Pre-trade transparency
SI quoting
TRADEcho supports the publication of SI quotes via LSE Market Data channels. With TRADEcho's SI quoting firms can validate their quotes and publish them via the LSE Market Data channels.
TRADEcho
The one-stop shop for MIFID II transparency services
TRADEcho is the suite of MiFID II reporting services hosted and operated by the London Stock Exchange. As well as providing off book on exchange trade reporting under the rules of London Stock Exchange, it is also authorised as an approved publication arrangement (APA) in the United Kingdom (UK) and European Union (EU), providing OTC and SI trade reporting in all MiFID II securities, regardless of the asset class.
TRADEcho SI Quoting service enables quote publication via the London Stock Exchange Market Data channels.
TRADEcho's APA provides firms in the UK and EU with:
- The mechanism to publish eligible trade reports, fulfilling their MiFID II post-trade transparency obligations.
- The ability to publish trades across all asset classes in line with the regulatory reporting timeframes, applying relevant deferrals.
TRADEcho is authorised as an APA by the UK’s Financial Conduct Authority (FCA) and the European Securities and Markets Authority (ESMA) in the EU.
Smart Report Router (SRR)
TRADEcho’s Smart Reporting Router (SRR) enables reporting firms with the ability to:
- Determine if and when they have a reporting obligation.
- Demonstrate compliance to the regulators with respect to their trade reporting obligations.
- Route eligible trade reports to TRADEcho's APA or to an external subscribing APA.
- Reduce the cost of connecting directly to multiple APAs.
- Offer assisted reporting allowing reporting firms to publish trade reports on behalf of their customers.
TRADEcho delivers industry‑leading transparency services, enabling firms to meet their trade reporting obligations with confidence and operational efficiency.
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Post-trade transparency
MiFID II introduced the requirement for investment firms and venues to make trading activity public. The regulators aim to create a fair marketplace in which all participants have sufficient data to make informed investment decisions. This means that, trading venues and investment firms must publish details of transactions as near to real-time as technically possible; for equity & equity-like transactions within one minute, and for non-equity within five minutes. TRADEcho provides firms with the tools to identify which trades they are obligated to report and the mechanism for publishing those trades.
Smart Report Router (SRR)
TRADEcho's Smart Report Router (SRR) determines if and when a reporting firm should publish a trade report, and when there is a requirement routes that trade report to an APA. The SRR is APA-agnostic which means that reporting firms can use TRADEcho's APA or external subscribing APAs. By using the SRR, instead of connecting directly to multiple APAs , reporting firms achieve flexibility while managing costs.
Approved Publication Arrangement (APA)
TRADEcho operates as an APA in the UK and EU, applying relevant deferrals to provide the market with a clear and concise tape of your trades. Trades are published across all asset classes in line with the regulatory reporting timeframes. Deferred publication may be authorised for certain trades that would expose liquidity providers to undue risk.
Assisted reporting
TRADEcho's assisted reporting allow sell-side firms to submit ‘assisted reports’ on behalf of their buy-side clients. The service gives buy-side firm real-time visibility of their reporting while freeing up time and lowering connectivity costs. Reporting information is available for reconciliation and management. The service can be tailored to each sell-side firm's trade reporting capabilities.
TRADEcho lite
TRADEcho lite has been designed for firms with limited trade-reporting requirements, allowing these firms to meet their MiFID II trade reporting obligations in a simplified and cost-effective way. The lightweight service covers all MiFID II asset classes and is accessible over the internet where firms can report trades directly into the TRADEcho portal or via CSV over Secure File Transfer Protocol.
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