Financial Services Authority (FSA) has given Approved Reporting Mechanism (ARM) status to UnaVista, the London Stock Exchange’s web based platform for all validation, matching and reconciliation needs, for transaction reporting.
In addition to providing the basic validation services required under Markets in Financial Instruments Directive (MiFID), UnaVista will offer firms validation tools to monitor the quality of their transaction reports, reducing the risk of providing incorrect data to the FSA.
UnaVista’s transaction reporting solution can: accept data in a range of different formats, so clients do not need to rely on middleware to transform their data into the FSA standard formats; apply validations in addition to those mandated by the FSA; facilitate management of exceptions highlighted by validation; and monitor trends to discover recurrent issues.
Kevin Milne, director of post trade services at London Stock Exchange Group, said: “This new service will offer UnaVista’s clients a functionally rich and flexible approach to transaction reporting. With UnaVista exceeding the level of validation mandated by regulators, firms using our transaction
reporting service will be able to reduce the risks and costs associated with incorrect, late or duplicate reporting.”