline the regulations they will

require, Thomson Reuters can alert you to the

changes you need to make. Our fully equipped

compliance dashboard can provide industry insight

on MiFID II from subject matter experts, track

new and updated regulatory changes around

MiFID II, and map relevant rules and regulatory

requirements across your entire enterprise.

Our flexible rating system lets you plot regulatory

change by risk level, keep oversight of key due

dates, identify controls relevant to the regulation

and issue action plans and allocate ownership to

proactively notify business owners of any regulatory

change updates.

Let Thomson Reuters guide you to MiFID II

regulatory compliance.

OUR SOLUTIONS


Thomson Reuters Regulatory Intelligence




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MiFID II TIMELINES

The timeline for MiFID II compliance is now clear but time

is passing. There is so much work to do before January 2018

that it is important to act now to ensure your business and

operations will be MiFID II ready in time. Once you have the right

solutions and services in place, the challenging workload that

MiFID II requires will be easier to get to grips with.

2014 2015

SEP 2015

ESMA publishes the RTS and submits these to the Commission

DEC 2015

ESMA publishes the ITS and submits these to the Commission

MAY 2014

ESMA published a Discussion Paper and a Consultation Paper to gather industry’s initial views

JUN 2015

ESMA published and sent to the commission its first set of Technical Standards

DEC 2014

ESMA published its Technical Advice to the Commission and a key Consultation Paper on draft RTS / ITS

JUN 2014

MiFID II / MiFIR published in the Official Journal

MAY 2014

Council approves MiFID II / MiFIR

2016

Operationalizing MiFID II

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2016

Operationalizing MiFID II

2017

Implementing MiFID II

2018

JUL 2017

MiFID II must be transposed into national law of Members States

JAN 2018

MiFID II / MiFIR comes into effect

MAY 2016

Council and Parliament agree with the proposal from the EC to delay the application of MiFID II to 3 Jan 2018 and the deadline for implementation in national laws to 3 July 2017


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KEY MiFID II CAPABILITIES:

Real & Non Real Time Market Liquidity, Volume & Pricing Data:

MiFID II Identifiers & Referential Content:

Approved Publication Arrangements (APAs):

Foreign Exchange Trading Solutions:

Best Execution Analytics & Suitability Services:

Systematic Internaliser (SI) Determination:

THOMSON REUTERS MiFID II COMPLIANT PROPOSITIONS:


- Thomson Reuters DataScope




- Tradeweb APA

- Thomson Reuters MTF

- Thomson Reuters FXall

- Thomson Reuters Matching

- Thomson Reuters Trade Notification (TRTN)

- BestX FX Analytics Platform

- Thomson Reuters Velocity Analytics

- BestX FX Analytics Platform

- Thomson Reuters Systematic Internaliser (SI)Determination Platform


Trading Venues

Systematic Internaliser (SI) Determination

Approved Publication Arrangements (APAs) & Publication Services

Reference Data


Investor Protection

Best Execution


Research Permissioningand Unbundling


MiF

ID II

SER

VICE

REQ

UIR

EMEN

TS:


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PROPOSITIONS vs CHALLENGES

Research Permissioning & Unbundling:

Tick History (Date & Time Stamp):

Regulatory Change Workflow & Mapping Services:

Market & Analysis Desktop Services:

Ratings & Ranking Data and Benchmarks:

Partner Workflow & Connectivity Services:


- Thomson Reuters Research Management Console

- Thomson Reuters Intelligent Tagging



- Thomson Reuters Regulatory Change Management (TRRCM)



- Thomson ONE


- Thomson Reuters Lipper Fund Rankings

- Thomson Reuters StarMine Analyst Rankings

- Thomson Reuters StarMine Monitor

- Thomson Reuters Partner Marketplace

Thomson Reuters customers are uniquely positioned to benefit from our MiFID II solutions enabling them to meet their MiFID II objectives.


