Società Interbancaria per l’Automazione (Inter-bank Society for Automation, SIA) will launch, by the end of the year, two new technological services to enable each investor to identify the most suitable financial market on which to carry out its investment transactions and manage the relationship with the broker by means of an ‘electronic contract,’ the firm says.
The ‘execution navigator’ and ‘electronic contract’ integrate the features of SIA-EAGLE, a technological platform totally dedicated to the monitoring and control of all European financial markets transactions.
The two new services will allow the integration, consolidation and real-time comparison of the execution alternatives at the various trading venues and prove to the investor, by means of regular reporting, the attainment of the best available conditions in terms of profitability, cost and timing, in line with the contractually defined execution strategy, according to the firm.
The announcement was made in Milan on Tuesday, at the first of a three day event focusing on the MiFID trading directive key themes.
Renzo Vanetti, CEO, SIA, comments, “We need to innovate in order to sustain the
growth of a border-free market, as well as to improve efficiency and invest at once to lower the costs of adjusting to the regulation and be in a position to compete so as to generate new economic and financial growth. SIA’s services and products will enable operators to achieve these European market competitivity goals right away.”
During the event, the SDA Bocconi School of Management, SIA and HP Consulting & Integration also gave a preview of the results of the pilot stage of the survey aimed at looking into the current state of the compliance function of financial operators active in Italy in the investment services sector and how its organisation is likely to develop.
The research survey took the form of interviews with compliance managers of a representative sample of Italian banking and financial brokers. 10 bank groups and negotiator brokers represented 60% of the total, while 7 funds management companies accounted for the remaining 40%.
Investment services are for the first time the main focus of compliance research, at a time when brokers are being asked to make significant changes to their organisation as a result of the new MiFID directive, notes the firm.