As the trading world faces new ‘best execution’ obligations imposed by the Markets in Financial Instruments Directive (MiFID), users of the RealTick EMS from Townsend Analytics (Townsend) now have access to new features and functionality to help them compete in the post-MiFID environment, according to the firm.
RealTick's new virtual aggregated book feature consolidates the entire market depth from multiple European exchanges and market sources into a single view, according to Townsend.
The firm says its aggregated book will include the latest alternative data and trading venues, such as BOAT, Chi-X and Equiduct, which are likely to proliferate under MiFID. It will also incorporate new products, such as EuroSets and EQS from the LSE, as well as trade reports from listed European exchanges and reporting facilities like BOAT.
RealTick will allow traders to identify all executable bids and offers, locate liquidity and perform multi-market sweeps customised to fill size and other requirements, choose from multiple venues for order routing and benefit from Townsend's direct market access (DMA) connections and high-volume quote capacity for reduced latency.
"We have leveraged our trade execution and analytics expertise to deliver a complete view of the post-MiFID European marketplace at a glance, including aggregated market data," notes Jeff Wecker, CEO, Townsend Analytics.