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Our partnership with FX analytics specialists BestX

offering seamless connectivity to the independent

total cost analysis (TCA) service from BestX from the

Thomson Reuters FXall and FX Trading desktops.

Thomson ONE

Integrated access to information, analytics and tools

delivered within workspaces designed specifically for

each target customer’s workflow.

Tradeweb APA

Global electronic multi-dealer-to-customer marketplace

for trading fixed income, derivatives and money market

products which connects major investment banks with

institutional customers. Thomson Reuters partnership

with Tradeweb allows market participants to access

a fully compliant APA service.


Data delivery platform for non-streaming cross-asset

class content globally; supports the management of

financial risk, including such instruments as peer-to-

peer or marketplace loans.


Our flagship desktop platform providing pre-trade

decision-making tools, news, real-time pricing, charting,

analytics, portfolio tools, trading connectivity and

collaboration tools.


Flexible, high performance, cross asset data and trading

infrastructure that includes low latency real-time data

feeds, non real-time data, analytics and transactional

connectivity. Services can be offered in a range of

deployment models.


Scalable and robust technology platform that enable

financial institutions to control real-time information flows.


Bank-to-client trading and workflow solutions to over

1,700 institutions worldwide including asset managers,

banks, broker-dealers, corporates and hedge funds with

liquidity from over 160 leading market makers.


FX Trading is our next generation desktop platform

that delivers our entire foreign exchange offering and

provides a single point of access to liquidity in hundreds

of currency pairs from the Thomson Reuters Matching,

Dealing and FXall platforms.


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Thomson Reuters Intelligent Tagging, processes internal

research and co-mingles valuable in-house insights

with external research and multiple additional sources

of unstructured data.

Thomson Reuters Lipper Fund Rankings

Thomson Reuters Lipper Rankings are award winning

fund ratings that are available to the market.

Thomson Reuters Matching

Thomson Reuters Matching is an anonymous central

limit order book spot, forward and NDF trading for the

interbank FX community in over 80 currency pairs and

with over 1,100 subscribers.

Thomson Reuters Regulatory Intelligence (TRRI)

& Compliance Management

A suite of information and software products with

global coverage of over 500 regulatory bodies, over 950

rulebooks, and exclusive news and analysis from global

regulatory compliance experts and journalists.

Thomson Reuters Regulatory Intelligence is a single

solution providing content and technology to help

navigate global regulatory compliance.


provides coverage of legislative and regulatory

content from over 750 global regulators and mapping

capabilities. Thomson Reuters Research Management

Console application or API enables you to value, measure

and monetize research within your organization.



are essential when benchmarking which analysts

are performing best.

Thomson Reuters StarMine Monitor

Thomson Reuters StarMine Monitor offers the

most proven, fair, and rigorous tools to objectively

measure the performance of your research team.

StarMine evaluates the profitability of buy/sell/hold

recommendations and the accuracy of

earnings estimates.

Thomson Reuters Systematic Internaliser Determination Platform

A best of breed systematic internaliser (SI) determination

platform that allows our customer to be MiFID II compliant.

Thomson Reuters Trade Notification (TRTN)

The premier global messaging hub where banks,

brokers and their clients come together to exchange

trade notifications on a neutral and independent

platform with more than 2,500 publishers and receivers,

sharing millions of messages every month.


Our cross asset best execution reporting and monitoring

solution which consumes Tick History data and is

powered by Kx analytical software.


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Our valuable Partner ecosystem enables you

to get more from working with Thomson Reuters

to solve your MiFID II challenges, further

streamlining your operations.

Our partners provide a wealth of platforms, data,

consulting and other services that augment our

content and technology and extend its capabilities.

We are closely collaborating with our partners to

develop MiFID II specific content and capabilities.

Whether working with the more than 500 venues

in our network or developing greater connectivity

with a wide range of front-, middle-, and back-office

providers, we will ensure you seamlessly have access

to integrated solutions tailored to your needs.

