ULLINK Extends Best Ex Reporting
ULLINK, a global provider of electronic trading and connectivity solutions to the financial community, has extended its successful partnership with LiquidMetrix to deliver MiFID II best execution reporting to multiple European Sell-Side clients. The solution, UL PUBLISHER for Best Execution, teams ULLINK’s fully-automated, post-trade data management hub with the LiquidMetrix Workstation for MiFID II best execution reporting.
MiFID II Regulatory Technology Standards (RTS) 28 lays down rules for sell-side institutions and private banks to produce best execution reports for clients and regulators. Firms must extract relevant trade data from their order management systems (OMSs) and reconstruct the full history of each client order, including any derived or child orders. The ULLINK solution takes advantage of UL PUBLISHER’s ability to gather, normalise and enrich data from multiple front-office systems including but not limited to ULLINK’s own High Touch and Low Touch OMS.
UL PUBLISHER for Best Execution provides connectivity to Transaction Cost Analysis (TCA) and best execution services of ULLINK’s long-standing partner LiquidMetrix. ULLINK already leverages LiquidMetrix for its NYFIX TCA buy-side solution, available to members of ULLINK’s NYFIX community. Mark Ford, LiquidMetrix General Manager, said, “One of the key elements in performance measurement is the level of integration and access to the relevant data points from the underlying system which our partnership with ULLINK provides and enhances the value of the services we offer”.
“For sell-side firms, the combined solution offers a flexible service that can be adapted to clients’ exact needs and configurations”, commented Vincent Le Sann, Managing Director Equity Capital Market at Portzamparc.
Frank Tüffers, Head of Integrated Execution Services at DZ PRIVATBANK, added, “The ability to enhance our ULLINK connectivity and trading infrastructure to achieve delivery of best execution services, quickly and with zero disruption, greatly reinforces the value of our long-term partnership with ULLINK.”
Alantra Equities, DZ PRIVATBANK, Portzamparc and UniCredit are amongst the clients already live with UL PUBLISHER for Best Execution; a number of clients also leverage UL PUBLISHER for other use cases including Transaction Reporting, Trade Surveillance and Order Record Keeping.
Richard Bentley, Chief Product Officer for ULLINK, concluded, “Early in our analysis of MiFID II we identified the need for centralised management and normalisation of post-trade data, and took the decision to build a specific product for this purpose. By making UL PUBLISHER easy to integrate with both data providers and consumers like LiquidMetrix, our customers are now seeing the power of this approach.”
The consolidated quote system for corporate bonds has raised funds to expand outside the US.
SEC's proposed rule could result in dissemination of incomplete, inaccurate and misleading data.
SEC requires a review of data on non-listed securities before initiating or resuming quotes.
Broker-dealers will be able to meet the new SEC requirements.
Clients can access data from Refinitiv in the Charles River and State Street AlphaSM Data platforms.