Fidessa group plc, provider of the Fidessa and Fidessa LatentZero trading solutions for the sell-side and buy-side, yesterday announced the launch of a suite of products, services and trading links designed to help brokers achieve MiFID compliance. Over 50 new and existing clients have placed orders for the Fidessa MiFID suite.
"In the last two years we have been actively involved with MiFID regulators and working groups," comments Ian Salmon, head of the MiFID programme at Fidessa. "We have also talked extensively with our clients to fully understand their interpretation of the directive and its impact on the industry. Consequently, this suite of products and services provides real solutions to real requirements. The high customer take-up we have already experienced is testament to the business logic behind our solution," he continues.
The Fidessa MiFID product suite provides services that cover five key areas. The first, Fidessa EPOCH, provides execution policy, order compliance and handling functionality, and is available as an independent service to non-Fidessa platforms or fully-integrated into the existing Fidessa trading solutions. EPOCH incorporates a fully-hosted audit trail facility storing five years of full order and execution activity along with the relevant market data across all liquidity pools. This allows firms to capture execution details and analyse trades against their agreed execution policy. The service includes a secure reporting module, which integrates transaction history and market data for execution quality monitoring, order handling reports, periodic execution policy analysis and compliance reporting.
Fidessa is also releasing a series of MiFID-related upgrades to existing exchange gateways and data feeds including Deutsche Börse's new Xetra trade reporting facility and links to new venues including Chi-X and Project Boat. "This comprehensive suite of products and services is proving popular among existing clients, fuelling an expansion of our user base," comments Salmon. "There has also been interest from new prospects, particularly in continental European countries, where solutions from smaller niche suppliers are being reviewed against the broad coverage and critical functional requirements that MiFID compliance necessitates."