Telekurs invests in MiFID-compliant data platform

Telekurs invests in MiFID-compliant data platform

Market data technology vendor Telekurs Financial is developing a new platform for the collection and dissemination of reference data to help firms comply with the trade transparency requirements of the EU's Markets in Financial Instruments Directive (MiFID).

MiFID will be implemented in November 2007 and will enable banks to trade shares in-house, off an exchange, across all 25 EU member states, but firms will be required to publish the prices of intended trades to the rest of the market beforehand.

Telekurs says its new platform will have the capacity and throughput to deliver the real-time price transparency data from MiFID data sources.

A broad range of reference data will be available to help bank users apply their own client classifications and best execution policies, says the vendor. Although some of this data is already available Telekurs says new reference data will be added.

New markers will be introduced to identify MiFID liquid shares and shares admitted to trading on a regulated market within the MiFID zone. These markers will help users to determine which level of reporting an instrument is liable to under MiFID regulations. Identifiers to show places of quotation and trade will also be introduced.

The vendor says it will work with regulated markets and contributors and will approach data aggregators, systematic internalisers and trading firms to collect and disseminate pre- and post-trade data as required by MiFID transparency rules.

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