Cicada is employing its Cicada Composer data management technology to offer applications for MiFID compliance requirements, including the ability to demonstrate best execution on client transactions.
Under the sweeping Markets in Financial Instruments Directive (MiFID), participants in the European financial markets are faced with the need to modify technology and business processes to meet new standards within a range of functions, including best execution, client classification, pre- and post-trade transparency, transaction reporting and internal controls.
“The native flexibility, functionality and rules-driven framework already present in Composer make it an effective solution for meeting many of the data-centric compliance requirements brought about by MiFID,” says Hubert Holmes, executive VP of Cicada. “Although we developed Composer long before MiFID became a factor, the functionality and tools built into the platform have turned out to be essential for compliance with so many aspects of the Directive.”