Itiviti, a world-leading technology provider for the capital markets industry, today announced the launch of Itiviti MiFID II Certification Solution, designed to facilitate onboarding and re-certification efforts for FIX protocol order flows, as required by the updated European market regulation.
Under MiFID II, execution reports are required to distinguish between notice of execution and informational reports. Depending upon the role of the intermediary, the same set of trades on behalf of a customer order can be deemed a notice of execution as partial fills or may be informational only. Execution reports now require additional party identification.
Itiviti clients have concluded the vast majority of FIX order flows that fall under MiFID II will require modification to ensure compliance. The specific mappings and usage of FIX to support MiFID II are still being addressed within FIX working groups, which means that actual implementation work cannot yet be made.
"We are concerned that once the complete blueprint for MiFID II implementation becomes available, firms and development staffs will lack sufficient capacity to manage onboarding and re-certification in a timely fashion," says Jim Northey, SVP, Strategy and Research, Itiviti. "We thus see a clear need for relieving clients' staff as well as their trading technology infrastructure from this burden, which is why Itiviti's MiFID II Certification Solution is easily integrated as a fully managed service or deployed on premises."
Itiviti's MiFID II Certification Solution in a managed environment integrates with existing test environments and can be implemented with minimal impact on these, while eliminating the need for additional servers and firewalls.
The solution uses FIX Conductor by Itiviti, a pre-packaged tool for reducing the time and cost for onboarding and certification of FIX counterparties. It enables automation for executing a large number of test cases and clients have access to an intuitive white labeled interface which guides their testing with instant feedback. The ability to run multiple tests in parallel with 24/7 access to the testing environment drastically reduces the time frames, enabling firms to speed their time to revenue by 80%. These efficiencies can also translate into quality benefits, as FIX Conductor allows for more sophisticated test scenarios.