As a consequence of MIFID II, investment companies shall strictly adopt efficient execution strategies and mechanisms to guarantee customers the best execution and shall consider all factors which contribute to determine the best execution venue, in a specific context.
A particular attention to some basic issues is required to guarantee the best order execution:
- total, real-time view on all markets under evaluation
- advanced and powerful engine, to evaluate in real-time all factors which contribute to best execution
- speed, to immediately catch the opportunities offered by the various execution venues
- be able to prove that the trade was executed correctly
EXP|sor covers the entire orders management flow under best execution perspective.
The system processes orders in best, for all asset classes with configurations customized on single customer and instrument basis.
The analysis engine identifies the best venue to which an order must be placed. It bases its process on customer and market data (blended order book, fees/costs trading and settlement, cash indexes, etc.) computed in real-time on information and master data.
The execution policies can be configured by selecting and setting the various options, combining and setting parameters for routing and policy management.
EXP|sor manages dynamic strategies, giving the option sweeping execution also on partially executed orders.
In order to control the efficiency of the applied strategy, to make it known to the customer, and to meet the conservation of information as required by regulations, the system records all the data taken into account in the execution policy and all actions peformed on the order.
A tool dedicated to analysis and monitoring allows users to perform regular checks on the applied strategies, to execute simulations, to work out reports compliant with regulations, in order to examine the efficiency of the selected strategy and, if necessary, to modify it.