Reuters launches first market led solution to MiFID regulations
Reuters today (12 March 2007) announced a package of measures aimed at solving the most pressing data problems for clients who will soon have to comply with Europe's Markets in Financial Instruments Directive or MiFID.
From November 1st this year, MiFID will require investment firms to execute trades efficiently at the best price, publish that information and show that the best price was obtained for clients. In response Reuters is offering a suite of solutions, developed with clients, which will allow users to meet the key demands of MiFID.
Today's announcement means that these requirements can all be handled by Reuters and will be offered based on proven solutions in use by customers today.
Specifically Reuters will allow users to:
- see the best aggregated price for a stock, even when it is traded on more than one exchange or other execution venue
- publish quotes and details of trades they have executed
- check that a client has obtained the best price for a trade via Transaction Cost Analysis (TCA)
Reuters has developed these solutions after extensive consultation with clients who told the company what they wanted to see in a solution led by the market – not external regulation.
Stephen Wilson, Reuters Global Head of Exchange Traded Instruments, said; “MiFID is the biggest regulatory change to hit European markets in the last twenty years. It's a huge challenge for the financial services industry and that's why we are now offering clients the key solutions they need to comply. This is what our clients have asked us for and, as it largely uses existing technology, we can offer it to customers at a cost that will be affordable to even the smallest market participants.”