To meet the requirements in MiFID II/MiFIR the competent authorities in Denmark, Finland, the Netherlands, Norway and Sweden, have decided to jointly develop a new system to adress the new requirements. This cooperation is called Northern TRS (NTRS) and the development of the system is done together with an external supplier.
The project started in 2015 and has now reached the development phase. According to the project plan the system will be ready for production 3 January 2018 and testing with submitting entities is planned to start in the middle of 2017.
The project has strong dependencies to ESMA and its MiFID II/MiFIR implementation program called ESMA Delegated Projects. Further information about the project’s time plan and related technical specifications will be provided on a continuous basis jointly by the signed competent authorities.