In other FinTech news, MarkitSERV reaches out via the CME Group, and TORA and TRAX focus on MiFID II.
New Firm Taps Pershing Advisor Solutions
BNY Mellon’s Pershing Advisor Solutions has been picked as a custody partner for Dakota Wealth Management, a newly launched investment management firm.
Dakota, headquartered in Palm Beach Gardens, Florida, currently manages $600 million in client assets, according to a statement, which notes that the average registered investment advisor (RIA) using Pershing’s platform manages more than $800 million in client assets.
Pershing, a wholly owned subsidiary of BNY Mellon, was selected “based on its expertise in providing custody and practice management solutions to some of the nation’s largest registered investment advisors (RIAs), as well as for its unique set of private banking, bank and brokerage custody solutions,” according to the statement.
Dakota characterizes itself as an independent investment management firm serving high-net-worth individuals, families and institutions.
MarkitServ’s Reach Expands via CME Group Repositories
IHS Markit, which specializes in information, analytics and solutions, reports that it has expanded its MarkitServ integrated reporting solution to CME Group’s trade repositories in Australia and Europe.
IHS Markit’s integrated reporting, part of a suite of trade reporting services, supports multiple asset classes, repositories and jurisdictions. It provides a controlled and customizable solution for regulatory reporting, supplying clients with static data management, business rules, dashboards, workflow and reconciliation tools.
The service accepts trade, pricing and collateral data from a range of trading venues, client systems, core MarkitSERV platforms and other IHS Markit services, IHS Markit says.
“Bringing CME Group to our comprehensive reporting service provides the choice, flexibility and efficiencies that we know our customers seek,” Julian Chesser, managing director and head of MarkitSERV in Asia, says in a statement. “We also help firms meet regulators’ increasing demands for improved data quality through seamless aggregation of golden source transaction data, data enrichment, compliance rules and audit functions.”
TORA Works with Trax for MiFID II Compliance
TORA, provider of a cloud-based, order and execution management system (OEMS), reports that it has partnered with Trax, the post-trade services and European market data division of MarketAxess, to help their mutual clients meet MiFID II trade and transaction reporting requirements.
The new reporting requirements under MiFID II are designed to improve the pre- and post-trade transparency of execution prices and the actions of those parties involved in transactions, TORA says in statement.
TORA officials also point out that, for investment managers, “trade reports, including volumes, prices and instrument identifiers need to be sent in near real-time to an Approved Publication Arrangement (APA). Transaction reports, including timestamps, venue, asset type and trade size need to be sent to an Approved Reporting Mechanism (ARM) on T+1.”
TORA’s OEMS, combined with Trax’s regulatory reporting engine, provides clients a straight through processing (STP) solution that enables clients to meet their trade and transaction reporting requirements of MiFID II,” the statement notes.
Commenting on the partnership, Chris Jenkins, managing director of TORA, said: “To keep pace with the ever-changing regulatory landscape, buy-side firms need trading technology that can be easily integrated with other solutions. We’re excited to add Trax to our expanding MiFID II ARM and APA partner eco-system and be able to offer our clients a simplified trading and reporting workflow.”
Nick Moss, head of product management, Trax Post-Trade, commented, “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 ultimately reduce risks.”
With headquarters in San Francisco, TORA tallies more than 250 employees across offices in Hong Kong, Jersey, New York, Romania, Singapore, Sydney and Tokyo.
Trax reports that it processes on average “over 1 billion annual transactions on behalf of its community of over 600 entities including approximately 12 million fixed income transactions. Trax estimates that it processes approximately 65 percent of all fixed income transactions in Europe as part of its post-trade service offering.”
Trax is based in London and was originally established in 1985. Acquired by MarketAxess in 2013, Trax is a trading name of Xtrakter Ltd. and is a wholly owned subsidiary of MarketAxess Holdings, Inc.
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