MiFID II Brochure 2017

INTRODUCTION
HOW THOMSON REUTERS

SUPPORTS YOUR MiFID II
OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
APA & Publication Services
Reference Data
Transaction Reporting
& Record Keeping
Investor Protection
Best Execution
HFT & Structural Change
Do you have access Research, Permissioning

& Unbundling
to the data and Regulatory Automation

& Workflow Mapping
solutions you need to MiFID II TIMELINES
comply with MiFID II? THOMSON REUTERS MiFID II

CAPABILITIES & SOLUTIONS
THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE
AWARD-WINNING CONTENT
THOMSON REUTERS: THE

MAINLINE TO COMPLIANCE
ADVANTAGE
MiFID II CONTACT US
SOLUTIONS & SERVICES
1 MiFID II COMPLIANCE
INTRODUCTION
HOW THOMSON REUTERS
INTRODUCTION SUPPORTS YOUR MiFID II

OBLIGATIONS
TO MiFID II
Pre- & Post-Trade
Transparency
Trading Venues
SI Determination
MiFID II represents one of the most fundamental and APA & Publication Services
far reaching regulations that the industry is addressing. Reference Data
Its effect is not just in the European Union, its ripples will
reach far out into the global financial industry, impacting all & Record Keeping
financial organisations that deal with the European markets. Investor Protection
Best Execution
John Mason, Head of Regulatory Content Propositions,
Thomson Reuters
Research, Permissioning
& Unbundling
The Markets in Financial Instruments Directive, MiFID II, will take effect on
Regulatory Automation
3 January 2018. Speed and quality of data will determine the winners and & Workflow Mapping
losers. MiFID II will command significant changes in business and operating
MiFID II TIMELINES
models, systems, the data you use and retain, your people, and your processes.
Your partners and the solutions you choose can give you an advantage. THOMSON REUTERS MiFID II
Since the adoption of MiFID I in 2007 (and long before) Thomson Reuters THOMSON REUTERS
SOLUTIONS
has been a market leader in providing expertise, guidance and solutions to
financial firms so they not only comply, but do so in a way that is streamlined, THOMSON REUTERS
PARTNER MARKETPLACE
efficient and integrated.
Thomson Reuters and our partners have the content, technology and
expertise to help you cross the line into the new world of MiFID II
compliance and beyond. ADVANTAGE
CONTACT US
Visit mifidii.com for the latest news and information.
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INTRODUCTION
2 MiFID II COMPLIANCE PAGE 1 OF 2

INTRODUCTION
HOW THOMSON REUTERS
CONTENTS SUPPORTS YOUR MiFID II

OBLIGATIONS
Pre- & Post-Trade

Transparency
4 HOW THOMSON REUTERS SUPPORTS YOUR MiFID II OBLIGATIONS Trading Venues
6 Pre- & Post-Trade Transparency SI Determination

8 Trading Venues
Reference Data
10 SI Determination
12 APA & Publication Services & Record Keeping
Investor Protection
14 Reference Data
Best Execution
16 Transaction Reporting & Record Keeping
18 Investor Protection
& Unbundling
20 Best Execution
22 HFT & Structural Change & Workflow Mapping
MiFID II TIMELINES
24 Research, Permissioning & Unbundling
THOMSON REUTERS MiFID II
26 Regulatory Automation & Workflow Mapping CAPABILITIES & SOLUTIONS
28 MiFID II TIMELINES THOMSON REUTERS

SOLUTIONS
30 THOMSON REUTERS MiFID II CAPABILITIES & SOLUTIONS
THOMSON REUTERS
32 THOMSON REUTERS SOLUTIONS PARTNER MARKETPLACE
34 THOMSON REUTERS PARTNER MARKETPLACE AWARD-WINNING CONTENT
36 AWARD-WINNING CONTENT THOMSON REUTERS: THE

ADVANTAGE
38 THOMSON REUTERS: THE MAINLINE TO COMPLIANCE ADVANTAGE
CONTACT US
39 CONTACT US
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INTRODUCTION
3 MiFID II COMPLIANCE MiFID II COMPLIANCE 3 PAGE 2 OF 2

HOW THOMSON REUTERS SUPPORTS
YOUR MiFID II OBLIGATIONS INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Thomson Reuters solutions: We provide best in class regulatory
- Thomson Reuters DataScope change and mapping workflow Trading Venues
- Thomson Reuters Regulatory solutions to power risk radars.
Change Management SI Determination
- Thomson Reuters Regulatory Intelligence
We and our partners enable APA & Publication Services
buy-side firms to track, control
access, and aggregate all Reference Data
research and associated services
from the sell-side to help manage Transaction Reporting
Thomson Reuters solutions: budgets and meet research REGULATORY
AUTOMATION & & Record Keeping
- Thomson Reuters Eikon unbundling requirements.
WORKFLOW
- Thomson Reuters Intelligent Tagging
MAPPING Investor Protection
- Thomson Reuters Research We enable sell-side firms
Management Console to measure and control the RESEARCH To learn more
dissemination of their research PERMISSIONING see page 26-27 Best Execution
- Thomson Reuters StarMine Monitor
so they can effectively monetize & UNBUNDLING
their offering. HFT & Structural Change
To learn more
see page 24-25
Thomson Reuters solutions: & Unbundling
We help you meet HFT
- Thomson Reuters DataScope
specific transaction reporting HFT &
- Thomson Reuters Elektron STRUCTURAL Regulatory Automation
requirements with access to CHANGE
- Thomson Reuters Enterprise Platform (TREP) & Workflow Mapping
modular tools and industry-
To learn more
leading reference data. see page 22-23 MiFID II TIMELINES
Thomson Reuters solutions:
- BestX FX Analytics Platform THOMSON REUTERS MiFID II
BEST CAPABILITIES & SOLUTIONS
- Thomson Reuters Systematic Internaliser We provide state-of-the-art EXECUTION
(SI) Determination Platform best execution analytics, data To learn more THOMSON REUTERS
- Thomson Reuters Velocity Analytics
and applications to help you see page 20-21 SOLUTIONS
prove best execution.
THOMSON REUTERS
Thomson Reuters solutions: INVESTOR PARTNER MARKETPLACE
- BestX FX Analytics Platform PROTECTION
- Thomson One (Wealth US) AWARD-WINNING CONTENT
To learn more
- Thomson Reuters DataScope see page 18-19 TRANSACTION
- Thomson Reuters Eikon We provide solutions and REPORTING THOMSON REUTERS: THE
- Thomson Reuters Elektron expertise to support your & RECORD MAINLINE TO COMPLIANCE
- Thomson Reuters Enterprise Platform (TREP) MiFID II Investor Protection KEEPING ADVANTAGE
- Thomson Reuters Lipper Fund Rankings requirements. To learn more
- Thomson Reuters Regulatory Change Management see page 16-17
CONTACT US
- Thomson Reuters Regulatory Intelligence
- Thomson Reuters Starmine Analyst Rankings
- Thomson Reuters Velocity Analytics

