Italian banking technology vendor SIA is to launch a software tool for verifying and assessing 'best execution' requirements in securities transactions, in line with forthcoming compliance requirements under the Markets in Financial Instruements Directive (MiFID).
SIA says its 'Execution Policy Monitoring for MiFID' module, will be made available over the SIA-Eagle market abuse and exeuction surveillance platform from January 2007.
SIA-Eagle is currently used by more than 50 Italian and foreign financial market participants and operators.
By applying the new module, users will be able to automatically analyse all the transactions carried out across the European financial markets and provide a full audit for customer evidence, says the vendor. The system will also verify compliance with contractual terms agreed with buy-side clients ex-post, as to the implicit and explicit costs for achieving best price in consideration of market impact and opportunity costs.