TRAction, a regulatory reporting services provider, has introduced a new solution to help UK and European investment managers with the second Markets in Financial Instruments Directive (MiFID II) obligations.
The product, Best Execution Monitor, compares transaction reporting data against Refinitiv data from the relevant time a trade has been executed.
TRAction explained that the software then displays statistics about the quality and pricing of execution.
Quinn Perrott, co-CEO of TRAction, commented: “With numerous firms still not getting their transaction reporting up to scratch two years on from MiFID II, there has never been a more pressing need to understand the quality of trades being executed.”
Perrott added: “Our new solution leaves no stone unturned for investment managers. All trades will be required to be monitored, not just the ones required under the transaction reporting rules, but those trading on non-MiFID II trading venues.”
MiFID II is a legislative framework instituted by the EU to regulate financial markets in the bloc and improve protections for investors with the aim of standardising practices across the EU and restore confidence in the industry.