- Thomson Reuters DataScope We provide access to financial HOME
- Thomson Reuters Eikon reference data, applications and
- Thomson Reuters Elektron solutions to identify and report.
- Thomson Reuters Enterprise Platform (TREP)
- Thomson Reuters FXall
- Thomson Reuters FX Trading
- Thomson Reuters Systematic Internaliser
(SI) Determination Platform HOW THOMSON REUTERS
- Thomson Reuters Velocity Analytics SUPPORTS YOUR MiFID II
OBLIGATIONS

THOMSON REUTERS IS UNIQUELY POSITIONED
TO ENABLE OUR CUSTOMERS TO FULFILL THEIR
OBLIGATIONS AND BE COMPETITIVE UNDER MiFID II
INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
We are committed to bringing Pre- & Post-Trade

Thomson Reuters solutions: Transparency
transparency to the market
through pre- and post-trade - Thomson Reuters DataScope
- Thomson Reuters Eikon Trading Venues
data sourced from SIs, Approved
Publication Arrangements and - Thomson Reuters Elektron
- Thomson Reuters Enterprise Platform (TREP) SI Determination
trading venues.
Thomson Reuters solutions: Reference Data

- BestX FX Analytics Platform
- Thomson Reuters FX Trading Transaction Reporting
PRE- & Record Keeping
& POST-TRADE We provide the ability to trade - Thomson One (Wealth US)
TRANSPARENCY on FX compliant platforms - Thomson Reuters DataScope
Investor Protection
with suitable volume and - Thomson Reuters Elektron
To learn more liquidity levels to meet your - Thomson Reuters Enterprise Platform (TREP)
Best Execution
see page 6-7
FX trading requirements. - Thomson Reuters FXall
TRADING - Thomson Reuters Matching HFT & Structural Change
VENUES - Thomson Reuters Regulatory Intelligence (TRRI)
- Thomson Reuters Trade Notification (TRTN) Research, Permissioning
To learn more
see page 8-9 - Tradeweb APA & Unbundling
& Workflow Mapping
SYSTEMATIC We provide solutions to enable - BestX FX Analytics Platform MiFID II TIMELINES
INTERNALISER (SI) organisations to determine if
DETERMINATION - Thomson One (Wealth US)
they have breached Systematic
- Thomson Reuters DataScope THOMSON REUTERS MiFID II
To learn more
Internaliser (SI) thresholds.
- Thomson Reuters Eikon CAPABILITIES & SOLUTIONS
see page 10-11
- Thomson Reuters Elektron
- Thomson Reuters Systematic Internaliser THOMSON REUTERS
(SI) Determination Platform SOLUTIONS
APPROVED
PUBLICATION - Thomson Reuters Velocity Analytics
ARRANGEMENTS THOMSON REUTERS
(APAS) & PARTNER MARKETPLACE
PUBLICATION
SERVICES Thomson Reuters solutions:
We provide the ability to publish - Thomson Reuters DataScope AWARD-WINNING CONTENT
To learn more
see page 12-13 pre- and post-trade data and - Thomson Reuters Eikon
REFERENCE reports in near real-time via THOMSON REUTERS: THE
DATA - Thomson Reuters Elektron MAINLINE TO COMPLIANCE
an APA to support your trade
- Thomson Reuters Enterprise Platform (TREP) ADVANTAGE
To learn more reporting requirements.
see page 14-15 - Thomson Reuters Intelligent Tagging
CONTACT US
- Thomson Reuters Research
Management Console
- Tradeweb APA

We provide access to aggregated HOME
MiFID II risk, liquidity, volume, - Thomson Reuters Eikon
additional pricing, and referential - Thomson Reuters Elektron
content to support your analysis - Thomson Reuters Enterprise Platform (TREP)
and reporting.
HOW THOMSON REUTERS

OBLIGATIONS
MiFID II COMPLIANCE 5 PAGE 2 OF 2

PRE- & POST-TRADE
TRANSPARENCY INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
TRANSPARENCY Pre- & Post-Trade

Transparency
ON THE LINE Trading Venues
SI Determination
Reference Data
One of the big data challenges posed by
MiFID II is how do I take advantage of what & Record Keeping
transparency actually brings to us? How
Investor Protection
can I gather all the market data, which
Best Execution
will be available in the market and bring
it together in a normalized way, and data
mine and really understand the market & Unbundling
value of certain instruments? Regulatory Automation
& Workflow Mapping
David Bull, Head of Fixed Income Content
MiFID II TIMELINES
Management, Thomson Reuters
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THOMSON REUTERS
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ADVANTAGE
CONTACT US
HOME
Pre- & Post-Trade

Transparency
6 PAGE 1 OF 2
When trading through a recognized venue in a We will bring them together viaThomson Reuters
INTRODUCTION
transparency eligible product, the platform will Elektron Real Time feeds or displayed on the
manage the necessary publication of quotes and Thomson Reuters Eikon desktop. These provide HOW THOMSON REUTERS
trades. However, when dealing directly with clients you with the most comprehensive, aggregated views OBLIGATIONS
or other firms, this responsibility potentially falls to onMiFID II compliant trade activity. The complete
Pre- & Post-Trade
the liquidity provider to publish a quote, but to either market view in one location. Transparency
one or other of the counterparties when it comes
Trading Venues
to publishing the details of the trade itself. Thomson Reuters DataScope Selectwill also
SI Determination
provide access to key MiFID II related instrument
Visibility of other dealers quotes and trades, whether data, allowing the sales and trading desks to make APA & Publication Services
from trading venues or OTC data provided via the fully informed pricing decisions. This includes MiFID
Reference Data
Approved Publication Arrangements (APAs), will II liquidity status and the various threshold size limits
help with price discovery. Traders and sales desks that determine the transparency obligations of each & Record Keeping
will need to build strategies for using this data to price individual quote provided.
Investor Protection
products, based on visible market activity and how the
competition will react to their firms own visible quotes. As with our MiFID I service, our instrument reference Best Execution
data will be mirrored on the real-time feeds and Eikon HFT & Structural Change
Quotes can remain private in certain instances, desktops, in line with client consumption needs.
depending on the quote size. It adds a new strategic & Unbundling
dimension to both buy- and sell-side as you decide Thomson Reuters offers fully transparent reference
when to select quote sizes above and below data, enhanced transparency and brings a vast & Workflow Mapping
transparency size thresholds. Managing requests body of data into line to help you achieve full
MiFID II TIMELINES
for quote (RFQ) and responses, balancing size, compliance with MiFID II market structure rules.
timeliness of execution, choice of participants in THOMSON REUTERS MiFID II
the process and risk of market impact will be new
competitive weapons. OUR SOLUTIONS THOMSON REUTERS
SOLUTIONS
Thomson Reuters Elektron
In order to successfully navigate this new THOMSON REUTERS
Thomson Reuters Eikon PARTNER MARKETPLACE
environment, sales desks and traders will need to
have access to the broadest and most up-to-date Thomson Reuters DataScope AWARD-WINNING CONTENT
real-time market data. This needs to be available
Thomson Reuters Enterprise Platform (TREP) THOMSON REUTERS: THE
on both the desktop and within their firms pricing MAINLINE TO COMPLIANCE
For full solutions information see page 30-33 ADVANTAGE
tools for streamed-pricing, quoting and price
benchmarking tools. CONTACT US
We are committed to bringing complete transparency

to the market through sourcing all pre-trade and post-
trade data. These will be sourced from Systematic
HOME
Internalisers (SIs), APAs, and trading venues.
Pre- & Post-Trade

