BestX uses BEA Systems’ MiFID Framework to help address the three MiFID challenges – transaction management, data aggregation and the publication of data. It 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.
Damian Walton, head of Asset Based Consulting, Rule Financial, comments, although many of the detailed requirements of MiFID are yet to be established, BestX provides a configurable, cost-effective framework which allows organizations to plan ahead to ensure their environment is suited to the rigorous demands of best execution that MiFID will bring.
Walton continues, 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.
