One of the most innovative developers of products for trade analytics, BestX, has just unveiled an upgrade to its main product. The company’s best execution analytics software for FX gets a new module that is focusing on regulatory reporting.
The company is deploying the product in the run-up to the introduction of MiFID II in January 2018. A pan-European regulatory framework, the new regulation is largely focused on the best execution aspect of trading orders.
The new function allows buy-side clients to schedule and automate the best execution reports needed under MiFID II. BestX has consulted with legal experts to get assistance in navigating the complex new regulations. The company launches the regulatory reporting module after extracting exactly what needs to be reported from a practical perspective.
The MiFID II text has proven to be difficult to interpret especially by companies that do not have the access to compliance experts that major financial institutions do. Interpreting the over-the-counter FX market has become a particularly complex challenge.
Different interpretations of some texts that appear to be clear at first glance create compliance challenges for regulated financial institutions. The new BestX product enables clients of the company to tailor the reports according to their own interpretation. The solution enables a level of flexibility within the rules of MiFID II and other regulatory frameworks.
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BestX states that its application allows clients to implement their specific best execution policy within the product. The module can be tuned for specific selection and prioritization of the different execution factors relevant to the specific institutional client.
The output from the module can also be customised for use with legislation in other jurisdictions such as the PRIPPs legislation in the UK or the RG97 in Australia.
Commenting on the news, the co-founder of BestX Pete Eggleston notes: “Many of our clients are wrestling with implementing a complex, and in part, vague set of regulations with limited resources and time. This latest product release is aimed to help remove this burden and stress.”
Pete Eggleston will be joining Lee Sanders, Adrian Boehler and Paul Chappell at the Finance Magnates London Summit for a panel discussion on MiFID II and Best Execution.