Transparency
7 MiFID II COMPLIANCE 7 PAGE 2 OF 2

TRADING
VENUES INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Under MiFID II we expect the trading landscape to change Pre- & Post-Trade
Transparency
significantly. We are going to see the introduction of new
trading venues, including MTFs, organised trading facilities Trading Venues
and the SI regime, and of course, there are the regulated SI Determination
markets we have today. APA & Publication Services
Reference Data
Chris Leonard-Appleton, Director, Regulation,
Thomson Reuters Transaction Reporting
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE

ADVANTAGE
CONTACT US
HOME
Trading Venues

INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Under MiFID II we will expand the Thomson Reuters and demonstrate best execution. We will offer
Pre- & Post-Trade
MTF (Multilateral Trading Facility) to include FXall seamless connectivity from the Thomson Reuters Transparency
QuickTrade* along with Forwards Matching which FXall and FX Trading desktops to the independent
Trading Venues
is operated as an MTF today. transaction cost analysis (TCA) service from our
SI Determination
partner BestX.
As an MTF, Thomson Reuters is obligated to report APA & Publication Services
all trades made on the MTF publicly, we will publish Thomson Reuters has the breadth of experience Reference Data
to the Tradeweb APA to meet this obligation. and existing infrastructure necessary to support
Additionally, Thomson Reuters is building out new the changing market place under MiFID II. & Record Keeping
reporting solutions for post-trade and transaction
Investor Protection
reporting and developing new risk controls (pre-
and post-trade) to help our clients meet their OUR SOLUTIONS Best Execution
algo trading requirements. We are also upgrading HFT & Structural Change
BestX FX Analytics Platform
graphical user interfaces (GUI) and application
programming interfaces (API) to accommodate Thomson Reuters Elektron & Unbundling
new data fields, and providing new straight through Thomson Reuters FX Trading Regulatory Automation
processing (STP) feeds to provide new data fields & Workflow Mapping
Tradeweb APA
to trade parties for their own reporting and record MiFID II TIMELINES
keeping requirements. Thomson Reuters DataScope
Thomson Reuters Enterprise Platform (TREP) CAPABILITIES & SOLUTIONS
With increasing regulatory and market conduct
Thomson Reuters Matching THOMSON REUTERS
requirements for FX professionals including
SOLUTIONS
banks, alternative market makers, asset managers, Thomson Reuters FXall
hedge funds and corporates access to trusted THOMSON REUTERS
Thomson Reuters Trade Notification (TRTN) PARTNER MARKETPLACE
solutions is more critical than ever to achieve and
maintain success. Thomson One (Wealth US) AWARD-WINNING CONTENT
Thomson Reuters Regulatory Intelligence (TRRI)

More than 5,000 buy- and sell-side professional FX MAINLINE TO COMPLIANCE
Thomson Reuters Eikon ADVANTAGE
market participants trust Thomson Reuters award-
winning transaction platforms to trade over For full solutions information see page 30-33 CONTACT US
$350 billion in average daily volume.
Thomson Reuters, in partnership with the foreign

exchange analytics specialist BestX, will enable
HOME
buy-side participants using Thomson Reuters
FXall and FX Trading to streamline analysis of
transaction costs, helping them define, achieve
*FXall QuickTrade instrument coverage: forwards, swaps, NDFs, options and money markets.
Trading Venues

SI DETERMINATION
INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution

The extension of the SI regime to non-
equities markets and the introduction & Unbundling
of quantitative thresholds have put this Regulatory Automation

& Workflow Mapping
obligation at the heart of many sell-side
MiFID II TIMELINES
firms MiFID II compliance programmes.
THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
Under the new MiFID II regulations, investment non-equity markets through Thomson Reuters PARTNER MARKETPLACE
firms are required to determine whether they trade aggregated market data. Thomson Reuters is able
on a frequent, systematic and substantial basis to collect the total number and volume of trades
in order to identify whether they are a Systematic in the EU from trading venues and Approved THOMSON REUTERS: THE
Internaliser (SI) or not. These firms will make this Publication Arrangements (APAs). Instrument MAINLINE TO COMPLIANCE
ADVANTAGE
decision based on whether their activity exceeds definitions are aligned with the SI threshold criteria.
certain thresholds. CONTACT US
Secondly, Thomson Reuters will carry official total

Investment firms can be confident whether they market size information published by regulators.
will exceed these thresholds (and become an SI) Thomson Reuters will distribute this data through
by leveraging the Thomson Reuters market our existing channels, for example Thomson HOME
data network. Reuters DataScope Select, Thomson Reuters
Eikon and Thomson One (Wealth US) desktops,
Firstly, investment firms can estimate the total and feeds.
market size in near real time for both equity and
SI Determination

INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
Thirdly, Thomson Reuters Systematic Internaliser PARTNER MARKETPLACE
Determination Platform dashboards have been OUR SOLUTIONS
designed to help investment firms determine
Thomson Reuters Systematic Internaliser (SI)
whether they meet regulatory requirements for Determination Platform THOMSON REUTERS: THE
trading as an SI. The display takes trading data MAINLINE TO COMPLIANCE
Thomson Reuters DataScope ADVANTAGE
from that investment firm, cross-asset, and
compares this to total market size data to conduct BestX FX Analytics Platform CONTACT US
the frequent and systematic as well as substantial

Thomson Reuters Velocity Analytics
tests. The SI Determination Platform dashboard
provides Traders and Compliance Offers with
insight into their current market participation Thomson Reuters Eikon HOME
in line with MiFID II regulations.
Thomson One (Wealth US)
Thomson Reuters enables investment firms not For full solutions information see page 30-33
only to comply with the systematic internaliser

regime, but to thrive in the new MiFID II world.
SI Determination

APA & PUBLICATION
SERVICES INTRODUCTION
HOW THOMSON REUTERS

DIRECT APA ACCESS TO OBLIGATIONS
ENSURE YOURE IN LINE Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
Due to the light that MiFID II shines onto previously unlit markets the Transaction Reporting
& Record Keeping
ability to publish pre- & post-trade data via an Approved Publication
Investor Protection
Arrangement (APA) is essential.
Best Execution
Consequently there is a need for organizations started with all European equities listed on EU HFT & Structural Change
to be able to publish that data in an efficient regulated markets. As MiFID II transparency Research, Permissioning
& Unbundling
and timely manner. Ideally this could be requirements move into the OTC space, there
done by utilizing an existing infrastructure is a huge increase in instrument coverage, Regulatory Automation
& Workflow Mapping
capability rather than require something new both in number and asset type. Inevitably,
and so Thomson Reuters has enhanced its the challenges are around what needs to be MiFID II TIMELINES
market leading Thomson Reuters Enterprise published, when and by whom. With such
Platform (TREP) to be able to capture the a profound change to the amount of data CAPABILITIES & SOLUTIONS
necessary quote and trade data and publish available to the market, there are bound to
THOMSON REUTERS
that data to the designated APA of choice. be impacts. SOLUTIONS
THOMSON REUTERS
MiFID II mandates that market players, To successfully navigate this new PARTNER MARKETPLACE
trading platform providers and related environment, sales desks and traders will
parties must publish pre- and post-trade need access to both up-to-date, real-time
data and report all applicable transactions market data and comprehensive instrument THOMSON REUTERS: THE
to regulators and APAs in accordance with reference data. Thomson Reuters is MAINLINE TO COMPLIANCE
ADVANTAGE
prescribed timelines. committed to bringing together as many of
the new data sources as practical, whether CONTACT US
MiFID II brings a whole new set of market new systematic internaliser (SI) quotes, OTC
data publication requirements to both trading quotes and trade reports from APAs, new
venues and investment firms. MiFID I trading venues or just new transparency data
pre- and post-trade publication requirements from existing markets. HOME

INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
We will also provide access to a pre- and post-trade HFT & Structural Change
publication service for bonds, structured finance Research, Permissioning

OUR SOLUTIONS
& Unbundling
products, derivatives and emission allowances. The
APA (in partnership with Tradeweb) will be designed to Tradeweb APA
& Workflow Mapping
ease publication by incorporating deferral and waiver Thomson Reuters Elektron
rules into the platform. This will ensure only appropriate MiFID II TIMELINES
Thomson Reuters DataScope
quotes and trades are published at the right time.
Thomson Reuters Enterprise Platform (TREP) CAPABILITIES & SOLUTIONS
MiFID II requires SIs to demonstrate clear transparency Thomson Reuters Eikon
THOMSON REUTERS
for their own-account trading. This enables investors SOLUTIONS
Thomson Reuters Research
to know that they benefit from execution that equals or
Management Console THOMSON REUTERS
betters that available from public venues. PARTNER MARKETPLACE
Thomson Reuters Intelligent Tagging
Thomson Reuters provides the key data infrastructure For full solutions information see page 30-33
and analytics to support transparency through our line THOMSON REUTERS: THE
of unrivalled solutions. MAINLINE TO COMPLIANCE
ADVANTAGE
CONTACT US
HOME

REFERENCE DATA
INTRODUCTION
Reference data really forms the cornerstone of MiFID II data HOW THOMSON REUTERS
reporting and a number of workflows and decisions that firms OBLIGATIONS
will have to undertake. Accurate instrument reference data will Pre- & Post-Trade
Transparency
be required by trading venues and SIs to report through to the
Trading Venues
regulators. Having inaccuracy on these financial instruments
may have impacts on the prices and actually understanding what SI Determination
those instruments are on the trading platform. APA & Publication Services
Reference Data
David Bull, Head of Fixed Income Content Management,
Thomson Reuters & Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

MiFID II mandates that non-equity instruments move onto Whilst these platforms are not essentially new, the availability,
THOMSON REUTERS
exchange where suitable. Market participants will have a type and volume of data will change and increase. A good SOLUTIONS
complete overview of the entire non-equity trading lifecycle example of this will be the granularity of time-stamp data
THOMSON REUTERS
and adopt suitable risk models to ensure they are mitigating against order and execution data. Trading venues can
PARTNER MARKETPLACE
their risk exposure, and obtaining the best value across the include regulated markets, Multilateral Trading Facilities,
trading and investment cycle. A key ability to ensure this is and Organized Trading Facilities. AWARD-WINNING CONTENT
possible, is the aggregation of market and reference data. THOMSON REUTERS: THE
Thomson Reuters is the largest aggregator of financial MAINLINE TO COMPLIANCE
ADVANTAGE
In the new FICC environment under MiFID II, many of the data drawn from these venues.
inter-dealer and dealer-to-client platforms will have to formalize CONTACT US
their status, either as a Multilateral Trading Facility (MTF)

or an Organized Trading Facility (OTF) and as such, will have
to publish trade data in a consistent manner.
HOME
Reference Data

INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

Thomson Reuters has unrivalled expertise in normalizing data.
OUR SOLUTIONS THOMSON REUTERS
We use unique identifiers and apply an open message model SOLUTIONS
to manage and integrate multiple data sources. We then Thomson Reuters Elektron
THOMSON REUTERS
distribute data via Thomson Reuters Elektron in real time,
Thomson Reuters DataScope PARTNER MARKETPLACE
Thomson Reuters DataScope for intraday and tick data
and Thomson Reuters Eikon for desktops and apps. Thomson Reuters Enterprise Platform (TREP) AWARD-WINNING CONTENT
Thomson Reuters Eikon THOMSON REUTERS: THE

MiFID II increases the need for accurate and comprehensive MAINLINE TO COMPLIANCE
For full solutions information see page 30-33 ADVANTAGE
reference data. Firms need to know more about what
instruments are allowed to be traded; about the specific CONTACT US
products within those instruments; about the rules that

apply; and, finally, about the parties who may buy them.
Many buy-side firms require access to extensive reference
data on the instruments they trade, to determine what HOME
needs to be reported and to generate the data points.
Thomson Reuters is the worlds largest provider of financial

reference data.
Reference Data

TRANSACTION REPORTING
& RECORD KEEPING INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Demand for better oversight of the financial markets has meant

Pre- & Post-Trade
that the scope of transaction reporting has increased, both in the Transparency
instruments that are covered and the amount of information required Trading Venues
in each report. The scope for reporting will now extend to any financial SI Determination
instrument which has traded or been admitted to trading on a trading APA & Publication Services
venue (and not just the Regulated Markets as dictated by MiFID I); Reference Data
which has had a request for admission to trade on a trading venue;
or which has an underlying instrument or basket/index of instruments & Record Keeping
traded on a trading venue. Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE

ADVANTAGE
CONTACT US
Reference data will help to drive reporting decisions and
workflows that will ultimately define whether firms are
successful in meeting their reporting obligations.
HOME
David Bull, Head of Fixed Income Content Management,
Thomson Reuters
& Record Keeping

INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
A pre-requisite of transaction reporting is record Thomson Reuters also providesa transactional store
Pre- & Post-Trade
keeping, bringing together a record of every order, usingThomson Reuters Velocity Analytics, Transparency
execution and transaction event. and, from this stage, also the data required for
Trading Venues
transaction analysis.
SI Determination
To comply with MiFiD II reporting rules, many
buy-side firms will need access to extensive In addition, using standard or custom analytics, APA & Publication Services
reference data on the instruments they trade, combined withThomson Reuters Elektron Real
Reference Data
both to determine what needs to be reported Time orTick Historydata, you can provide benchmark
and to generate the data points. analytics for proving other typical business analytics, & Record Keeping
such as RFQ hit rates.
Investor Protection
Investment firms must report transactions in any
MiFID II financial instruments to their local regulator Thomson Reuters is the worlds number one Best Execution
or approved reporting mechanism (ARM) no later provider of financial reference data and well HFT & Structural Change
than the close of the following working day. positioned to help you easily access and integrate
these regulatory data points. & Unbundling
Under MiFID II each individual transaction report can
contain up to 65 fields, including new flags, detailing & Workflow Mapping
particular trade types in certain instruments; specific OUR SOLUTIONS MiFID II TIMELINES
details of participants, including the Legal Entity
Identifier (LEI code) of counterparties, funds and
individual accounts; and, raising privacy concerns, Thomson Reuters Eikon
significant additional personal details (National ID/ THOMSON REUTERS

