Itiviti, a provider of technological resources for the capital markets industry, has deployed a new Itiviti MiFID II Certification Solution, helping support onboarding and re-certification efforts for FIX protocol order flows ahead of upcoming legislative changes in January 2018.
The offering by Itiviti is the latest effort by industry specialists to help enable venues to meet their respective MiFID II obligations. An updated European market regulation regime will necessitate a wide range of changes for exchanges, brokers, and other venues, providing an impetus for such solutions as the calendar draws closer to the law’s eventual implementation.
Itiviti’s MiFID II Certification Solution is available both as a managed service and as a deployed solution, utilizing a FIX Conductor for instant certification, re-certification and onboarding of counterparties with consideration to new requirements introduced by MiFID II.
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Per the upcoming MiFID II legislation, execution reports will be required to separate between notice of execution and informational reports. More specifically, depending upon the role of the intermediary, the same set of trades on behalf of a customer order can be deemed a notice of execution as partial fills or may be informational. As such, execution reports now require additional party identification.
Ultimately, the vast majority of FIX order flows that fall under the mantle of MiFID II will require additional modification to ensure compliance. However, these specific directives and usage of FIX to support MiFID II are still being addressed presently amongst FIX working groups, meaning that the subject is currently an ongoing discussion.
According to Jim Northey, SVP, Strategy and Research, Itiviti, in a statement on the launch: “We are concerned that once the complete blueprint for MiFID II implementation becomes available, firms and development staffs will lack sufficient capacity to manage onboarding and re-certification in a timely fashion.”
“We thus see a clear need for relieving clients’ staff as well as their trading technology infrastructure from this burden, which is why Itiviti’s MiFID II Certification Solution is easily integrated as a fully managed service or deployed on premises,” he added.