Workflow management and advanced execution platform provider Integral, announced the launch of a MiFID II compliance solution for its customers within the FX industry. Its entire platform will now include services necessary to meet MiFID II requirements including assistance with pre-trade and post-trade transparency, surveillance, TCA, reporting, and record keeping.
Harpal Sandhu, Founder, and CEO of Integral said:“
As MiFID II increases the regulatory requirements on our customers and partners, we are rapidly expanding our services and offerings to take on much of the load. The entire Integral platform,including BankFX and OCX, was already designed and delivered to meet the most demanding execution, transparency, and reporting requirements. Offering the platform and services for full MiFID II compliance is a straightforward next step.”
BankFX is the leading distribution platform, enabling banks to service the widest variety of customers wherever and whenever they trade, and has already won awards for the category of Best e-FX distribution platform. For deep and diverse FX liquidity, Integral presents its OCX network, operating as a registered multilateral trading facility (MTF) in Europe. OCX provides access to the transparent and compliant trading of FX forwards, swaps and NDFs.
“Integral has continued to evolve its technology as our partner for more than six years, so it’s a natural continuation to extend the platform to cover our MiFID II requirements. Our goal is to ensure MiFID II compliance so that we can focus on our expanding business without disruption. For us, it is critical to have an end-to-end MiFID II compliant system, which supports the Sales Dealer workflow and the Market Making and Market Taking activities of the RBI Group in a fully automated manner. So we have worked closely with Integral to ensure a seamless transition to the post-MiFID II world”, commented Rainer Bunz, Head of FX, Raiffeisen Bank International (RBI).
As the Systematic Internaliser (SI) regime is increasingly the norm, requiring firms to implement new obligations around their dealing practices and prove transparent and compliant trading, Integral is providing support to SI customers. Its technology alleviates much of the regulatory burden of pre and post-trade transparency, transaction reporting, best execution, and record keeping.
The trading industry has been extensively preparing for the MiFID II requirements effective in early 2018. Several firms have launched services to improve and automate compliance, such as Commcise targeting asset managers, AQMetrics‘ cloud-based platform, NEX Optimisation’s Harmony messaging network, and BATS Europe‘s Approved Publication Arrangement (APA)