SOLUTIONS
passport numbers) of the individual persons involved
Thomson Reuters DataScope
in both the investment and execution decision. THOMSON REUTERS
PARTNER MARKETPLACE
Thomson Reuters Enterprise Platform (TREP)
Thomson Reuters provides indicators to Thomson Reuters FX Trading AWARD-WINNING CONTENT
identify which instruments require transaction

Thomson Reuters FXall THOMSON REUTERS: THE
reporting.Thomson Reuters DataScope Select MAINLINE TO COMPLIANCE
ADVANTAGE
continues to be the primary service for instrument Thomson Reuters Systematic Internaliser (SI)
reference and pricing data, much of this information Determination Platform
CONTACT US
will also be included within Thomson Reuters For full solutions information see page 30-33
Elektron Real Time data feedsand available
in Thomson Reuters Eikon.
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INVESTOR
PROTECTION INTRODUCTION
HOW THOMSON REUTERS

COMMITTED TO OBLIGATIONS
INVESTOR PROTECTION Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
Under MiFID II, financial institutions must act in the best interests Transaction Reporting
& Record Keeping
of their clients. Firms must have a deep understanding of who is distributing
the financial products they manufacture. This underlines the responsibilities Investor Protection
of buy-side and sell-side firms. Best Execution

Under MiFID II, financial institutions must act in Thomson Reuters DataScope Select, our pricing
the best interest of their client, and it is therefore and reference data service, will be updated & Unbundling
paramount for firms to have a deep understanding with new fields. These will identify which new
of who is distributing the financial products instruments and products fall under the scope & Workflow Mapping
they manufacture. of MiFID II, their classification using industry MiFID II TIMELINES
standards such as Classification of Financial
MiFID II requires that firms improve attention Instrument (CFI) Codes, as well as indicators that
paid to product design, provide complete and provide information about product complexity
clear information about investments, suitability and any MiFIR venue trading mandates and EMIR THOMSON REUTERS
SOLUTIONS
assessment of products recommended to clients, clearing mandates as they come into force.
protect investor assets and fair and efficient THOMSON REUTERS
PARTNER MARKETPLACE
treatment of investor complaints. This means Where bundled investment products are sold to
thatclients would require product suitability investors, there needs to be clear transparency as AWARD-WINNING CONTENT
classifications to differentiate between complex to how products are made up. Firms need to ensure
and non-complex products and MiFID II asset that bundled products are appropriate and must MAINLINE TO COMPLIANCE
ADVANTAGE
classification data to comply with product design also disclose whether investors could obtain better
and suitability assessment. prices for individual products if they were sold CONTACT US
separately. Costs, fees and commissions and any
non-monetary benefits paid to intermediaries must
also be itemized and declared.
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INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
Firms must declare if the investment advice Research, Permissioning

& Unbundling
that they give is independent. And whether OUR SOLUTIONS
it is based on a sufficiently wide view of & Workflow Mapping
the market as a whole or a restricted one.
MiFID II TIMELINES
Furthermore, firms must acknowledge if the Thomson Reuters DataScope
products they advise on are developed by THOMSON REUTERS MiFID II
Thomson Reuters Enterprise Platform (TREP)
entities that are related to them.
BestX FX Analytics Platform
THOMSON REUTERS
In addition to this, Thomson Reuters SOLUTIONS
Regulatory Change Management workflow THOMSON REUTERS
Thomson Reuters Regulatory
solutions enable firms to stay abreast of new PARTNER MARKETPLACE
Change Management
regulatory moves. We enable you to adopt a
Thomson Reuters Regulatory Intelligence AWARD-WINNING CONTENT
robust regulatory change framework because
MiFID II is likely to herald further investor Thomson Reuters Eikon THOMSON REUTERS: THE
protection initiatives. ADVANTAGE
Thomson One (Wealth US)
Thomson Reuters Lipper Fund Rankings CONTACT US

Thomson Reuters has the solutions and
expertise to help you be in line with MiFID II Thomson Reuters StarMine
investor protection requirements. Analyst Rankings
For full solutions information see page 30-33

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BEST EXECUTION
INTRODUCTION
ALIGNING YOUR ORGANIZATION
HOW THOMSON REUTERS
TO BEST EXECUTION SUPPORTS YOUR MiFID II
OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
The ability to prove best execution quality will
SI Determination
draw a line between those providers who can
deliver competitive service and those who
Reference Data
cannot... Data, analytics and technology are the
keys... Thomson Reuters can show you the way. & Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE

ADVANTAGE
CONTACT US
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INTRODUCTION
MiFID II extends the requirements of best Thomson Reuters Velocity Analytics also allows HOW THOMSON REUTERS
execution across all asset classes whilst at the companies to apply the necessary controls such OBLIGATIONS
same time establishing a greater number of as policy effectiveness, calibration and case
Pre- & Post-Trade
venues to aggregate. Thomson Reuters is management ensuring their best execution policies
Transparency
uniquely positioned to address both elements are adhered to and remain effective.
Trading Venues
of this equation by being the market leader in
aggregated data as well as providing a best Are you ready to be a leader in offering SI Determination
execution solution, Thomson Reuters Velocity compliant, best execution products and services APA & Publication Services
Analytics. With its ability to absorb both real-time, in this new world?
Reference Data
reference, tick-history and client data, Velocity
Analytics enables organisations to address the Thomson Reuters can show you the way. Transaction Reporting
& Record Keeping
three fundamentals of best execution, reporting,
monitoring and controlling. Investor Protection
OUR SOLUTIONS Best Execution

MiFID II requires execution venues as well as
Thomson Reuters Velocity Analytics HFT & Structural Change
market makers and SIs to publish execution reports
as stipulated by the Regulatory Technical Standard Thomson Reuters Systematic Internaliser (SI) Research, Permissioning
Determination Platform & Unbundling
(RTS) 27. In addition, buy-side Investment Firms
must also publish execution reports under the RTS Thomson Reuters DataScope
& Workflow Mapping
28 standard. Thomson Reuters Velocity Analytics
BestX FX Analytics Platform MiFID II TIMELINES
supports the production of both of these reports.
Additional monitoring capability across the
extended asset classes is also supported, bringing THOMSON REUTERS
SOLUTIONS
traditional equities Transaction Cost Analysis (TCA)
to a new set of instruments. THOMSON REUTERS
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ADVANTAGE
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21 PAGE 2 OF 2
HFT & STRUCTURAL
CHANGE INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES
MEETING MiFID IIS THOMSON REUTERS MiFID II

TOUGH DEMANDS
THOMSON REUTERS
ON HFT SOLUTIONS
THOMSON REUTERS
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For high frequency traders, meeting

MiFID IIs tough demands on transaction MAINLINE TO COMPLIANCE
ADVANTAGE
reporting will be a necessity from January
CONTACT US
2018. Uniquely, our modular tools mean
that HFT trading organizations can shape
their trading platforms to meet their
specific requirements. HOME

