TradingScreen, the leading provider of multi-broker, multi-product EMS trading platforms, today announced that it has developed a suite of new services to help its clients comply with the Best Execution obligations that will be imposed by the Markets in Financial Instruments Directive (MiFID). The new MiFID offering will also help clients meet their own internal compliance and post-trade requirements.
TradingScreen's new MiFID offering assists clients in creating their own best execution policies, selecting appropriate execution venues or algorithms and monitoring and reviewing policy results in a fully integrated fashion from the pre-trade market impact and latency to best execution analysis. The new services leverage the extensive expertise and experience of TradingScreen in multiple asset class trading systems coupled with its broad understanding of the dynamic interaction of market data, transaction negotiation, post-trade reporting and transaction performance measurements including latency and algorithmic trading strategies' efficiency.
"A number of our buy side clients asked us to leverage our unique cross asset class capabilities, centralised and normalised database as well as our proven pre and post-trade analytical capabilities to help them meet the new challenges of best execution under MiFID" says Philippe Buhannic, President and CEO of TradingScreen. "In response to our clients need, we are offering what is in effect a "MiFID in a Box" that requires no installation, no developments and no complex database integration process. TradingScreen is simplifying global markets yet again."
The Committee of European Securities Regulators (CESR) recently issued its final feedback based on a consultation exercise undertaken earlier in 2007 which provided the most explicit guidance to date on the scope of the best execution requirements and the approach that regulators are expected to adopt in reviewing compliance. In response to CESR, TradingScreen recognizes that its clients have to begin a timely and effective implementation process.
TradingScreen has been actively involved in MiFID planning for more than two years and the new MiFID offering reflects the requirements of its buy side clients and their sell side counterparties as these have evolved through the various stages of the implementation of MiFID throughout Europe. The new MiFID offering is part of the TradeEMS suite of products offered to the buy side to improve and automate the trading process and bring a new level in best execution, integration of liquidity and simplicity in deployment.
Philippe Buhannic comments further, "All our buy side clients distributing their products in Europe will feel the impact of the wide ranging MiFID market changes. TradingScreen supports the full trade order management life cycle across all asset classes through efficient electronic linkage of buy and sell side traders. This gives us a unique perspective on how clients achieve best execution today. Using this knowledge will allow us to assist clients to develop more formal best execution policies. The new services will facilitate venue selection in the post MiFID environment and be further supported through our new online reporting to provide flexible review and monitoring that can be used by all areas within the client organization including compliance, trading and senior managers."