The update will automate MiFID II certification of exchange members and counterparties and allows regulated companies to streamline inbound connectivity.
Investment banks face a challenge to certify the large number of counterparties on demand. According to MiFID RT6, sell-side companies are required to carry out testing of their trading systems every time “there are substantial changes to the trading system or to the access to the venue in which the algorithmic trading system is to be used”.
For buy-side companies it is often unclear where the responsibility to carry out the appropriate certification lays. In addition, according to MiFID RT7, MTFs and OTFs are required to carry out annual conformance testing of every member.
Designed with compliance in mind, Esprow ETP C-Box for MiFID enables financial services companies to meet these requirements, as the platform is engineered to support multiple protocols (FIX, binary) and it can be accessed directly from the cloud or via the web and deployed within the client’s datacenter or as a managed service.
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