MiFID II introduces a new regulatory regime for firms Thats a lot of information and high quality data
that engage in algorithmic and/or high frequency access, storage and retrieval are vital to achieving
trading (HFT). In general, under MiFID II, firms the required level of MiFID II compliance.
INTRODUCTION
carrying out algorithmic trading (including HFT)
and trading venues allowing or enabling algorithmic Thomson Reuters offers the ability to back-test HOW THOMSON REUTERS
trading will have to have in place specific effective trading algorithms in a pre- and post-trade testing
OBLIGATIONS
systems, procedures and arrangements to ensure environment. We provide unparalleled access
resilience and capacity. This includes testing and to global historical tick data. This is recorded from Pre- & Post-Trade
Transparency
monitoring, as well as business continuity plans Thomson Reuters real-time feeds covering both OTC
Trading Venues
and mechanisms to control trading. and exchange traded instruments, across more than
500 trading venues as well as third party contributed SI Determination
Tick History delivers unmanipulated global trade data. Thomson Reuters DataScope Select will carry
and order book quote messages, microsecond all relevant flags and reference data for meeting
Reference Data
time-stamped data back to 1996. These cover the requirements of RTS 6.
more than 45 million global, cross-asset OTC and Transaction Reporting
& Record Keeping
exchange-traded instruments worldwide. Tick History For HFT traders, meeting MiFID IIs tough
enables market makers and prop trading firms requirements on transaction reporting will be a Investor Protection
who algorithmically quote and trade, to accurately necessity from January 2018. Uniquely, our modular Best Execution
reconstruct the order book and replay the market. tools and industry-leading reference data mean that
These can be applied for the purposes of HFT trading organizations can shape their trading
back-testing algos and stress testing against volatile platforms to meet their specific requirements. Research, Permissioning
& Unbundling
or fast market conditions, both pre-deployment
(conformance testing) and post-deployment, as part Partnering with Thomson Reuters opens the way
& Workflow Mapping
of required annual validation requirements. to meeting these requirements and continuing
MiFID II TIMELINES
to stay competitive in the MiFID II environment.
MiFID II defines a high-frequency trader as one THOMSON REUTERS MiFID II
sending at least two messages per second, for
a single instrument on any trading venue, or at OUR SOLUTIONS THOMSON REUTERS
least four messages per second in respect to all SOLUTIONS
instruments being traded on a venue. This goes THOMSON REUTERS
further than any previous regulation and more firms Thomson Reuters DataScope PARTNER MARKETPLACE
will need to register their HFT activities. Thomson Reuters Enterprise Platform (TREP) AWARD-WINNING CONTENT
Compliance will mean storing detailed time series
records of algorithmic trade history for at least five THOMSON REUTERS: THE
years. These records must include all fields outlined ADVANTAGE
in Annex III of regulatory technical standard (RTS) 6.
CONTACT US
That is, 28 fields for each decision to buy or sell and
35 fields for each outgoing and executed order.
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RESEARCH,
PERMISSIONING INTRODUCTION
HOW THOMSON REUTERS
& UNBUNDLING SUPPORTS YOUR MiFID II

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
BUY-SIDE SI Determination
Reference Data
OBTAIN THE BEST MAXIMIZE THE USE Transaction Reporting

& Record Keeping
QUALITY RESEARCH AND EFFECTIVENESS OF Investor Protection
EFFICIENTLY IN-HOUSE RESEARCH Best Execution

Choice in research is almost unlimited, but quality Knowing how research is used within your
and price vary greatly. As the largest aggregator organization can help you measure its value and Research, Permissioning
& Unbundling
of real-time research in the world, we serve up a relevance, and aid in discussions with sell-side
firms. Thomson Reuters enables you to track usage Regulatory Automation
comprehensive listing of research and enable you
& Workflow Mapping
to easily request the entitlements required to view by enterprise, departments or individual buy-side
analyst. You can also use the Thomson Reuters MiFID II TIMELINES
the best research to meet your needs. With our
partners, Thomson Reuters can provide you with Eikon platform to host your own proprietary
research. This can help you gain an understanding CAPABILITIES & SOLUTIONS
an aggregated view of all sell-side touchpoints
(research, analyst calls, corporate access events, of the strengths of your internal research and
THOMSON REUTERS
etc.), and a MiFID II compliant resource tracking know where your firm relies on outside perspective. SOLUTIONS
and broker vote solution. You can also learn how each professional or team
THOMSON REUTERS
uses information, where it comes from and what PARTNER MARKETPLACE
Thomson Reuters Eikon provides an unbiased sell- the cost is.

side analyst performance evaluation focusing on
analyst accuracy as well as relative analyst ranking THOMSON REUTERS: THE
OUR SOLUTIONS MAINLINE TO COMPLIANCE
by security and sector. Part of our proprietary ADVANTAGE
Thomson Reuters StarMine investment analytics, Thomson Reuters Eikon
CONTACT US
our analyst score card and rankings help you make
Thomson Reuters StarMine
or justify broker selection decisions.
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& Unbundling

Our solutions help control access and permissions, and offer research readership
INTRODUCTION
reporting providing transparency into what is actually being viewed and what
customers find most valuable. All of which can help build more accurate research HOW THOMSON REUTERS
pricing models and billing schemes. OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SELL-SIDE SI Determination
Reference Data
Value, Measure and Monetize Research authentication and allow for a more dynamic
The first step in monetizing your research is presentation of your research. We can help you & Record Keeping
ensuring that buy-side consumers are able make your research more discoverable using
Investor Protection
to find it. Thomson Reuters Intelligent Tagging software
Best Execution
that adds a unique identifier, enabling enhanced
To help you assess the usability, competitive quality search and discoverability via a research portal. In HFT & Structural Change
and improve the monetization of your research, we addition, for those wanting to enrich the customer
offer StarMine Monitor. This application enables experience, we can host your own research portal, & Unbundling
you to assess the relative, unbiased performance of and also provide custom design via our partners. Regulatory Automation
your analysts across industries, sectors and overall & Workflow Mapping
coverage universes. It evaluates the profitability of Thomson Reuters has the solutions and expertise MiFID II TIMELINES
buy/sell/hold recommendations and the accuracy to help you be in line with MiFID II requirements.
of earnings estimates so Directors of Research CAPABILITIES & SOLUTIONS
can review overall strengths and weaknesses of
THOMSON REUTERS
their analysts. We also provide full usage reporting
OUR SOLUTIONS SOLUTIONS
including details of all research consumed by your
buy-side customers. Thomson Reuters Eikon THOMSON REUTERS
PARTNER MARKETPLACE
Thomson Reuters StarMine Monitor
We also help sell-side firms to control and manage AWARD-WINNING CONTENT
Thomson Reuters Intelligent Tagging
administration and distribution of research.
The Thomson Reuters Research Management Thomson Reuters Research MAINLINE TO COMPLIANCE
Management Console ADVANTAGE
Console is an easy-to-use platform that enables
you to control and track requests for access and For full solutions information see page 30-33 CONTACT US
entitlements in a customizable and granular
fashion. Link back capabilities to your research
portal are available through Thomson Reuters
Eikon and APIs, to add an additional level of
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REGULATORY
AUTOMATION & INTRODUCTION
HOW THOMSON REUTERS
WORKFLOW MAPPING SUPPORTS YOUR MiFID II

