The effective date for European Union’s new derivatives rules is more than a year away, but Orc is hard at work developing technology to help traders comply with the Markets in Financial Instruments Directive II and the new Markets in Financial Instruments Regulation.
Jonas Hansbo, the company’s chief strategy officer, explained that the new rules will have significant implications for any firms with trading activities in the European Union. “Our MiFID II initiative will help ease the regulatory burden on Orc clients so that they can focus on trading and business essentials,” he said.
For example, MiFID II calls for a significantly increased volume of regulatory reporting and monitoring, resulting in a significantly increased data collection workload. In response, Orc has formed a partnership with OneTick to create new data management and analytics capabilities.
Orc will integrate these new capabilities in a fully hosted and managed solution called Orc Analyst. This solution will collect and consolidate order and trade data to secure fully compliant reporting and monitoring. Orc Analyst will be compatible with existing trading solutions, including not only the company’s own software but any other system enabled for FIX drop copy of orders and trades in real time. This will enable firms to stay on top of all MiFID II requirements regarding market abuse, reporting and execution quality.