Reuters (LSE: RTR; NASDAQ: RTRSY) has launched two key products aimed at allowing clients to show that they have obtained the best possible execution for client orders - as they are obliged to do under the Market in Financial Instruments Directive (MiFID) which comes into effect this week.
Reuters Transaction Cost Analysis Service is a hosted service from an independent and unbiased source, which enables clients to send order and execution data on an ad-hoc basis or at an interval of their choosing, from daily to monthly. This helps to prove that the execution policy the firm is using does achieve the "best possible result" for their customers.
Reuters DataScope Tick History On Demand provides global cross asset tick-by-tick information going back five years on market activity at the time of a trade. This includes pricing data on sales, exchange qualification information and all other field level information which are required to fulfil best execution requirements.
As a hosted database capturing raw over the counter (OTC) and exchange data, Reuters DataScope Tick History On Demand can help customers with pre- and post-trade calculations, execution venue selection and best execution checks. Clients can instantly recall information around individual trades, without incurring data storage and handling costs.
The products launched today are the latest Reuters products designed to help clients comply with MiFID. Already released are:
- the Reuters ".x" RIC which enables clients to see the best aggregated price for a stock, even when it is traded on more than one exchange or other execution venue
- Reuters Trade Publication which publishes quotes and details of trades that have been executed
Stephen Wilson, Reuters Global Head of Exchange Traded Instruments, said; "Reuters now offers the key tools that our clients need to be MiFID compliant. From trading at the best price to showing "best execution" to price reporting, Reuters offers everything they need. MiFID is a massive regulatory change for European markets but we are confident that Reuters can help our customers meet the challenges ahead using technology they already have."
Emmanuel Doe, Global Business Manager at Reuters Enterprise Information commented: "Reuters Tick Hisiistory On Demand provides our clients with a solution that enables the quick and efficient verification of best execution compliance as required under MiFID. The level of coverage and control provided by this new offering is the most effective and straightforward method of ensuring each trade complies with MiFID's requirements."