Bloomberg today announced that it has acquired all necessary regulatory approvals in the Netherlands to offer its services in the country.
The Netherlands Authority for the Financial Markets has granted the Bloomberg Data Reporting Services B.V. (BDRS B.V.) to operate an Approved Reporting Mechanism (ARM) and an Approved Publication Arrangement (APA), for MiFID II regulatory reporting.
This will allow the firm to establish a base in the country and offer its services to all the countries under the European Union. The New York-headquartered firm took this step to ensure its services amid the upcoming Brexit.
Commenting on this development, Nicholas Bean, Head of Electronic Trading Solutions at Bloomberg and CEO of BDRS B.V., said: “We are pleased to announce that we will operate trade reporting services in Amsterdam in addition to our recently authorized Multilateral Trading Facility. Bloomberg’s Dutch ARM and APA will ensure a seamless transition into the post-Brexit environment, for clients in the EU who wish to continue to use our trade and transaction reporting services to satisfy their MiFID II requirements.”
Brexit in Mind
In addition, Bloomberg secured approval from the Dutch Authority for the Financial Markets (AFM) to operate a (MTF).
Bloomberg will integrate these services with Bloomberg’s Regulatory Hub (RHUB) and is planning to initiate the testing before 29th March to onboard its EU clients on the platform considering all possible outcomes of Brexit.
Apart from Europe, Bloomberg is also focusing on the Chinese and South East Asian market. It recently partnered with the China Foreign Exchange Trade System to launch new access channels of to allow global investors to trade onshore Chinese bonds via the Bloomberg Terminal.
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