ICAP, an interdealer broker and supplier of posttrade services, has selected the London Stock Exchange's (LSE) UnaVista platform for transaction reporting ARM.
LSE said that ICAP will use UnaVista to report transactions to the FSA across all reportable asset classes, benefiting from the feature set UnaVista provides almost immediately, as the product is securely hosted at the LSE and requires no local installation.
According to LSE, UnaVista’s extra validation is designed to help clients reduce the risk of incurring fines or unnecessary costs by under- or over-reporting. Exceptions are highlighted before submission to the FSA by data checking against a range of reference data sources including CESR’s list of regulated markets and MiFID eligible securities. Each report has a full audit trail allowing companies to use trend analysis to review where there are recurring issues.
UnaVista is the LSE’s hosted platform for all validation, matching and reconciliation needs. UnaVista offers a number of solutions including transaction reporting, post trade confirmations, reconciliation, and reference data management.
David Lester, director of information services at LSE Group, said: “The additional validation UnaVista provides, above and beyond FSA requirements can help reduce the risks and costs associated with incorrect, late or duplicate reporting. With UnaVista’s trend analysis features, firms are able to significantly improve the accuracy and consistency of their reporting.”