SIA EAGLE Intermediaries supports the compliance in its daily duties of monitoring orders executions and of reporting transactions to the proper Competent Authorities.
Execution Policy and Best Execution Monitoring Module
The Execution Policy and Best Execution Monitoring module implements a set of controls on the daily operations of the firm to verify ex-post the choices made by the trading desk.
The main features of the module verify:
- the accordance between the Execution Policy or the specific instructions of the client for the order and what has been effectively done when the order has been executed
- verifies the Best Execution taking into consideration the elements relevant for the investor: execution price, explicit costs (commissions, expenses, settlement costs), implicit costs (market impact and opportunity costs), speed of execution and probability of execution.
The Execution Policy monitoring is completed by its periodical review: a simulation environment allowing firms to evaluate alternative Trading Venues to be included in their official execution policies.
The Execution Policy Review Periodical Review module analyses a wide period of time (e.g. 3 or 6 months), and identifies whether there might be trading venues not yet included in the Execution Policy able to guarantee better performances.
The MiFID Reporting module allows the intermediaries to comply with Title IV of the Regulation (EU)600/2014 (the so called MiFIR): investment firms shall report to the competent authority the details of the transactions for any financial instrument admitted in any regulated market, OTF or MTF of the European Union.