SIA (Societ Interbancaria per l’Automazione) has launched the “Execution Policy Monitoring for MiFID” module, available on SIA-EAGLE, the only technological platform that is wholly dedicated to monitoring and controlling the operations executed on all financial markets.
The platform will therefore be able to incorporate the requirements set by the MiFID (Market in Financial Instruments Directive), create the conditions to increase the degree of transparency by operators and guarantee higher protection of investor’s needs.
At present SIA-EAGLE is used by more than 50 Italian and foreign financial operators, belonging to twelve different market segments such as Banking groups, Trading intermediaries, Private banks, Funds Management companies, Bank networks, Groups of Individual and Collective Asset Management companies, Online Financial operators, Corporate banks, Investment firms (SIMs), Service centres and Regulated Financial Markets; as regards Supervisory Authorities, the platform has already been implemented at the Ministry of Finance of the Czech Republic.
In Italy, in particular, the abolition of the ‘concentration’ principle on share exchanges, the certainty of “best execution” (i.e. the need to achieve the best possible outcome for the customer) and the more stringent pre and post-trade transparency requirements, mean that the operator is required to integrate, consolidate and compare, in an effective and timely manner and at sustainable costs, the numerous information flows relating to the investment transactions carried out on behalf of various types of customers, using different types of financial instruments and markets.