MIFID II introduces issues which force a greater precision in reconstructing the order history, to meet requirements of surveillance authorities, of customers, of compliance.
To satisfy these requirements some conditions are to be met:
Recording and keeping all information
- pre-trade communications, orders, trades
- recording of all steps performed by order processing, toward Market and Brokers
- correct keeping of historical information
Capability of linking orders to pre-trade communication, regardless of the used channel
Be sure of extracting correct and complete pieces of information
ATS can help you in tackling problems arising from trade reconstruction by means of EXP|keep &report, the MiFID II compliant modular platform which includes functionalities concerning maintenance of order logs (record keeping), trade reconstruction, operations monitoring (Best Execution, insourcing, etc.), reporting (Transaction Reporting and Post Trade Transparency).
Trade Reconstruction, Monitoring and Reporting modules can also be integrated into your databases (orders book and un-structured data book: e.g. phone call, chat, mail), and can provide you with advanced tools for inquiry, text search, real time dashboard, and for production of recurring reports, with no need of architectural changes.