Many NEX Abide clients we’re currently speaking to have raised similar questions about their MiFID II reporting migration process. Minimal data changes and robust data protection are understandably key concerns, while others are keen to know more about our platform itself. We’ve compiled a list of frequently asked questions below which you might find helpful.
1. How easy is it to migrate? What will happen with the data changes?
AQMetrics is focussed on minimising disruption to your firm during this challenging time. AQMetrics will process your firm’s existing Abide extract, as-is. You can send us a sample of your data to tell if we can instantly integrate it for you. Otherwise, AQMetrics can offer a custom integration with your existing file outputs.
2. How do you protect my data if I do change provider?
Information security is at the heart of AQMetrics operating model. Being ISO 27001 certified ensures your data is protected by an independently certified Information Security Management System (ISMS). All data is encrypted in transit, and at rest. Natural person / PII data is protected using our Short Code Enrichment Service (SCEM).
3. Are you central bank authorised and Brexit ready?
AQMetrics is authorised by the Central Bank of Ireland and passports its ARM throughout Europe. AQMetrics has authorisation from the FCA to operate as an ARM in the UK after the implementation period.
4. Do you offer reconciliation? How does this work?
Yes, AQMetrics offers automated reconciliation reporting. Upload any sample set of TRNs (trade reference numbers) and AQMetrics will provide an automated reconciliation report confirming accepted, pending and rejected transaction reports. It will also identify transactions excluded by the ARM, and any TRNs not submitted to the ARM.
5. How quickly can the migration be done?
A migration can take as little as 5 days. AQMetrics customer success team will guide your firm through the migration process from start to finish, providing support through parallel reporting and shadow the smooth transition until the go-live.
6. What sets AQMetrics MiFID II platform apart from its competitors?
AQMetrics platform was built specifically for regulatory compliance. AQMetrics placed the regulatory requirements as the guiding principles on which the platform was created. From the start, AQMetrics designed the MiFID II transaction reporting solution to automate the MiFIDII regulatory rules and ensure seamless integration of emerging regulatory change without any need for large projects or consulting engagements.
In this regard, AQMetrics is a turnkey regulatory complaint technology platform authorised by the regulators. Competitor solutions are built in a bespoke manner with their customers through consulting projects. Furthermore, AQMetrics knows that customers will face fines for misreporting and as a result automated data quality assurance is at the core of the AQMetrics technology platform.
Unlike competitor solutions, AQMetrics processes the transaction reports from data upload to XML and onto the NCA in a matter of minutes, whilst automatically and continually cross validating all data points for compliance with the regulatory rules.
As a result, our clients spend less time dealing with exceptions and support and more time on the core functions of their jobs.
7. What type of MiFID firms are using AQMetrics ARM for transaction reporting?
AQMetrics is an authorised ARM, specialised in regulatory reporting. Our deep subject-matter expertise is embedded in our technology platform and this is always evident from onboarding right through to BAU mode.
This expertise, combined with regulatory approval, gives assurance to investment firms of all sizes, from boutique specialists to systematic, quantitative and institutional investment managers as well as larger sell-side firms