MiFID
will encourage increased levels of automation,
transparency and auditable decision support activity
that drives demand for real-time data access.
The prices quoted by Systematic Internalisers
for internally matched transactions (liquid stocks
in particular) will have to be made public. These
firm quotes must be made available on a regular
and continuous basis so that they are readily
accessible by the market. This places demands
on both pricing engines and publication infrastructure
that will need to process data with high levels
of integrity and low latency. Even post trade
publication of internalised trades will have to
be made public in as close to real time as possible
to exchanges, MTFs and market data vendors.
To comply with their best execution
policies, firms will need to calculate transaction
costs and monitor venues on a pre-trade as opposed
to a post-trade basis obtaining information on
different venues, instruments and entities to
assist decision support activities -speed will
be of the essence. Surveys suggest that the growth
of algorithmic trading will accelerate as a result
of MiFID, particularly amongst buy-side firms.
These systems analyse data to trade in line with
specific algorithms or business logic applied
for best execution. The increased level of automation
is also driving demand for real-time enablement
of existing data repositories, such as reference
data hubs with front-end data caches.
MiFID
will encourage increased levels of automation,
transparency and auditable decision support activity
that drives demand for real-time data access.
The prices quoted by Systematic Internalisers
for internally matched transactions (liquid stocks
in particular) will have to be made public. These
firm quotes must be made available on a regular
and continuous basis so that they are readily
accessible by the market. This places demands
on both pricing engines and publication infrastructure
that will need to process data with high levels
of integrity and low latency. Even post trade
publication of internalised trades will have to
be made public in as close to real time as possible
to exchanges, MTFs and market data vendors.
