FlexTrade Integrates SmartStream RDU for MiFID II Order Ticket Compliance - The Industry Spread

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.


FlexTrade Integrates SmartStream RDU for MiFID II Order Ticket Compliance

July 10, 2018

SmartStreaFlexTrade Systems, Inc. and SmartStream Reference Data Utility (RDU) has today announced the integration of SmartStream RDU with FlexTRADER Execution Management System (EMS). The integration will allow mutual clients the ability to embed SmartStream RDU’s Systematic Internaliser (SI) Registry information directly into the send order ticket. providing the much-needed clarity on counterparty SI status and is also prior to key 2018 MiFID II milestone dates.

Under the MiFID II regulations, SI Registry will fill the gap in the MiFID II reporting structure which requires that industry participants identify whether trading counterparties are SIs for the financial instrument that they are trading, so to ensure counterparties must report the trade. Under the MiFID II framework, no mechanism is provided to determine the SI status. This generally becomes a problem for asset managers and hedge funds who have not built the infrastructure needed to support reporting and rely on their SI counterparties for performing those functions. 

The SI Registry is a collaboration between SmartStream RDU and their SI clients to provide a consolidated register of SI mapped to instruments. The integration is increasingly important as the SU Regime becomes mandatory from 1st September 2018 under the new MiFID II framework.

Andy Mahoney, Head of Sales at FlexTrade UK
Andy Mahoney, Head of Sales at FlexTrade UK

Andy Mahoney, Head of Sales at FlexTrade UK Ltd. said: 

“Now that we’ve moved to MiFID II business as usual, we have started to look at how we can make compliance a more integrated part of a trader’s workflow. With the first systematic internaliser assessments coming up later in the year, integration with SmartStream RDU’s SI Registry gives traders the transparency they need on counterparty’s SI status before routing an order.”

“FlexTrade’s integration with the SmartStream RDU is fully cross-asset and embedded directly into the send order ticket as a flag to identify whether the selected counterparty is operating as an SI in the given instrument. Embedding regulatory compliance information into the EMS ensures the path to best execution is as efficient as possible.”

Peter Moss, CEO of the SmartStream RDU
Peter Moss, CEO of the SmartStream RDU

Peter Moss, CEO of the SmartStream RDU commented: 

“The SI Registry offers transparency that is needed as part of the trade workflow and integration into FlexTRADER EMS making it easy for our mutual customers to make more informed choices. With the mandatory SI regime commencing from the 1st September this year, we see more brokers offering SI services and growing demand from clients to understand who is offering what.”

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