Market platform provider Cinnober has released a hosted organized trading facility (OTF) platform, TESS OTF, aimed at organizations that do not have the resources to develop matching systems internally, according to vendor officials.
The new software-as-a-service (SaaS) offering incorporates surveillance mechanisms into the package, as per European regulatory requirements. Transaction volume capability can be scaled according to need, and add-on functionality is available through the service, say officials
"This release now makes it easier for European market participants to get off to a flying start implementing Mifid II-compliant services, and in a very cost-efficient way," says Nils-Robert Persson, executive chairman at Cinnober.
The draft rules for the second round of Markets in Financial Instruments Directive (Mifid II) mandates OTFs as regulated entities, incorporating broker crossing networks and other areas that were outside of Mifid's original regulatory framework. The draft has been sent for debate in the European Parliament, with an expected ratification date of 2014 at the earliest.
More from Sell Side Technology
Updating your subscription status
Work with us on your Integrated Marketing Campaigns
WatersTechnology offers a full range of custom research, surveys, webcasts, video and whitepapers for firms looking to demonstrate thought-leadership through their marketing campaigns and generate sales leads.
A fast, flexible and reliable investment decision-making process must be based on access to accurate and consistent information throughout an organization....
We have truly entered the Age of Bring Your Own Device, or BYOD. And as with every new era fuelled by innovation, the new challenges are screaming for...