3 Best MiFID II Buy-Side Stories

We’ve decided to help you de-clutter your inbox, and remain informed with these 3 quickly consumable blogs and articles about MiFID II. Did the FCA Get it Right with its U-turn on MiFID II Call Recording Rules? To record or not to record? Depends on how big you are. The FCA have provided guidance to the buys-side about requirements on recording decision related calls. Checkout … Continue reading 3 Best MiFID II Buy-Side Stories

Revista Systems :: RMS

RMS (record management system) offers an integrated record management system and simplified front office workflow. Revista Systems have released their RMS Record Management system, a multi-channel electronic communications management and trade workflow platform. RMS deploys a unique Comms-first design, creating logical workflow which simplifies compliance under G20 regulatory regimes, and automates transaction build and trade capture. RMS is available as a cloud service and as an enterprise version. For more information see … Continue reading Revista Systems :: RMS

Being unique is easy, the challenge is to be the same!…

Regulation: Transaction Reporting and Unique Trade Identifiers (UTIs).

In this article, we do the maths to argue to shift focus away from making the identifier ‘unique’ and suggest market participants revisit the issue of pairing and sharing UTIs in OTC markets.

Dual sided reporting has the potential to provide regulators with very accurate and timely aggregated and specific market exposures. The Unique Transaction Identifier (‘UTI’) is the link between the same trade reported separately by each party, and enables data to be properly analysed by regulators, by preventing double counting and identifying reporting errors.

In the absence of accurate UTI matching, reported data will become misleading or confusing; and industry consensus is that matching rates remain extremely low.

No Collision!

The pool of UTIs is ginormous! The odds of accidentally creating a duplicate of a truly randomly assigned UTI – or a collision – are incredibly low. Consider there are 183 x 10^80) combinations in a 52 character alphanumeric field. That’s 183 with 80 zeros.

Perspective on this number is difficult, but let’s try:

  • In order to use the entire set of UTIs available, in the time since the earth was formed until now, we would need to issue 127 billion,billion,billion,billion,billion,billion,billion every second.

— Or — Continue reading “Being unique is easy, the challenge is to be the same!…”