London-based business and IT consultancy Rule Financial has launched BestX, a real-time trade reconstruction, data collection and storage platform that can help financial firms prepare for the forthcoming Markets in Financial Instruments Directive (MiFID).
Rule Financial says its BestX platform uses BEA Systems' MiFID framework to help address transaction management, data aggregation and the publication of data.
BestX is built on Rule Financial's trade reconstruction engine and toolkit and enables firms to store, archive and reuse high volumes of tick-based and event data from multiple sources in real time.
The system will enable financial institutions to carry out real-time transaction cost analysis and offers advanced reporting capabilities to show adherence to execution policies to customers and regulatory authorities.
Damian Walton, head of asset-based consulting, Rule Financial, says although many of the detailed requirements of MiFID are yet to be established, BestX provides a configurable framework that allows organisations to plan ahead to ensure their environment is suited to the demands of best execution that MiFID will bring.
"BestX provides an enterprise-wide repository which captures and stores data relating to the execution process, from cost of execution, to speed, to likelihood of settlement. This data can then be reconstructed to provide a full history of the factors behind execution, enabling financial institutions to monitor, in real time, the effectiveness and accuracy of transactions as they occur, and identify if best execution has been achieved, based on active execution policies," says Walton.