To help customers comply with newly introduced MiFID legislation on cost and quality of execution, the Proquote Transaction Cost Analysis (TCA) system provides a full report on what a best transaction could have been, a summary of execution quality and the shortfall. By using data supplied by Interactive Data's low latency, digital datafeed, PlusFeedSM, Proquote compares the details of the specific trade entered with the order book volumes and prices over the period of the execution, from order entry to notice of execution.
Karen Young, Head of Business Development Information Services at the London Stock Exchange said: "Interactive Data offers high quality information which will provide in-depth European exchange data for Proquote customers. As investment firms now may have to submit their order books to several markets to get the best possible execution price, the Proquote Transaction Cost Analysis (TCA) system has helped meet our customer demands for statistics on what the 'best' execution would have been for the order."
David Hann, general manager, EMEA, Interactive Data Real-Time Services, added: "We have been making significant effort to source data from the new pricing venues and existing regulated markets providing MiFID services, and we are delighted to provide this data to Proquote for their best execution product. PlusFeed continues to be a one-stop shop for real-time data requirements, including MiFID-related content."
Interactive Data offers a broad, cohesive range of data and services to help customers comply with the obligations that have been imposed by the Markets in Financial Instruments Directive (MiFID). These include real-time and reference data services to help customers with the requirements of pre- and post-trade transparency, evidencing best execution, trade venue selection and reviews of order execution policy, code of conduct and client classification obligations, transaction reporting, managing conflicts of interest and managing risk.