Gary Wright, CEO, B.I.S.S. Research, said, âMiFID is due in November this year and Rhyme Systems have forged ahead and developed a system which is flexible and has functionality that can support a wide range of business requirements brought about by MiFID. While many segments of the market continue to discuss definitions and details within the articles, the ârhymeSIGHTâ solution demonstrates both MiFID readiness and tangible areas in which it can deliver critical business value.
âThe benchmarks and tests were set and marked by the independent industry panel organised by B.I.S.S. Research. The panel noted how ârhymeSIGHTâ is well designed with good functionality that is just waiting now for any individual user specifications for their own MiFID projects.â
Steve Young, Director, Rhyme Systems, said, âWe are delighted to achieve the B.I.S.S. MiFID Accreditation. We have felt for some time it is important to be a first-mover in this area and the analysis by B.I.S.S. vindicates the strength and flexibility of the rhymeSIGHT proposition.â
MiFID is one of the single biggest changes to affect the securities industry and until its implementation in November 2007 the issue is firstly business strategy followed by any operational changes needed to support the business. Key areas in which Rhyme Systemsâ rhymeSIGHT platform met MiFID criteria include:
- The CachÃ© database is an invaluable component of rhymeSIGHT which will enable a fast track development for MiFID compliance â the database is a unique design providing rhymeSIGHT with a distinct market advantage
- rhymeSIGHT incorporates functionality for enhancement of MiFID compliance in a range of areas including: Client Classifications, Record Keeping, Transaction Reporting, Client Reporting and Deriving Best Execution
- Due to the platformâs scalability, rhymeSIGHT can provide value for both small and large financial services firms
- rhymeSIGHT is a high-volume and high-performance system incorporating modular design features for front, middle and back office requirements and could be used across the wholesale financial services sector
- rhymeSIGHTâs design enables the service to be enhanced to meet specific customer business changes brought about by changes in strategy as a result of MiFID.