Automated Regulatory Reporting

Trade reporting is often thought to be a tedious, complicated process - and it may well be if information has to be transformed and moved across multiple systems. Nachas Networks' MiFIR trade reporting module is integrated directly with our execution system, capturing trade information directly from the execution line.

Combined with a proper set up of each user and firm, the result is an elegant, RTS 22 standard-compliant report, ready for direct upload to LSEG UnaVista or any other Authorised Reporting Mechanism (ARM). If required, we are further able to automate uploads via SFTP to UnaVista, fully automating your MiFIR reporting process. As we expand our execution abilities, we will also grow our reporting capabilities to cover a broader range of reporting requirements, built on the same principles of reporting to standard in a systematic, accurate and automated manner.

What brokers can you receive trade messages from?

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We can receive execution reports from any of the brokers on our list of execution counterparties (link here) for trades executed through us, and in a drop-copy FIX format from any brokers that you have set up with us.

What happens if any reports are rejected?

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We strive to make sure our automatic report generation is as accurate as possible, but regulations are constantly changing, along with the reporting specifications required by each regulator. If any reports that have been automatically generated by us are rejected, please notify us immediately and we will rectify them promptly. For reports that were manually populated, please refer to the exceptions log on the relevant ARM for details on how they can be rectified.

Can I manually add/amend/remove trades to reports?

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Trades that have been submitted cannot be amended per se - they must be cancelled and resubmitted. You will be able to see a list of trades that have been submitted through us and be able to manually cancel and resubmit them. Likewise, while we are able to generate files that represent the inputs you provide, we are unable to validate them at this point in time.

Where do you submit trade reports to?

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If we have set up an automatic SFTP upload for you, then the trade reports will go to the relevant ARM in your jurisdiction. Otherwise, CSV files in a file format designated by you during the set up phase will be generated for you to download, check and submit to the relevant regulator.

Do I need to have traded with your EMS to have trades reported?

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No, however we are only able to automatically generate trade reports on trades that are executed with our EMS, or if you set up a drop-copy connection between your executing broker and us for us to receive execution fills electronically. Alternatively, you will have the option to manually input trades into our reporting centre to include in a report, but we will not be able to validate these manually input trades in any manner.

How do you pick up trade data for reporting?

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Trade data for reporting is extracted directly from the FIX messages from your executing broker, ensuring accurate reporting of execution time, price, quantity, trading venue and other relevant details. Static data relating to each counterparty, executing user and decision makers is gathered as part of the initial set up process and populated in each report as trades are completed. Static instrument data is gathered from our static data repository which is periodically refreshed to ensure that all our data (e.g. ISIN, CFI codes, Entity names etc) remains up to date.

What kind of trade reporting do you offer?

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We are currently able to automate the creation of RTS 22 compliant MiFIR trade reports for trade executed electronically with us.

Is this a delegated reporting service?

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No, this is not a delegated reporting service. The reports are generated in CSV format and are prepared for submission under your LEI (or the LEI of your reporting entity e.g. your AIFM). If desired, we are able to set up an automatic SFTP upload to the Authorised Reporting Mechanism (ARM) of your choice, typically LSEG UnaVista in the UK.