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Global Finance World’s Best FX Providers Best Independent Online FX Trading System Best Liquidity Provider Innovator in FX January 2016

Wall Street Letter Institutional Trading Awards Best Trading Technology February 2016

CTA Intelligence US Services Awards Best Data and Information Provider February 2016

Corporate Treasurer Awards 2015 Best Technology Platform Best Trading Platform Best Treasury & Finance Strategies March 2016

Technical Analyst Awards Best Technical Analysis Platform April 2016

Sell-Side Technology Awards Best Data Provider to the Sell Side April 2016

HFM European Hedge Fund Services Awards Best Data and Information Provider April 2016

Structured Products Technology Best Credit Valuation Adjustment Calculation Best Debit Valuation Adjustment Calculation Best Funding Valuation Adjustment Calculation May 2016

Euromoney FX Survey Best Multibank and Independent Platform May 2016

Wealth Briefing Asia - Hong Kong Best FX Solutions Provider May 2016

Profit & Loss Readers’ Choice Awards Best FX Market Data Platform Best Trading Platform for Corporations May 2016

Inside Market & Inside Reference Data Awards Best Reference Data Provider Best News Provider Best Mobile Initiative June 2016

Waters Technology Best Reference Data Provider Best Corporate Actions Solution Provider Best Cloud Based Services Provider July 2016

Structured Products Asia Awards Technology Provider of the Year September 2016

Investment Week Awards Best Investment Research BlogOctober 2016

TMT News 2016 Technology Awards Best Global Financial Technology October 2016

Buy-Siders’ Choice Awards FX Trading System November 2016

Wealth and Finance 2016 Awards Best Financial Market Intelligence Provider Risk and Compliance Specialist of the Year – South Africa November 2016

Buy-Side Tech Awards Awards Best Buy-Side EMS Provider (REDI) Best Buy-Side Pricing / Valuation Service (TRPS) November 2016

FX Week Awards Best Broker for Forward FX Best Broker for Emerging Markets Best Vendor for Dealing Technology November 2016

CTA Intelligence European Services Awards Best Data and Information Provider November 2016


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TRUSTED AND RELIABLE BRAND Thomson Reuters is the world’s leading

source of intelligent information. Thousands

of organizations trust us to help them make

risk-aware choices.

AWARD-WINNING CONTENTThomson Reuters is recognized as a leading

source of trusted answers, winning analyst

recognitions and awards around the globe for

our technology and platform capabilities.

DEEP AND RICH COVERAGE Thomson Reuters employs the world’s top

journalists, analysts, researchers, and other

experts to give you the insight to help you

navigate the road ahead.

UNDERSTAND STAKEHOLDER IMPORTANCE We value all of our relationships, and we know

you do too. Whether the focus is regulatory

reporting, or a business decision, getting risk

information right is essential.

WELL-ROUNDED SUITE OF SOLUTIONS Only Thomson Reuters has such a wide

range of capabilities across so many

of today’s crucial risk domains. We can

work with your organization in a truly

connected way.

HUMAN EXPERTISE Thomson Reuters employs the world’s top

journalists, analysts, researchers, and other

experts to give you the insight to help you

navigate the road ahead.

REDUCE OPERATIONAL COSTS Our solutions help you focus your valuable

resources where they matter most to your

business. We can also help improve your

customers’ experience.

PROVEN AS A PARTNER GLOBALLY Thomson Reuters has dozens of offices

around the globe enabling us to truly partner

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THOMSON REUTERS: THE MAINLINE TO COMPLIANCE ADVANTAGE – WHY CHOOSE US?

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39 MiFID II COMPLIANCE 39

Thomson Reuters is the leading provider of end-to-end MiFID II data, services, solutions and systems. Together with our partners, we can ensure that you’ll be prepared to comply with MiFID II and other pressing regulations.

CONTACT US

FIND OUT MORE ABOUT CROSSING THE LINE TO MiFID II COMPLIANCE.

For more information contact your Thomson Reuters

representative or visit us online.

Visit mifidii.com

Email [email protected]

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