Esprow, a provider of enterprise testing technology for the financial markets, has released a MiFID II adaptation of its ETP C-Box RegTech platform.
The update will automate MiFID II certification of exchange members and counterparties and allow any regulated firm to streamline inbound connectivity fast and accurately.
Investment banks face a challenge to certify the large number of counterparties on demand. According to MiFID RT6, sell-side firms 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 firms 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.
Esprow ETP C-Box for MiFID enables financial services firms to meet these requirements, featuring key functionality such as secure-storage of connectivity logs, audit trails and compliance reporting. Unlike other platforms currently available on the market, 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 data centre or as a managed service.
Francesco Lo Conte (pictured), managing director at Esprow, says: “Our ETP C-Box adaptation for MiFID supports the wide range of financial firms who find themselves in need of providing members with a cost-effective environment to certify the resiliency of their connectivity and trading applications, while maintaining an accurate audit trail.
“Our platform allows multiple exchange members to connect simultaneously to staging environments and carry out tests round-the-clock and completely unsupervised. With the additional benefit of reducing the time it takes to organise and execute the on-boarding process, the ETP C-Box enables the on-boarding team to focus on other revenue-driven tasks.”
