FlexTrade Boosts MiFID II Reporting Solutions with SmartStream Partnership
- The new service will be of particular use to hedge funds and asset managers that haven't built adequate compliance facilities
FlexTrade, a provider of trading Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term and clearing services, announced on Tuesday that it has integrated the SmartStream Reference Data Utility (RDU) into its FlexTRADER EMS (execution management system). The integration offers mutual clients the ability to embed SmartStream RDU’s Systematic Internaliser (SI) Registry information directly into the send order ticket, providing clarity on counterparty SI status.
Under the European Securities and Markets Authority’s (ESMA) Markets in Financial Instruments Directive II (MiFID II), firms must identify whether the counterparty they are trading with is an SI for the instrument they are trading in. This must be done so that both counterparties can determine whether or not they are the one that should be reporting the trade.
Heaven-sent
The new service is likely to be extremely useful for asset managers and hedge funds. MiFID II specifies what defines an SI but does not provide a mechanism by which a firm can determine whether or not their counterparty is an SI.
As a result of this, Buy-Side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term firms have not built compliance infrastructure that would enable them to speed up MiFID II’s reporting requirements. Instead, firms rely on their SI counterparties for those reporting functions.
Peter Moss, CEO of the SmartStream RDU, commented on the partnership with FlexTrade, saying:“The SI Registry offers transparency that is needed as part of the trade workflow and integration into FlexTRADER EMS making it easy for our mutual customers to make more informed choices. With the mandatory SI regime commencing from the 1st September this year, we see more brokers offering SI services and growing demand from clients to understand who is offering what,"
FlexTrade, a provider of trading Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term and clearing services, announced on Tuesday that it has integrated the SmartStream Reference Data Utility (RDU) into its FlexTRADER EMS (execution management system). The integration offers mutual clients the ability to embed SmartStream RDU’s Systematic Internaliser (SI) Registry information directly into the send order ticket, providing clarity on counterparty SI status.
Under the European Securities and Markets Authority’s (ESMA) Markets in Financial Instruments Directive II (MiFID II), firms must identify whether the counterparty they are trading with is an SI for the instrument they are trading in. This must be done so that both counterparties can determine whether or not they are the one that should be reporting the trade.
Heaven-sent
The new service is likely to be extremely useful for asset managers and hedge funds. MiFID II specifies what defines an SI but does not provide a mechanism by which a firm can determine whether or not their counterparty is an SI.
As a result of this, Buy-Side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term firms have not built compliance infrastructure that would enable them to speed up MiFID II’s reporting requirements. Instead, firms rely on their SI counterparties for those reporting functions.
Peter Moss, CEO of the SmartStream RDU, commented on the partnership with FlexTrade, saying:“The SI Registry offers transparency that is needed as part of the trade workflow and integration into FlexTRADER EMS making it easy for our mutual customers to make more informed choices. With the mandatory SI regime commencing from the 1st September this year, we see more brokers offering SI services and growing demand from clients to understand who is offering what,"