Cyprus-based MAP FinTech, a regulatory technology provider in Cyprus, has announced its MAP-Best Execution Monitoring, a solution aimed at ensuring companies comply with the EU’s Markets in Financial Instruments Directive (MiFID II).
The updated rules came into force in January 2018. The regulations require investment firms to take “all sufficient steps to obtain, when executing an order, the best possible result for their clients taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.”
To achieve this, MAP FinTech advises investment firms to setup thorough monitoring systems that will regularly evaluate the actual execution quality delivered to clients. That is just what MAP-Best Execution Monitoring is designed to do.
Available through MAP FinTech’s Polaris platform, the new tool is a fully automated solution that provide effective monitoring capabilities. It provides more than 40 checks for execution arrangements, flexibility to adapt and set specific checks, which will be monitored. It is provisioned for ad-hoc investigations and has the ability to flag the best execution failures and automated alerts. Moreover, it can be integrated with multiple data sources – everything from databases to APIs. Additionally, it is easy to learn and, importantly, is compliant with regulatory requirements.
In related news, the European Securities and Markets Authority (ESMA), the EU’s financial watchdog, announced in mid-July that it was too early to tell how successful the new investment services rules have worked.
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