Multrees Investor Services, a global custody, consolidated reporting and investment administration firm, is now offering instant transaction reporting for all assets on its platform in line with MiFID II.

The firm is making great play of the fact that this reporting does not only occur in cases where it acts as a custodian. It stores data on each individual account and is able to report transactions directly to the Financial Conduct Authority and spare its clients this burden.

Multrees provides servies for wealth managers. The new service on its platform, which it calls Multrees Compass, helps these client-firms report forward FX and corporate actions to the FCA on discretionary or execution-only transactions within 24 hours, as dictated by MiFID II.

The directive also dictates that the FCA must be informed when a firm suffers a 10% drop in performance since the previous periodic statement. Multrees has put a new automated system onto its platform and is now, for the first time, issuing instant automated reports about fees and charges to clients (and about transaction details, but nothing else, to the FCA) as soon as this happens, with a view to giving them the opportunity to investigate and validate each occurrence. The old service was not instant.