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vwd TransactionSolutions AG receives BaFin approval for the operation of an organised trading system: TradePlus expands product range

At the end of June 2018, the Federal Financial Supervisory Authority (BaFin) granted vwd TransactionSolutions AG (vwdTS) permission to operate an organized trading facility (OTF). With the new OTF trading platform "TradePlus", vwdTS is the first institution to receive admission to the new trading venue category in Germany introduced in the course of MiFID II.

TradePlus is a regulated multilateral system for trading bonds, structured finance products, emission certificates or derivatives. The main differences to the regulated markets and MTFs are the lack of trading constraints and the operator's discretion when combining client orders. "The extensive transparency requirements applicable on regulated markets, the obligation for best execution and the organisational requirements also apply analogously to TradePlus", adds Jens Meuser, CEO of vwd TransactionSolutions AG.

By shifting their off-exchange trading to TradePlus, issuers and market makers can forgo their own status as systematic internalisers and also benefit from a uniform set of rules, a high degree of transparency and neutral market monitoring at low costs.

With this new offer, vwdTS responds to the declared intention of the supervisory authorities to shift securities trading from unregulated to regulated trading venues and thus extends the existing over-the-counter product range (TradeLink) to include a regulated trading venue. Thanks to the modular platform strategy of the company, trading participants will in future have access to differently structured trading venues via a standard interface without additional implementation effort, and can cover their individual requirements very flexibly via the vwd trading platforms.

In addition to admission to OTF operations, vwdTS received BaFin approval for the operation of the APA (approved publication system) and ARM (approved reporting mechanism) data provision services in April 2018 and can offer trading participants supplementary services in the areas of pre-trade and post-trade transparency. "These two approvals show our customers that we can also implement complex and extensive regulatory requirements and are a reliable partner for the financial industry in meeting regulatory requirements," continues Jens Meuser. "Together with our parent company vwd Vereinigte Wirtschaftsdienste GmbH, we offer the investment industry a very comprehensive range of MiFID II services and solutions," said the Board of Management of vwdTS.

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