Regulatory

Market Securities offers large natural execution flows on various asset classes.

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OTF

New regulatory changes arising from MiFID II mean significant changes in 2018 for the financial industry. Kyte Broking has received FCA approval to operate an OTF Trading Venue in 2018.  

​The operation of an OTF is regarded as complementary to our established exchange execution services. The opportunity to execute on the OTF and/or bilaterally will be key for brokers going forward. We are one of the few independents and we welcome the challenges and  opportunities presented in the MiFID II world. ​

Read the full Kyte Broking OTF Press Release – Kyte Broking receives regulatory (FCA) approval to operate an Organised Trading Facility (‘OTF’)

On 5 April 2018, Kyte Broking issued a Market Notice (18/001) advising Members and Clients that the rulesbook for Kyte Broking Organised Trading Facility (“KBL OTF”) has been amended and effective immediately. Full notice can be read here. 

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Waivers / Deferrals:

The trading venue operated by Kyte Broking Limited will fulfil their transparency obligations through the publication of all relevant orders and trades, subject to the exercise of pre-trade transparency waivers and post-trade transparency deferrals as granted by the FCA.

​Kyte has been approved the below pre-trade waivers and post-trade deferrals:

Pre-Trade

  • Article 9(1)(a) of MiFIR in respect of orders that are large in scale compared with normal market size

  • Article 9(1)(a) of MiFIR in respect of orders held in an order management facility of the trading venue pending disclosure (iceberg)

  • Article 9(1)(b) of MiFIR (SSTI)

  • Article 9(1)(c) of MiFIR in respect of other financial instruments for which there is not a liquid market

Post-Trade

  • Indefinite Aggregation- Article 11(3c) of MiFIR

  • Deferred Publication – Article 11(3b) of MiFIR

The publication of pre- and post-trade transparency data is being undertaken by TRAX and can be found at: www.traxapa.com

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OTF
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What is Kyte Broking’s LEI Number and MIC Code

Kyte Broking’s LEI Number is 1ZU7M6R6N6PXYJ6V0C83 Kyte Broking’s MIC Code is KBLM

Will Kyte Broking Operate a Trading Venue?

Kyte has approval from the FCA to operate an OTF (Organised Trading Facility) Trading Venue. For more information on the Kyte Broking OTF, kindly see Kyte Broking OTF information site.

How Will Kyte Meet Transparency Reporting Requirements?

For intra-day trade reporting, Kyte has selected two APAs (Approved Publication Arrangement) dependent upon product type. ​ For cash equities, Kyte will use BATS. For all other products, Kyte will use Trax.

How can I obtain Kyte’s Transparency Reports?

Kyte’s pre-trade and post-trade transparency reports will be made publicly-available from the Trax and BATS websites.

What is delegated or assisted reporting?

All MiFID II Investment Firms will be obligated to publish trades under MiFID II. Assisted or delegated reporting refers to the outsourcing of the operational processes associated with trade reporting. Brokers can assist or facilitate their clients in meeting their reporting requirements.

Will Kyte offer Assisted Reporting?

Yes, Kyte has arranged with BATS to assist in the trade reporting of Cash Equities. ​ Download our brochure or contact us at mifid2@kytebroking.com.

How will Kyte Meet Transaction Reporting Requirements?

For end-of-day transaction reports, Kyte will use Trax as an ARM (Approved Reporting Mechanism) that publishes data directly to the FCA.

What Information Will Kyte need from Clients?

Kyte has been collecting additional information from clients, where required, such as LEI number, decision-maker information, MiFID reportable status, and short-selling indicator (on a trade-by-trade basis).

MiFID II

New regulatory changes arising from MiFID II mean significant changes in 2018 for the financial industry.

​Kyte Broking stands ready to meet these changes.

As of 3rd January 2018, Kyte Broking will operate an OTF Trading Venue.  This demonstrates Kyte’s commitment to continuing to provide quality services to our clients.

​Below are some Frequently Asked Questions in relation to MiFID II.   For specific questions, please feel free to contact our dedicated MiFID II mailbox at mifid2@kytebroking.com

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Reports
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