MiFID II CONFIG
MiFID2 is a Kooltra App that automates the processing of reporting transactions to Abide to meet the new trading regulation across EU revamped in 2014. Correspondingly, MiFID Two Config is a multi-functional compliance page which allows you to manage the settings, including scheduling MiFID, updating credentials, manually reporting transactions and monitoring MiFID response. To access the MiFID Two Config page, click on Compliance > MiFID Two Config in the navigation pane.
Once you have completed the entity and counterparty setup, you might start importing CFD trades using Kooltra API. (Note that importing trades using the CFD Single/Double Leg entry page will not be successfully processed by MiFID II App as there will be no External ID populated).
The transactions need to be reported daily under MiFID. This setting allows compliance to set the time for the report to be submitted on a daily basis. The time imputed needs to be in HH:MM format. In the following example, we scheduled MiFID to be run at 13:30 every day.
You will need to put in your Username, Password and Token to connect to the server of the third party, which in our case is the Abide server. Specifically, the Username and Password are provided by the third party and the token is generated from Kooltra and used to connect your Kooltra instance to our backend.
You will not need to update your credentials frequently unless there are changes occurred in Kooltra or the third party's server.
The MiFID report with trades executed the day before (00:00 to 11:59 UTC) will be automatically submitted at the scheduled MiFID reporting time (Please see MIFID Schedule).
There may be situations where manual intervention is required, such as connection issues or compliance officer need to report a missed trade, etc. If necessary, you may manually generate and submit trades within a specified time range in UNIX time.
- Enter the Start and End Time in UNIX. You may use https://currentmillis.com/ to help convert a date and time to UNIX.
- Click Create Report.
- Enter the file name of the newly generated report and click Resend Report.
The MiFID Receiver card gives users the option to retrieve a response manually for every file sent out. The first row indicates when the next MiFID receiver job is scheduled, where, generally, a MiFID receiver job is scheduled 90 minutes after the MiFID reporting job runs in order to grab the response file from the third party. You also have the second option on the bottom which you can specify the file name to manually get the reponse.
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MiFID configuration, scheduling MiFID