The new reporting requirements under MiFID II has been listed as the number one painful challenge for the buy side. Voice and chat price negotiations are unlikely to continue the same way as under MiFID I as you now need most instruments time stamped and reported in a timely manner. This will make the biggest impact on the fixed income trading side. Foreign exchange traders consider moving most of their options trading to venues. 

Due to various reasons, such as lacking order management system capabilities and required Fix updates, quite a few buy side will rely on their MTF and systematic internaliser partnerships for reporting. Best practice for any global trading desk is still to have at least one direct ARM and APA relationship so you don’t need to exclude trading with a counterparty who doesn’t have their own reporting capabilities. While many buy-side traders are under tough pressure to resolve these reporting challenges, regulators and buy-side associations in France, Germany and Sweden have given many asset management firms an exemption so they are not obliged to deliver transaction reporting.