With the first deadline of RTS 27 reports quickly approaching, Cappitech Regulation, a provider of regulation technology for the financial services industry has launched a solution to support the new regulation standard.
The new product grows Cappitech’s MiFID II suite of offerings that already includes Transaction Reporting, Trade Reporting to an APA and Best Execution monitoring.
Cappitech’s RTS 27 solution is powered by Capptivate, a scalable cross-regulation reporting platform that can be customised to handle inputs of diverse file formats and outputs of numerous regulatory reports.
Part of Article 27 of the MiFID II framework that governs Best Execution requirements, RTS 27 is a standardised report required to be created by Execution Venues. According to ESMA, included within Execution Venues are Trading Venues, Systematic Internalizers, Market Makers and other Liquidity Providers. The report includes pre and post-trade information and is to be published publicly on a quarterly basis, with Q1 data due on 30 June, 2018.
Like other MiFID II reports such as trade and transaction reporting, complying with RTS 27 requires both regulation know-how and experience with handling large datasets. Regulatory knowledge is needed to interpret the legal framework of what needs to be reported, while technical ability is required to extract trade information, enrich it and prepare the final reports. Firms then need to validate the information the full life-cycle of the report.
What makes RTS 27 unique is that it includes both pre and post-trade information and the final reports are published to the public. As such, simply extracting execution data isn't sufficient to create the report and any potential erroneous report is made known to everyone who wants to review the report.
To support the dual nature of RTS 27, Cappitech works with clients to receive both execution and pre-trade data. Cappitech then combines the information, injects filters based on RTS 27 market size requirements and calculates order and trade averages. The data is then prepared to the standards of the 9 tables of RTS 27.
Ronen Kertis (pictured), CEO of Cappitech Regulation, says: “Best execution standards has become a point of focus among regulators. RTS 27 contains a lot of information that will be made available to the public and viewed by clients and regulators. Therefore, we wanted to provide a systematic and cost-effective solution to help investment firms get RTS 27 right”.
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