With the MiFID deadline approaching this fall and firms in the midst of preparations, TradingScreen has released its MiFID In a Box offering to help buy side firms meet the upcoming European regulatory guidelines."A lot of buy side firms we're talking to are still struggling to even understand the implications of MiFID," says Philippe Buhannic, President and CEO of TradingScreen, who adds that many firms are spending a great deal of time and money to implement and support the necessary compliance, data and reporting tools to be ready for MiFID.
TradingScreen's answer is MiFID In a Box, an ASP delivered module that enables users to create internal best execution policies and liquidity policies around execution venues and algorithms, and to monitor and review policy results from pre-trade through to best execution analysis. The offering also provides reporting tools that can be customized by the user.
"On the buy side there are two main levels of complexity-going from a world where there was one destination for each product more or less to a world with multiple destinations for each product, as well as smart order routing and algorithms is complex," explains Buhannic. "And secondly, it's a drastic change in the way trading is going to happen on the regulatory and compliance side with best execution across asset classes, which hasn't been necessary before."
He adds that TradingScreen's product is already multi-asset based and the data warehouse is already in place for the necessary data storage, trade snapshots and retrieval. "We automatically take a snapshot of the market at every step of the trade and store all of that data," says Buhannic. "Instead of a firm having to establish a team, undertake a one to two-year project to build the data warehouse and the reporting tools, they can come to us and we can have them set up in ten minutes."