ABOUT
OUR SOLUTION
Use Cases
FIRDS example use cases
- Validate or act as a backup for other sources of reference data. As of 8th August 2019, Oktris ESMA FIRDS contains 39,949,123 records representing 25,843,482 unique ISINs.
- Is this ISIN a TOTV instrument eligible for MiFID II reporting?
- Generate regulatory reports of Instrument reference data – MiFID II RTS 23.
- Pull specific elements of reference data to include in other reports. E.g. populating the “instrument classification” field in transaction reports.
- Reconcile instrument reference data submissions with the FIRDS data to confirm processing has been successful.
- Look up ISINs of TOTV instruments given only a part of an instrument name.
- Market intelligence – e.g. answer questions such as “which trading venues or SIs are active in which asset classes?”, “who are the most active in specific OTC derivative areas, and which areas are growing?”
FITRS example use cases
- Determine if there is a need to publish pre-trade transparency information for a trade of this size in this instrument? This can be done before trading with a “what if”, allowing tweaking of a potential trade to either be published or not based on size.
- BEFORE trading, determine if post-trade transparency publication can be deferred for a trade of this size in this instrument? This can be done before trading with a “what if”, allowing tweaking of a potential trade to either be deferred or not based on size.
- An indication of average daily volumes for equity instruments.
- An indication of average daily transaction values for equity instruments.
- An indication of number of transactions for equity instruments.
We'd like to offer a standard solution based on the regulators own data to the thousands of firms out there with these obligations. If large banks with near infinite resources fall foul of the regulator after 14 years of trying to get it right, we think firms need all the help they can get.
DARRENCEO, Oktris LimitedI’ve seen reporting firms request 20-40 fields of data from their customers in order to be able to report a single instrument. How about one. The ISIN. That’ll do nicely for Oktris in most cases.
DARRENCEO, Oktris Limited.The provision of reference data to the regulators is a requirement under MiFID II. Of the two “big six” firms in the reporting space that offer any solution at all, they both require a customer to provide a large amount of hard to source data to enable them to do so.
DARRENCEO, Oktris Limited.The capability to send both reference and quantitative trade data to the regulators. Not one firm is offering this solution as a standalone. The single firm that actually had the capability when we started, required a customer to take other expensive products first and had serious gaps in product coverage.
DARRENCEO, Oktris Limited.The industry is stuck with the same reporting choices as they have been for the past 5 years. There is no innovation and no customer service. The thinking is very much “Take it or leave it – who else will they turn to?” Well, now those customers have someone else to turn to.
DARRENCEO, Oktris Limited.Firms providing MiFID II regulatory reporting tend to focus on Transaction and post trade reporting. There isn’t much of a focus on solutions for other mandatory reports like instrument reference data and transparency calculation data reporting.
DARRENCEO, Oktris Limited.Two of the six big firms in the reporting space offer a partial solution, requiring significant provision of data by financial firms. The others offer no solution.
DARRENCEO, Oktris Limited.The capability to send reference data to the regulators is a requirement under MiFID II. Two of the six firms in the reporting space offer a partial solution requiring significant provision of data by financial firms.
DARRENCEO, Oktris Limited.The Oktris solution requires the provision of one single data field in the case of an existing instrument, and no on-boarding for other products is required!
DARRENCEO, Oktris Limited.Components
Scheduling, Scripts
Automatic solution, set it up once
Scripts
To control the process
Processors
for the FCA & ESMA data
Oktris Database
Generated from FIRDS / FITRS Files
Oktris FIX engine
Easy integration with other financial systems