MiFID II is just over six months away, and companies looking for an efficient way to comply are seeking technologic solutions.
Red Deer, a fintech firm has teamed up with brokerage firm Westminster Research Associates, while Dion has been selling its solution into firms, recently announcing a deal with Hargreave Hale, which offers investment management, stockbroking and fund management services.
The Red Deer/Westminster Research Associates solution is designed to offer research valuation and payments solution that meet MiFID II regulatory requirements around research consumption and valuation.
Red Deer is focusing on regulations surrounding inducements and research relating to MiFID II, while Westminster Research is providing tools to manage research budgets.
Red Deer chief executive officer Luke Oubridge said: “We’ve taken a ‘front office first’ approach to our MiFID II research consumption and valuation solution—one that enables portfolio managers to track and value research at the point of consumption without interrupting their daily process, whilst still delivering the granularity and control the compliance team needs to ensure they are in line with regulatory requirements.”
Dion says that its solution provides multiple features to support companies seeking to comply with MiFID II including pre-and post trade compliance for investor mandate and suitability requirements, and for transparency measures across all asset classes and trading venues. It will also provide transaction cost analysis (TCA) disclosure for non-equities, and various investor reporting features including when overall value of the portfolio decreases by 10 per cent or multiples of 10 per cent.
Other features include transaction reporting to regulators, and transaction reporting by investment managers, done by Brokers traditionally.
Hargreave Hale’s joint managing director Stuart Brookes said: “Dion’s ability to remain proactive as opposed to reactive with regards to MiFID II compliance has allowed us to focus on growing our business without system readiness being our primary concern.”
Kean Williams, Dion's global head of wealth management said: "Hargreave Hale has strong growth plans and embraces the role technology can play in supporting their strategy.”