Euronext’s APA/ARM services under MiFID II

APA/ARM Services

Euronext is launching Approved Publication Arrangement (APA) and Approved Reporting Mechanism (ARM) services for enhanced trade publication and transaction reporting.

The solutions will be available through one platform, with several shared benefits:

  • Open to Euronext members and non-members
  • Multi-asset service package: cross-asset class (equities, ETFs, rights, financial derivatives and commodity derivatives), with pan-European product coverage
  • Flexible connectivity options: clients can connect via web-based REST API or dedicated User Interface with a variety of file formats supported, including JSON, FIXML, XML and CSV
  • Reports are processed through a ‘check’ module and translated into the required ESMA format, before onward routing to the market or to regulators
  • Status and historical reports available to clients through the User Interface
  • Simple, transparent fee scheme: €500 / month for members* (€700 non-members*). Discounts for firms taking multiple services or applying with multiple entities of the same group
  • Connect directly, or via a number of ISV providers who have committed to integrate this service with existing client solutions.

* Note that these prices do not include VAT.

ARM Transaction Reporting

All European Investment Firms must report transactions in a broad set of instruments, both on- and off-venue, to National Competent Authorities (NCAs). This must be done directly or via an ARM. Euronext ARM will connect to all major European regulators, including AMF, AFM, FCA, FSMA, CMVM, Consob and others.

APA Trade Publication

Euronext APA will support firms in meeting their pre- and post-trade transparency responsibility to report trades to the market, and Systematic Internalisers (SIs), who must report both quotes and trades. For large trades, deferred publication may be possible, according to ESMA guidelines: if appropriate, Euronext will apply a delay upon client request.

Assisted Reporting

Investment Firms who trade infrequently away from a trading venue still have a responsibility to report under certain circumstances.  Although they cannot pass on the responsibility for reporting the trade to the market, they can work with brokers who are able to perform the task for them. Euronext has a network of brokers who, when a client trades against them, can be relied upon to report trades on behalf of their client, saving the client from building a dedicated infrastructure.

Transparent and simple fee scheme

Euronext has designed a simple fee scheme that avoids complexity.  A flat monthly fee is charged with no upper limit of transactions reportable. Discounts are available for clients taking both APA and ARM services, as well as for firms who subscribe with multiple entities.

Links to CCP

Clients wishing to report OTC trades in eligible equities, ETFs and rights that are passed through to the CCP (LCH SA and, once implemented, EuroCCP) to benefit from the central clearing guarantee may do so via the same technical solution, but please note that this service is not part of the APA/ARM service.  For further information on this service, please contact your Relationship Manager.

Low-volume clients

Euronext recognises that a number of firms are caught under the regulation to publish trades or report transactions for a finite number of trades per year.  To facilitate the trade publication and transaction reporting process for these firms, Euronext has a specific offering that is light-touch and is priced to reflect the reporting volumes of these clients.