London Stock Exchange announces Mifid compliance services

The London Stock Exchange has confirmed the services that it will offer member firms and other market participants to support compliance with the EU’s Markets in Financial Instruments Directive (Mifid).

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The London Stock Exchange has confirmed the services that it will offer member firms and other market participants to support compliance with the EU’s Markets in Financial Instruments Directive (Mifid).

The new regulatory regime comes into force in November.

The details include additional functionality for the exchange’s electronic order book SETS, a new pan-European over-the-counter trade reporting service and new standalone data services for trades in both UK and European securities that are conducted away from SETS.

LSE’s Mifid offering comes hot on the heels of its new TradElect electronic trading platform, now up and running in the culmination of a four-year IT programme.

David Shrimpton, head of product management and development at the exchange, said: “This is a key week in the UK market’s preparation for Mifid, with final confirmation of the exchange’s comprehensive Mifid solutions and the introduction of the new TradElect technology platform.

“Together these new developments will ensure that the exchange continues to provide a strong and neutral central market for the benefit of all participants.”

TradElect had already reduced latency and was delivering higher volumes, Shrimpton said. “It also provides us with a robust technological base for our Mifid solutions.”

He added: “The first of these, SETSqx, has already gone live, and in November we will add new functionality which will give the market comprehensive, familiar, robust and competitively priced Mifid services, structured to let individual firms choose the solutions that best fit their business model.”

The LSE’s “key week” has also seen it reach agreement for a takeover of the Borsa Italia, in a move that looks set to give the London exchange control of the prized MTS European electronic bond trading platform.

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