Nordic financial services group SEB has partnered with Itiviti and ULLINK to simplify management of client RFQ workflows and ensures regulatory compliance.
SEB has chosen Itiviti and ULLINK, the recently merged provider of multi-asset trading technology and financial infrastructure, for client quote management and systematic internalisation.
The new solution will allow a broker acting as a Systematic Internaliser (SI) to comply with MiFID II regulations addressing quote management, pre-trade transparency, reporting and best execution.
Since the introduction of MiFID II , brokers acting as liquidity providers in MiFID instruments must comply with new rules addressing client Request For Quote (RFQ) management, quote publication and reporting.
ULLINK’s UL QUOTE solution enables brokers to receive cross-asset class RFQs and direct them to the most appropriate source of liquidity, including internal options. Itiviti’s Systematic Internaliser provides auto quoting functionality and efficient multi-asset class internalisation, with support for order and RFQ driven interaction with external systems. Pre-trade and post-trade quote publication is automated, as is capture of relevant data for record keeping and reporting.
“We have worked closely with ULLINK and Itiviti to ensure the new Systematic Internalisation solution meets our business objectives as well as compliance requirements,” says Christer Wennerberg, product manager equities, SEB. “ULLINK’s modular architecture allows us to easily integrate the new extension with our existing ULLINK OMS and connectivity platform, as well as with Itiviti’s Systematic Internaliser to extend the services we can offer our customers. Our decision to register as an SI under MiFID II was greatly facilitated by the timely availability of the combined turnkey solution.”
Itiviti and ULLINK serve more than 1,900 clients worldwide, providing consistent, reliable access to order routing, connectivity and trading solutions available. Top-tier trading firms, banks, brokers, exchanges and institutional investors rely on its technology, solutions and expertise to streamline their daily operations, connect to their desired markets, and trade when and where they want, all while being able to comply with global regulation.
“The changes in market structure due to MiFID II presents challenges as well as opportunities for brokers,” says Richard Bentley, chief product officer, ULLINK. “SEB has embraced these changes to innovate solutions and realize new business opportunities. UL QUOTE is the latest output from a long, successful collaboration between ULLINK and SEB that ensures we continue to build products which help our clients achieve their business goals.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
