Colt Technology Services has once again bolstered its compliance regime, extending its PrizmNet financial extranet solution in a bid to foster connectivity to a cloud-based ecosystem of MiFID II solutions. The move was aimed to help capital markets firms deal with multiple aspects of the upcoming aspects of the directive, which is slated to come into effect in January 2018.
The latest iteration of its compliance solutions will include a partnership with TraderServe for algorithm testing, as well as Aquis Exchange for its execution capabilities, and TRADEcho for trade reporting. The trifecta of groups working with Colt will aim to push a more cohesive network that links the global capital market ecosystem, connecting over 10,000 firms worldwide.
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2018 in Focus
Currently, Colt PrizmNet helps provides a scalable, secure platform that rapidly links and supports market participants in such channels as surveillance and data management – the primary impetus behind the solution is preparing firms for the upcoming compliance requirements within the MiFID II directive.
According to Ralph Achkar, Director of Strategic Alliances, Capital Markets at Colt, in a recent statement on the extension: “MiFID II will require immense changes to participants’ technology infrastructures and deployment models of services used. Given the vast scope of these changes, there is no ‘all in one’ solution to address the new requirements. Firms will require best of breed solutions and efficient deployment models to address the different areas of the regulation.”
“With Colt’s financial extranet we aim to bring together an ecosystem of such specialised solutions, giving firms easy access to a wide range of financial content and services. Colt PrizmNet provides an efficient delivery platform for MiFID II compliance solutions,” he added.