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DropCopy Solutions for MiFID II Compliance

The MiFID II regulations include market abuse and compliance requirements based on European Commission/ESMA mandated Regulatory Technical Standards (RTS) rules.

There are assorted and numerous RTS rules in the ESMA Regulatory technical and implementing standards. These apply to various market participants based on the contextual roles and associated obligations. The focus of the OnixS business is on the provision of direct market access software library solutions to market participants for market data, order routing, drop copy, and post trade capture venue API's.

OnixS products are used as building blocks to facilitate MiFID II reporting applications or regulatory body ISO20022 reporting solutions. OnixS is focused on providing support for the DropCopy feeds from the exchanges, trading venues and liquidity providers to integrate with internal systems of record within market participants.

This obligation is reflected in RTS 22 which specifies reporting of transactions to competent authorities where "Investment firms shall maintain real-time and accurate trade and account information which is complete, accurate and consistent, and they shall reconcile as soon as practicable, and in real time where it is possible, their own electronic trading logs with records regarding their current outstanding orders and risk exposures (for example, drop copies).”

The OnixS DropCopy solutions provide support for independent "golden source" feeds of orders and trades from exchanges, trading venues and liquidity providers that can be quickly integrated to feed market abuse, surveillance, best execution and reconciliation systems. Firms need these details independent of existing order management EMS/OMS applications. OnixS directConnect venue specific Order Routing solutions are MiFID II compliant with support for the current venue API's that include the mandated MiFID II message tags.

OnixS DropCopy solutions include:

  • A range of DropCopy solutions included with the OnixS directConnect venue specific product bundles - such as CME and ICE.
  • Venue specific DropCopy solutions based on the low latency OnixS FIX Engine range of products.
  • Support for precision timestamps greater than 3 decimal places of fractional seconds (milliseconds).
  • Supports FIX Extension Pack 206 (EP206) Data Type definitions of UTCTimestamp, UTCTimeOnly, TZTimestamp and TZTimeOnly in FIX versions 4.2, 4.4, 5.0, 5.0 SP1 and 5.0SPs.
  • Supported DropCopy feeds with easy to consume APIs in .NET, Java, and C++.
  • Comprehensive Getting Started source code samples with documentation "fast-start" packages for Developers.