SteelEye, the compliance technology and data analytics firm, is pleased to announce its best execution support for MiFID II’s regulatory standards RTS27 & RTS 28. With RTS28 due to take effect on April 30th, financial services firms are now looking to RTS27 ahead of its deadline on June 30 2018. SteelEye has expanded its comprehensive regulatory solution to support these new requirements.
As part of their best execution obligations, RTS 28 mandates firms report their top five venues for all trading. RTS 27 requires trading venues to provide quarterly best execution reports, free of charge and available to download from their websites in machine readable format, and is intended to help investment firms decide which venues are most competitive to trade on.
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 by the end of June. This includes trading venues, systematic internalisers (SIs), market makers or other liquidity providers.
Publishing these reports requires gathering a vast amount of data from multiple sources, as all reports must include details about price, costs, speed and likelihood of execution for individual financial instrument. Investing in the right technology ahead of the June deadline will ensure firms have the solutions needed to help consolidate such data and analyse it to inform their trading decisions. 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. In addition, there are several other advantages for financial services firms, with SteelEye being the only 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, commented: “SteelEye’s comprehensive solution covers all aspects of MiFID II but with the RTS27 & 28 deadline looming, firms are beginning to shift their focus to their obligations under this regulatory standard. It is important for firms to address RTS27 within the wider context of MiFID II; compliance goes beyond regulation. Our core objective is to help companies seek out the long-term benefits available from the data they must consolidate and analyse for regulatory purposes, enabling them to gain commercial advantage and drive business growth, all at an affordable price.“