Microsoft will make use of data streaming technology created by Chicago-based software house Aleri as part of a package of services it is offering to firms obliged to comply with the best execution provisions of the Markets in Financial Instruments Directive (MiFID) imposed by the European Union.
Aleri provides what it calls “high performance event stream processing software.” Don DeLoach, CEO of Aleri, says that sell-side firms need to adapt or replace their order routing technology to comply with MiFID, because they have to capture sufficient data to demonstrate compliance. “Aleri’s technology gives them the perfect combination of performance, flexibility and rapid deployment to address this challenge,” he says.
“We are delighted to be partnering with Aleri for our MiFID Best Execution solution as this is still an area of significant concern for many financial institutions across Europe,” adds Ian Warford, industry director for Securities and Capital Markets at Microsoft EMEA. “With the growth of both systematic internalizers and multilateral trading facilities, best execution will be more difficult to prove and report, and solutions like the Aleri Streaming Platform can help organizations to achieve this in a quick and cost effective manner.”