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Press release: for immediate release
Microsoft select Xenomorph for MiFID
Microsoft and Partners to Offer “Mix and Match” MiFID Solutions
Technology helps firms comply with directive’s requirements including all client classification, best execution, reporting and systematic internalisation.
London, 24 Jan 2007
Microsoft Corp and its partners today announced the launch of a new package of Markets in Financial Instruments Directive (MiFID) solutions for what it sees as the main challenges of MiFID: planning and testing; client classification; best execution; reporting; market connectivity; reference data and trade history; systematic internalisation; and systems integration. The eight technology solutions, which can be offered as a complete package or as individual components can be implemented according to a financial institution’s individual compliance needs.
With the deadline only ten months away, a considerable number of financial institutions are still looking at ways to upgrade their IT systems to ensure they comply with these new requirements. “By working extremely closely with our partners we have developed an offering that serves all financial institutions needs to comply with the EU directive,” said Ian Warford, industry director for securities and capital markets at Microsoft EMEA, Financial Services. “And because Microsoft technology is familiar to people working in financial institutions and easy to integrate with existing IT systems, the total budget required to implement a solution that ensures full compliance with MiFID is very cost-effective.”
The following solutions have been developed, and will be offered, by Microsoft in collaboration with some of its leading financial services partners, including Aleri Labs, BearingPoint, C.O.S., Debug Software Tailoring, Fintecs, Gissing Software, HCL, HP, Progress Apama, Qumas, Rapid Addition, Singularity, SunGard, SuperDerivatives, TAP Solutions and Xenomorph:
- Planning and testing. This solution is divided into three parts: impact analysis, MiFID documentation, and exchange simulator and provides a complete analysis of the impact MiFID will have on an organisation. It assists in project planning and implementation of the directive; helps automate the process of compliance and mapping its progress; and enables financial firms to simulate market data feeds, venue connections and trade flow.
- Client classification. This provides complete modelling, implementation and document storage of the entire client classification process for regulatory purposes.
- Best execution. The best execution solution includes pre-trade and post-trade analytics. It enables banks and brokers to electronically evaluate the cost of doing a trade on various exchanges, executing that trade on the most cost-effective venue and capturing real time market data for all instruments and venues, and conduct post-trade analysis to ensure customers have been given best execution, including determining pre and post trade accurate market price of complex over-the-counter (OTC) derivatives.
- Reporting. MiFID requires financial institutions to prove that they have given customer ‘best execution’ and, when applicable, provided customer with “suitable trades orservices”. The reporting solution enables financial institutions to provide real-time and historical reports for both internal and external consumption.
- Market connectivity. Banks, brokers and investment managers can use this solution to integrate their systems with any trading venue using FIX or FAST. It also allows the consolidation and distribution of market data feeds internally and externally to the organisation.
- Reference data and trade history. This enables the capture and storage of more than five years of relevant market and trade data in accordance with MiFID directive (which requires a minimum of five years).
- Systematic internalisation. Using this solution, brokers can take trades onto their own book and match them with in-house stock inventory.
- Systems integration. This solution has been developed to allow the significant need for integration of internal systems in financial institutions brought by MiFID.
These solutions use the Microsoft® 2007 Office system, Microsoft SQL Server™, Microsoft BizTalk® Server, Microsoft SharePoint® and Microsoft Windows® 2003 technology.
About Xenomorph
Xenomorph delivers high performance data and decision management solutions for the capture, cleansing, control and analysis of high volume real-time, historical and derived data across all asset classes. Xenomorph clients include global investment banks, major asset management companies and hedge funds across the world's main financial centres, where they are used by traders, fund managers, quantitative analysts, risk managers, IT and back-office staff. Established in 1995, Xenomorph is a privately held firm with offices in London and New York.
For more information on Xenomorph, our clients, services and solutions, please see www.xenomorph.com.
Xenomorph® and TimeScape™ are registered trademarks of Xenomorph Software Limited. Microsoft, BizTalk, SharePoint and Windows are either registered trademarks or trademarks of Microsoft Corp in the United States and/or other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
About Microsoft in Financial Services
Microsoft’s Financial Services group helps financial firms leverage technology to amplify the impact their people can deliver to drive business success. We help our customers in banking, capital markets/securities, and insurance achieve four business outcomes: develop relationships, drive innovation, improve operations, and build connections. To do this, we focus our products and technologies, and our work with leading solutions, services and hardware partners, on key areas where we believe we and our partners can deliver exceptional value — those areas include advisor platforms, channel renewal, core banking, enterprise risk management and compliance, insurance value chain, and payments. For more information, visit http://www.microsoft.com/financialservices.
About Microsoft
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realise their full potential.
About Microsoft EMEA (Europe, Middle East and Africa)
Microsoft has operated in EMEA since 1982. In the region Microsoft employs more than 13,000 people in over 60 subsidiaries, delivering products and services in more than 138 countries and territories.