B.I.S.S. Research, a UK research firm providing benchmarking of services and systems in the financial services sector, yesterday announced that Rhyme Systems, a provider of asset management solutions, is the latest company to achieve the B.I.S.S. MiFID Accreditation for ‘rhymeSIGHT’, its investment administration platform for the asset management industry.
Gary Wright, CEO, B.I.S.S. Research, comments, “MiFID is due in November this year and Rhyme Systems have forged ahead and developed a system which is flexible and has functionality that can support a wide range of business requirements brought about by MiFID. While many segments of the market continue to discuss definitions and details within the articles, the ‘rhymeSIGHT’ solution demonstrates both MiFID readiness and tangible areas in which it can deliver critical business value.
“The benchmarks and tests were set and marked by the independent industry panel organised by B.I.S.S. Research. The panel noted how ‘rhymeSIGHT’ is well designed with good functionality that is just waiting now for any individual user specifications for their own MiFID projects,” he continues.
Steve Young, director, Rhyme Systems, says, “We are delighted to achieve the B.I.S.S. MiFID Accreditation.
We have felt for some time it is important to be a first-mover in this area and the analysis by B.I.S.S. vindicates the strength and flexibility of the rhymeSIGHT proposition.”
Key areas in which Rhyme Systems’ rhymeSIGHT platform met MiFID criteria include scalability and incorporated functionality for enhancement of MiFID compliance in client classifications, record keeping, transaction reporting, client reporting and deriving best execution.