Kaizen New Hire to Head Trade Reporting Expansion

Kaizen has hired Chris Machin to head the development of the Mifir trade reporting extension of the regulatory reporting vendor’s assurance service, ReportShield.

Machin has 20 years of financial services industry experience, beginning at Credit Suisse, where he headed various settlements teams, followed by a nine-year stint at UBS Investment Bank as the associate director of European emerging and international cash equity and fixed income, currencies and commodities settlements, and network manager. Most recently, Machin was head of client support at Simplitium, where he partnered with the London Stock Exchange to build APA TRADEcho. 

Kaizen’s ReportShield testing service aims to improve price transparency by identifying data quality issues such as accuracy, completeness, and timeliness of the records published. 

Ian Rennie, managing director of Kaizen, says it is “widely recognized” by the market that the quality of Mifid II reference data has not been up to standard since the regulation went live in January 2018. The Mifir reporting extension was built to assure senior management that a data validation assessment has been performed on their reporting data independent of authorized regulatory mechanisms, Rennie adds. 

“The product will give firms a complete picture of the quality of their Mifir trade reports,” he says. “The service will give firms the ability to identify where their reporting is correct and where it is incorrect, so they can fix issues where necessary. Moreover, it will also provide crucial feedback to the SMCR [Senior Manager’s and Certification Regime] manager responsible for reporting within a firm.”