The firm's enhancements will meet the new 24-hour FCA notification deadlines, it says.

Multrees, the independent custody and consolidated reporting specialist, has upgraded its reporting services to help clients comply with the sweeping MiFID II regulations which entered into force last month. 

The enhancements include meeting the new 24-hour Financial Conduct Authority notification deadline on transaction reporting, performance drop reporting and transparency on costs and charges, the firm said in a statement. 

The business said it offers instant transaction reporting for all assets on its platform and not just where it acts as a custodian. 

The enhancements are:

- The firm will ensure clients meet the requirement to report forward FX and corporate actions to the FCA on discretionary or execution-only transactions within 24 hours; 
- Multrees will issue automated reports to clients as soon as the FCA is informed when a firm suffers a 10 per cent drop in performance, and; 
- Multrees will produce reports for each account including transaction charges, commission, taxes and spread.

“The regulation is a positive move to help combat market abuse, but the 24-hour window to report transactions can create added stress for firms. As we continuously strive to alleviate reporting burdens for our clients, this service is a natural evolution in our offering. Multrees is helping its client firms so they can focus on meeting the needs of their own clients.” Chris Fisher, chief executive at Multrees, said.

Running to more than 7,000 pages, MiFID II is one of the largest regulatory changes to have affected EU financial markets in decades. It is designed, its framers say, to give investors more data and clarity about what they pay, and reduce conflicts of interest of the kind that were exposed by the 2008 financial crisis. Critics have said the regulations are excessive and add costs that will squeeze out marginal players and raise barriers to entry. In January, The Intercontinental Exchange, one of the world's largest commodity exchanges, moved some of its trading contracts to the US because of concerns about the rising compliance burdens of operating in the EU. Some 245 futures and options contracts will be moved to the US. MiFID II has also changed how asset managers pay for analyst research.