SteelEye, a compliance technology and data analytics firm, has published a White Paper outlining its best execution support for MiFID II’s regulatory technical standard, RTS27.
SteelEye has expanded its comprehensive regulatory solution to support the requirement for trading venues to provide quarterly best execution reports and is intended to provide transparency on the most competitive venues on which to trade.
All companies that make markets in all reportable asset classes that periodically publish data relating to the quality of execution will be required to comply with RTS27. This includes trading venues, systematic internalisers (SIs), market makers or other liquidity providers. Trading venues will need to provide the RTS27 reports on their public facing websites in machine readable format free of charge at the end of each quarter starting on 30 June 2018.
Publishing these reports requires gathering a vast amount of data from multiple sources daily, as they must include details about price, costs, speed and the likelihood of execution for each individual financial instrument. By investing in the right technology trading venues will ensure that they have the solutions needed to help consolidate and analyse the data, while early preparedness will protect firms from significant compliance and reputational risk.
SteelEye’s cloud-native platform provides a complete MiFID II solution, including best execution under RTS27 and RTS28. There are several other advantages for financial services firms, with SteelEye being the only such platform to offer transaction reporting, record keeping, trade reconstruction, best execution and data analytics in a single solution. SteelEye brings together order and trade data, electronic and voice communications, market data, reference data and counterparty information. The incremental insights available from bringing this data together will help firms achieve greater efficiency, profitability and control.
Matt Smith, CEO of SteelEye, says: “SteelEye’s comprehensive solution covers most aspects of MiFID II, and with RTS27 & 28 now underway firms are starting to develop a long-term strategic approach to comply with the regulations. It is important that companies address RTS27 within the wider context of MiFID II, but also to seek out opportunities to find competitive advantage hidden in otherwise dormant regulatory data. We help our clients realise this. SteelEye’s core objective is to help firms simplify regulatory conformity, consolidate solutions and save money.”
