As the trading world prepares to face new Best Execution obligations imposed by the Markets in Financial Instruments Directive (MiFID), users of the RealTick EMS from Townsend Analytics now have access to new features and functionality to help them compete in the new MiFID environment.
RealTick's new virtual "Aggregated Book" feature consolidates the entire market depth from multiple European exchanges and market sources into a single view. Simply by using RealTick's proprietary European Symbol known as ".EUR," traders can:
- View 800+ stocks on the CESR liquid stocks list, with more as they arise
- Instantly identify all executable bids and offers - not just best bid and offer (BBO)
- Easily locate liquidity and perform multi-market sweeps customized to fill size and other requirements
- Choose from multiple venues for "Best Execution" order routing
- Benefit from Townsend's direct market access (DMA) connections and high-volume quote capacity for reduced latency
The Aggregated Book will also include the latest alternative data and trading venues, such as BOAT, Chi-X and Equiduct, which are likely to proliferate under MiFID. It will also incorporate new products, such as EuroSets and EQS from the LSE.
Other MiFID enhancements to the RealTick platform include Trade Reports from listed European exchanges and reporting facilities like BOAT; Systematic Internalizer (SI) quotes; and Suitability and Appropriateness rules that are easily customizable for broker partners.
"We've successfully leveraged our trade execution and analytics expertise to deliver a complete view of the post-MiFID European marketplace at a glance, including aggregated market data and an unparalleled depth of book," notes Jeff Wecker, Chief Executive Officer for Townsend Analytics.
"Townsend Analytics has helped our clients achieve best execution for 20+ years and these enhancements continue in that tradition. They provide both our sell- and buy-side clients with all the tools they will need to accommodate MiFID, whether these be market access, trade reporting, data, or customizable suitability obligations," he adds.