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES
LEVERAGING OUR REGULATORY CONTENT THOMSON REUTERS MiFID II
INTO MiFID II COMPLIANCE WORKFLOWS CAPABILITIES & SOLUTIONS
THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE
Under MiFID II, financial institutions your organization and how to prepare to meet your
regulatory requirements is essential. Thomson
must act in the best interests of their AWARD-WINNING CONTENT
Reuters Regulatory Change Management is
clients. Firms must have a deep THOMSON REUTERS: THE
a powerful workflow solution that enables your
understanding of who is distributing the organization to manage a high volume of regulatory ADVANTAGE
financial products they manufacture. developments with a streamlined and automated
CONTACT US
This underlines the responsibilities process. We support you in taking the appropriate
of buy-side and sell-side firms. steps for your business to ensure that you change
the required processes and procedures in light
of the regulatory changes brought by MiFID II.
MiFID II aims to provide a more efficient, resilient
HOME
and transparent way for financial markets to Enhanced content integration and mapping
operate. Understanding the impact of MiFID II on capabilities connect the regulatory change
& Workflow Mapping

INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES
management process to your organizational Our flexible rating system lets you plot regulatory
structure. Your compliance teams can change by risk level, keep oversight of key due THOMSON REUTERS MiFID II
incorporate insight and content from Thomson dates, identify controls relevant to the regulation
Reuters Regulatory Intelligence, which offers and issue action plans and allocate ownership to THOMSON REUTERS
SOLUTIONS
comprehensive coverage from over 750 regulators proactively notify business owners of any regulatory
globally. This can be used to map relevant policies change updates. THOMSON REUTERS
to rule changes around MiFID II and evaluate their PARTNER MARKETPLACE
effect on your business. The solution can also Let Thomson Reuters guide you to MiFID II AWARD-WINNING CONTENT
integrate regulatory content into your compliance regulatory compliance.
workflow processes from third parties.
ADVANTAGE
As authorities outline the regulations they will OUR SOLUTIONS

CONTACT US
require, Thomson Reuters can alert you to the Thomson Reuters Regulatory
changes you need to make. Our fully equipped Change Management
compliance dashboard can provide industry insight Thomson Reuters Regulatory Intelligence
on MiFID II from subject matter experts, track
Thomson Reuters DataScope HOME
new and updated regulatory changes around
MiFID II, and map relevant rules and regulatory For full solutions information see page 30-33
requirements across your entire enterprise.
& Workflow Mapping

MiFID II TIMELINES
The timeline for MiFID II compliance is now clear but time INTRODUCTION
is passing. There is so much work to do before January 2018 HOW THOMSON REUTERS
that it is important to act now to ensure your business and SUPPORTS YOUR MiFID II
OBLIGATIONS
operations will be MiFID II ready in time. Once you have the right
solutions and services in place, the challenging workload that Pre- & Post-Trade
Transparency
MiFID II requires will be easier to get to grips with.
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MAY 2014 MAY 2014 DEC 2014 JUN 2015 DEC 2015 MiFID II TIMELINES
Council approves ESMA published ESMA published ESMA published ESMA publishes THOMSON REUTERS MiFID II
MiFID II / MiFIR a Discussion Paper its Technical Advice and sent to the the ITS and CAPABILITIES & SOLUTIONS
and a Consultation to the Commission commission submits these to
Paper to gather and a key its first set the Commission THOMSON REUTERS
industrys initial Consultation Paper of Technical SOLUTIONS
views on draft RTS / ITS Standards
THOMSON REUTERS
PARTNER MARKETPLACE
2014 2015 2016
Operationalizing MiFID I
ADVANTAGE
JUN 2014 SEP 2015 CONTACT US
MiFID II / MiFIR ESMA publishes

published in the the RTS and
Official Journal submits these to
the Commission
HOME
MiFID II TIMELINES

INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MAY 2016 JUL 2017 JAN 2018 MiFID II TIMELINES
Council and Parliament agree MiFID II must be MiFID II / MiFIR THOMSON REUTERS MiFID II
with the proposal from the transposed into comes into effect CAPABILITIES & SOLUTIONS
EC to delay the application of national law of
MiFID II to 3 Jan 2018 and the Members States THOMSON REUTERS
deadline for implementation in SOLUTIONS
national laws to 3 July 2017
THOMSON REUTERS
PARTNER MARKETPLACE
2016 2017 2018
Operationalizing MiFID II Implementing MiFID II MAINLINE TO COMPLIANCE
ADVANTAGE
CONTACT US
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MiFID II TIMELINES

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MiFID II CAPABILITIES & SOLUTIONS INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Real & Non Real Approved

Best Execution Systematic Pre- & Post-Trade
KEY MiFID II Time Market MiFID II Identifiers & Publication Foreign Exchange
Analytics & Internaliser (SI) Transparency
CAPABILITIES: Liquidity, Volume & Referential Content: Arrangements Trading Solutions:
Suitability Services: Determination:
Pricing Data: (APAs):
Trading Venues
- Thomson Reuters MTF
SI Determination
- Thomson Reuters - Thomson Reuters FXall
Elektron - Thomson Reuters - Thomson Reuters
- Thomson Reuters - Thomson Reuters APA & Publication Services
THOMSON REUTERS - Thomson Reuters Enterprise Platform Matching Velocity Analytics Systematic
- Thomson Reuters
MiFID II COMPLIANT DataScope (TREP) - Thomson Reuters Internaliser (SI) Reference Data
DataScope - BestX FX Analytics
PROPOSITIONS: - Thomson Reuters Trade Notification Determination
- Tradeweb APA Platform Platform
Enterprise Platform (TRTN) Transaction Reporting
(TREP) - BestX FX Analytics & Record Keeping
Platform
Investor Protection
Pre- & Post-Trade

Best Execution
Transparency
Trading Venues
& Unbundling
Systematic
Internaliser (SI) Regulatory Automation
Determination & Workflow Mapping
Approved MiFID II TIMELINES

Publication
Arrangements THOMSON REUTERS MiFID II
(APAs) & CAPABILITIES & SOLUTIONS
MiFID II SERVICE REQUIREMENTS:
Publication
Services
THOMSON REUTERS
SOLUTIONS
Reference Data
THOMSON REUTERS
PARTNER MARKETPLACE
Transaction AWARD-WINNING CONTENT

Reporting &
Record Keeping
Investor ADVANTAGE
Protection
CONTACT US
Best Execution
HFT & Structural

Change
Research HOME
Permissioning
and Unbundling
Regulatory
Automation &
Workflow
Mapping


PROPOSITIONS
Thomson Reuters customers arevsuniquely
CHALLENGES
positioned
to benefit from our MiFID II solutions enabling them INTRODUCTION
to meet their MiFID II objectives. HOW THOMSON REUTERS
OBLIGATIONS
Regulatory Change Pre- & Post-Trade

