TECH NEWS
Thomson Reuters combines
Eikon desktop with Symphony
Thomson Reuters has teamed
up with investment bank-
backed communications firm
Symphony and integrated
their respective messaging
platforms. The partnership will
allow users to share Thomson
Reuters’ Eikon content, news
and data through Symphony’s
communications service.
SELL-SIDE
Liquidnet acquires
OTAS Technologies
Liquidnet has announced its
acquisition of artificial intelli-
gence powered buy-side decision
support and analytics provider,
OTAS Technologies. OTAS’ ana-
lytics tool will be integrated with
Liquidnet’s Virtual High Touch
trading platform to improve de-
cision making for the buy-side.
FlexTrade launches algo
wheel for best execution
FlexTrade has developed its own
algo wheel for the systematic
selection of algorithms and
brokers to help firms meet MiFID
II’s best execution requirements.
Known as FlexAlgoWheel,
the tool uses a data driven
interface alongside real-time
internal and external inputs
and transaction cost analysis
(TCA) to improve broker and
algo selection processes.
8
TheTrade
Summer 2017
Morgan Stanley registers as SI
ahead of MiFID II
Morgan Stanley becomes latest investment bank to
register as a systematic internaliser under MiFID II.
M
organ Stanley has become
the latest bank to register
as a systematic internaliser (SI)
ahead of MiFID II, according to
the regulator’s market identifier
code database.
Denmark’s Spar Nord Bank has
also registered as an SI and both
banks join the likes Credit Suisse,
Goldman Sachs, UBS, Citigroup
and Societe Generale already
registered with the European
Securities and Market Authority
(ESMA).
The number of registered SIs
is expected to soar post-MiFID.
Speaking to The TRADE last
month, Rob Boardman, CEO
at ITG Europe, explained the
removal of broker-crossing
networks means there are likely
to be fewer choices for banks to
interact directly with investors
away from exchange and MTFs.
“It doesn’t take a genius to
figure out there are therefore
likely going to be far more SIs
than there have been previously,
because there are fewer choices
now,” he said.
Introduced under MiFID in
2007, an SI is an investment firm
that deals on its own account by
executing client orders outside of
a regulated market, multilateral
trading facility (MTF) or organ-
ised trading facility (OTF).
The regime has come under
scrutiny in recent months fol-
lowing warnings from regulatory
authorities prohibiting the use of
the requirements as a method of
networking.
Kay Swinburne MEP explained
at The TRADE’s MiFID II pop-
up event earlier this year she was