eXimius nv, a Business Architects International company, which specialises in developing and bringing to market Wealth Management Applications, has launched the “eXimius Order Management System (OMS)” and the “eXimius RSP Gateway”. These eXimius modules comply with the MiFID ‘best execution’ challenge.
“Under MiFID’s requirements an investment firm is required to take all reasonable steps to obtain the best possible result for its clients, taking into account relevant considerations such as price, cost, speed and the likelihood of execution and settlement ” says Peter Schramme, the CEO of eXimius nv. “Essentially, these are about efficiency, ensuring that firms capture client details and execute orders in the most efficient way, as soon and as quickly as possible. This is exactly what eXimius OMS brings.”
“eXimius OMS” provides routing flexibility across multiple dealing desks, execution connectivity via multiple trading venues and comes with an optional “RSP gateway” which connects to different Retail Service Providers (typical UK market intermediaries) to obtain the best price quotes in real time. In the future the search might expand over multiple stock exchanges if necessary. Equally important, the OMS provides a full audit trail of the price quotes sought, so firms have the primary information concerning their adherence to MiIFID’s ‘best execution’.
“We are introducing eXimius OMS at customer sites such as Brewin Dolphin and Nordea, at this very moment” adds David Wilson, the sales director of eXimius nv. “‘eXimius OMS’ and the ‘eXimius RSPGateway’ will be generally available in Q1 2007, leaving customers and prospects sufficient space to cope with the tight MiFID timing.”