Headstrong, a global consultancy, announced that it has signed a partnership agreement with Aleri Inc., developer of high-performance event stream processing software, to co-develop MiFID-compliant applications for the European capital markets.
The European Commission has put in place far-reaching changes to the structure of its capital markets, particularly the equities markets-the Markets in Financial Instruments Directive (MiFID), which will go into effect in November.
MiFID drives toward more unified European markets with greater convergence in terms of business practice, market structure, and regulation in member states. The primary goal is to create a more efficient, transparent and just market for investors.
“Headstrong is very excited to partner with Aleri as we have successfully developed a joint proof of concept showcasing best execution knowledge within MiFID utilizing the Aleri streaming technology platform for a client-a global investment firm operating in London,” said Sameet Gupte, regional director for European operations at Headstrong. “We estimate that by the end of Q1, four to six major banking and investment firms will be looking at our MiFID offering for their MiFID requirements.”
Nick Deacon, SVP of operations at Aleri, added: “We are excited to be working with Headstrong on MiFID-based projects. The 1st November deadline is rapidly approaching and many organizations are well behind in their preparation. The combination of Headstrong’s expertise and deployment capabilities in financial markets and Aleri’s technology provides an attractive solution for addressing the key areas of MiFID, such as ‘best execution’, where there are serious technology challenges associated with meeting the requirements. We believe there are a number of organizations who will achieve a competitive advantage over their peers by implementing advanced MiFID solutions.”