What is the challenge?
On 1 August 2018 the European Securities and Markets Authority (ESMA) published the equities and bonds thresholds for systematic internaliser (SI) determination.
With a tight timeline from determination to best execution reporting, the race is on to prepare and comply. RTS 27 Now. We can show you the way.
MiFID II extends the requirements of best execution across all asset classes, whilst at the same time establishing a greater number of venues to aggregate.
It requires execution venues – as well as market makers and SIs – to publish execution reports as stipulated by the Regulatory Technical Standard (RTS) 27. In addition, buy-side investment firms must also publish execution reports under the RTS 28 standard.
What is Thomson Reuters doing to help?
We provide state-of-the-art best execution analytics, data and applications to help you prove best execution under MiFID II.
Data, analytics and technology are the keys to proving best execution. As the market leader in aggregated data, we are uniquely positioned to address the relevant requirements of MiFID II.
Our solution has the ability to absorb real-time, reference, tick-history, and client data, and in so doing lets you address the three fundamentals of best execution: reporting, monitoring, and controlling.
As well as supporting the production of both RTS 27 and RTS 28 reports, Velocity Analytics includes monitoring capability across the extended asset classes, bringing traditional equities Transaction Cost Analysis (TCA) to a new set of instruments. It also allows companies to apply the necessary controls such as policy effectiveness, calibration and case management ensuring their best execution policies are adhered to and remain effective.
Our partnership with BestX® provides customers access to independent transaction cost analysis, enabling them to achieve and demonstrate 'best execution’ across their FX execution, whether for internal compliance purposes, the regulators, or the activist asset owner. Delivered via an interactive web-based application, the BestX® Best Execution Analytics facilitate the buy-side ‘best execution’ reporting requirements stipulated by MiFID II, MiFIR, ESMA, FCA, RTS28. In addition, the BestX® analytics enable customers to make informed decisions in order to improve their FX execution process, resulting in quantifiable cost savings.