Best X Launches FX MiFID II Regulatory Module

Traders Magazine Online News, November 1, 2017

John D’Antona Jr.

BestX has expanded its suite of best execution analytics, launching a new ‘Regulatory Reporting’ module. This new functionality allows buy-side clients to schedule and automate the best execution reports they need to generate to satisfy their obligations under MiFID II. BestX have employed legal expertise to help navigate this complexity and distil from the text exactly what needs to be reported from a practical perspective.

The MiFID II text has proven to be difficult to interpret for an OTC market such as FX. Even those reports that are well specified in the text, e.g. the RTS 28 Top 5 report, have different interpretations for a market that is still largely quote driven. The BestX product allows clients to configure the reports according to their own interpretation, providing maximum flexibility within the specified regulatory framework.

Furthermore, the BestX application allows clients to implement their specific best execution policy within the product, allowing the selection and prioritisation of the different execution factors relevant to that specific institution. This configuration flows through into the Regulatory Reporting module, where the selected configuration is reported and utilised within reports such as the Article 27(5) Consistent Execution report.

Output from the module can also be used to satisfy cost disclosures required under other legislation such as PRIPPs in the UK and RG97 in Australia.

‘We are excited with the latest addition to our product suite’, notes BestX Co-Founder Pete Eggleston, “Many of our clients are wrestling with implementing a complex, and in part, vague set of regulations with limited resources and time. This latest product release is aimed to help remove this burden and stress.”

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