Research Permissioning Tick History Market & Analysis Ratings & Ranking Data Partner Workflow &
Workflow & Mapping Transparency
& Unbundling: (Date & Time Stamp): Desktop Services: and Benchmarks: Connectivity Services:
Services:
Trading Venues
SI Determination
- Thomson Reuters
- Thomson Reuters Eikon - Thomson Reuters - Thomson Reuters Eikon
Lipper Fund Rankings
- Thomson Reuters - Thomson Reuters Regulatory Change - Thomson One APA & Publication Services
Elektron Management (TRRCM) - Thomson Reuters
Research Management (Wealth US) - Thomson Reuters
StarMine Analyst Reference Data
Console - Thomson Reuters - Thomson Reuters - Thomson Reuters Partner Marketplace
Rankings
- Thomson Reuters DataScope Regulatory Intelligence Regulatory Intelligence
(TRRI) - Thomson Reuters Transaction Reporting
Intelligent Tagging (TRRI)
StarMine Monitor & Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE

ADVANTAGE
CONTACT US
HOME


THOMSON REUTERS
SOLUTIONS INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
BestX FX Analytics Platform Thomson Reuters Eikon Transaction Reporting

Our partnership with FX analytics specialists BestX Our flagship desktop platform providing pre-trade & Record Keeping
offering seamless connectivity to the independent decision-making tools, news, real-time pricing, charting, Investor Protection
total cost analysis (TCA) service from BestX from the analytics, portfolio tools, trading connectivity and
Best Execution
Thomson Reuters FXall and FX Trading desktops. collaboration tools.
Thomson One (Wealth US) Thomson Reuters Elektron Research, Permissioning

& Unbundling
Integrated access to information, analytics and tools Flexible, high performance, cross asset data and trading
delivered within workspaces designed specifically for infrastructure that includes low latency real-time data Regulatory Automation
& Workflow Mapping
each target customers workflow. feeds, non real-time data, analytics and transactional
connectivity. Services can be offered in a range of MiFID II TIMELINES
Tradeweb APA deployment models.

Global electronic multi-dealer-to-customer marketplace CAPABILITIES & SOLUTIONS
for trading fixed income, derivatives and money market Thomson Reuters Enterprise Platform (TREP)
THOMSON REUTERS
products which connects major investment banks with Scalable and robust technology platform that enable SOLUTIONS
institutional customers. Thomson Reuters partnership financial institutions to control real-time information flows.
THOMSON REUTERS
with Tradeweb allows market participants to access PARTNER MARKETPLACE
a fully compliant APA service. Thomson Reuters FXall
Bank-to-client trading and workflow solutions to over
Thomson Reuters DataScope 1,700 institutions worldwide including asset managers, THOMSON REUTERS: THE
Data delivery platform for non-streaming cross-asset banks, broker-dealers, corporates and hedge funds with ADVANTAGE
class content globally; supports the management of liquidity from over 160 leading market makers.
CONTACT US
financial risk, including such instruments as peer-to-
peer or marketplace loans. Thomson Reuters FX Trading
FX Trading is our next generation desktop platform
that delivers our entire foreign exchange offering and
provides a single point of access to liquidity in hundreds HOME
of currency pairs from the Thomson Reuters Matching,
Dealing and FXall platforms.
THOMSON REUTERS
SOLUTIONS

INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
Thomson Reuters Intelligent Tagging Thomson Reuters StarMine Analyst Rankings Transaction Reporting
Thomson Reuters Intelligent Tagging, processes internal Thomson Reuters StarMine Analyst Rankings & Record Keeping
research and co-mingles valuable in-house insights are essential when benchmarking which analysts Investor Protection
with external research and multiple additional sources are performing best.
Best Execution
of unstructured data.
Thomson Reuters StarMine Monitor
Thomson Reuters Lipper Fund Rankings Thomson Reuters StarMine Monitor offers the Research, Permissioning
& Unbundling
Thomson Reuters Lipper Rankings are award winning most proven, fair, and rigorous tools to objectively
fund ratings that are available to the market. measure the performance of your research team. Regulatory Automation
& Workflow Mapping
StarMine evaluates the profitability of buy/sell/hold
Thomson Reuters Matching recommendations and the accuracy of MiFID II TIMELINES
Thomson Reuters Matching is an anonymous central earnings estimates.

limit order book spot, forward and NDF trading for the CAPABILITIES & SOLUTIONS
interbank FX community in over 80 currency pairs and Thomson Reuters Systematic Internaliser
THOMSON REUTERS
with over 1,100 subscribers. Determination Platform SOLUTIONS
A best of breed systematic internaliser (SI) determination
THOMSON REUTERS
Thomson Reuters Regulatory Intelligence (TRRI) platform that allows our customer to be MiFID II compliant. PARTNER MARKETPLACE
& Compliance Management
A suite of information and software products with Thomson Reuters Trade Notification (TRTN)
global coverage of over 500 regulatory bodies, over 950 The premier global messaging hub where banks, THOMSON REUTERS: THE
brokers and their clients come together to exchange MAINLINE TO COMPLIANCE
rulebooks, and exclusive news and analysis from global ADVANTAGE
regulatory compliance experts and journalists. trade notifications on a neutral and independent
platform with more than 2,500 publishers and receivers, CONTACT US
Thomson Reuters Regulatory Intelligence is a single
solution providing content and technology to help sharing millions of messages every month.
navigate global regulatory compliance.

Thomson Reuters Regulatory Change Management Thomson Reuters Velocity Analytics
provides coverage of legislative and regulatory Our cross asset best execution reporting and monitoring HOME
content from over 750 global regulators and mapping solution which consumes Tick History data and is
capabilities. Thomson Reuters Research Management powered by Kx analytical software.
Console application or API enables you to value, measure

and monetize research within your organization.
THOMSON REUTERS
SOLUTIONS

THOMSON REUTERS
PARTNER MARKETPLACE INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Our valuable Partner ecosystem enables you Pre- & Post-Trade

Transparency
to get more from working with Thomson Reuters
to solve your MiFID II challenges, further Trading Venues
streamlining your operations. SI Determination
Our partners provide a wealth of platforms, data, Reference Data

consulting and other services that augment our Transaction Reporting
& Record Keeping
content and technology and extend its capabilities.
Investor Protection
We are closely collaborating with our partners to Best Execution
develop MiFID II specific content and capabilities. HFT & Structural Change
& Unbundling
Whether working with the more than 500 venues
in our network or developing greater connectivity Regulatory Automation
& Workflow Mapping
with a wide range of front-, middle-, and back-office
MiFID II TIMELINES
providers, we will ensure you seamlessly have access
to integrated solutions tailored to your needs. CAPABILITIES & SOLUTIONS
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SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE

ADVANTAGE
CONTACT US
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PARTNER MARKETPLACE
34 PAGE 1 OF 2
INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

THOMSON REUTERS
SOLUTIONS
THOMSON REUTERS
PARTNER MARKETPLACE

ADVANTAGE
CONTACT US
HOME
THOMSON REUTERS
PARTNER MARKETPLACE

AWARD-WINNING
CONTENT INTRODUCTION
HOW THOMSON REUTERS

OBLIGATIONS
Pre- & Post-Trade

Transparency
Trading Venues
SI Determination
Reference Data
& Record Keeping
Investor Protection
Best Execution
& Unbundling
& Workflow Mapping
MiFID II TIMELINES

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