Accedian launches MiFID II compliant timestamping

Source: Accedian

Accedian Networks, a market leading provider of end-to-end network performance solutions to communication service providers and capital market organisations, today announced the launch of its FSX network performance element.

The new solution will enable financial organisations to perform network-based trade compliance monitoring and timestamping with microsecond accuracy. These capabilities form a critical part in achieving MiFID II compliance - the forthcoming European standard that all capital market firms must meet by 2017.

Accedian’s FSX element is built on a ten year legacy of delivering market-leading network performance assurance technology. Its industry leading FPGA-based technology is currently in use by some of the world’s largest and most innovative communications service providers for backhaul performance monitoring. This process requires preciseness, synchronisation and ultra-low latency. Transferred to a capital market environment, the remote packet capture capabilities of FSX offers financial institutions the ability to cost effectively timestamp and record all trade packets at decision point along the trade flow path with microsecond accuracy.

“While many financial institutions have deployed timestamping to some degree, the new level of granularity and breadth of data stipulated by MiFID II is a significant step up from current levels,” said Peter Newcombe, VP sales EMEA, Accedian. “Many legacy platforms are simply incapable of synchronised, absolute sub millisecond timestamping within the accepted tolerance levels. Our FSX Network Performance Element solves these issues and sets financial institutions on the road to compliance.”

Accedian’s remote packet capture technology provides integrated support for both 1G and 10G network connections. It can be deployed out-of-line and can seamlessly integrate into any trade network, at any point in the trade flow, without impacting execution performance. This provides significant agility and flexibility to financial institutions needing to accommodate multi-vendor legacy networks and systems.

Newcombe continued, “The current technology landscape within financial institutions sees tens of thousands of systems supporting thousands of orders per second. Upgrading mission-critical platforms to meet the required granularity for MiFID II in a short space of time can be a costly and high risk project. Our FSX network-based solution provides critical flexibility in helping these organisations limit their exposure and manage their costs while taking important steps towards compliance.”
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