Best Execution Solutions
Learn more about our best execution solutions. RTS 27 and RTS 28 Reporting is included, as well as our award-winning TCA tool. Free Proof of Concept Get In TouchBest Execution regulations can be complicated.
TZ is here to help.
TZ is our trade surveillance software. It’s built with PATH – the platform we use to power all of our solutions. Here are a few of the things it can do.
Exception Based Testing
Set your own benchmarks and parameters. Any transaction that doesn’t meet your criteria will generate an alert which you can examine.
Customisable Parameters
TZ’s settings and test parameters are entirely customisable, giving you complete control over the alerts you see.
RTS 27 & 28 Reporting
TZ offers a wide range of best execution reports, including RTS 27 and RTS 28 functionality.
Global Multi-Venue Analysis
Reference and market data is collected from over 250 global sources through our market data partners.
Large Volume Data Handling
TZ can ingest and process extremely large volumes of data – millions of trades can be processed every day.
Immediate Access to Data
Reports can be compiled at any time and for any date range, allowing you to access all your data at the click of a button.
Hosted and In-House Solutions
Whether you’re looking for an in-house or hosted solution, we can provide a flexible trade surveillance system to suit your needs.
Workflow Management
Generate audit trails, run management reports and set up a custom workflow – you have full control.
Visual and Statistical Data
Generate customisable charts and graphs to visually represent your data, or export tables as PDFs or Excel files.
MiFID II and Best Execution
Best execution regulations ensure that clients get the best possible result from traders, brokers, investment firms and asset managers.
In 2018, ESMA introduced a new regulatory framework called MiFID II (Markets in Financial Instruments Directive II). MiFID II introduced new, stricter best execution guidelines. Firms are legally obliged to take ‘all sufficient steps’ to deliver the best result for clients.
RTS 27 and RTS 28 Reporting
MiFID II laid out a lot of new reporting guidelines. A lot of these guidelines were included in what ESMA labels as ‘Regulatory Technical Standard’ – RTS for short.
Two of these Regulatory Technical Standards that apply to Best Execution are RTS 27 and RTS 28.
As of TZ v4.9, our Best Execution solution now comes with RTS 27 (Execution Identification and Status Report) and RTS 28 (Top 5 Execution Venues) reporting as standard.
Our RTS 28 report can easily generate your top 5 executing venues according to the trade data already contained in you TZ system.
The RTS 27 report can provide detailed overviews of execution quality which, according to MiFID II, must be published quarterly.
The reports TZ generates comply with all reporting guidelines as laid out in Article 3 and Article 27 of MiFID II.
Easy to Export
All reports can be exported to Excel or PDF to allow for easier sharing.
Large Volume Data Handling
TZ is able to ingest and report on millions of trades per day, so you don’t need to worry about generating accurate reports for firm, regardless of its size.
Simple Calibration
Preset reports can be run without any configuration from user, or more detailed bespoke reports can be created.
Covered Asset Classes
You don't need to worry about incompatible asset classes with TZ. These are the asset classes TZ can process.
Equities
Global exchange trade CASH equties. Exchange-traded derivatives thereof.
Foreign Exchange
FX spot, FX forwards and FX swaps.
CFDs
FX, Indicies, Equities & Commodities.
Debt Instruments
US treasuries, US agencies, US corp, EMEA & APC
The eflow Blog
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Disagreement Over Research Unbundling Between UK and EU Fund Managers As part of the regulatory framework enacted by MiFID II in January of 2018, asset managers were required to separate the cost of research from other costs such as trading commissions. This...
COVID-19 Exposes Gaps in Market Data Supply
Market Data Vendors Struggle to Keep Up Amid Coronavirus Pandemic Since the outbreak of COVID-19 has spread and made its impact known on global markets, a number of banks and investment firms have been required to fall back on Business Continuity Measures (BCP). As a...
Best Execution Reporting During the COVID-19 Pandemic
ESMA Releases Public Statement on MiFID II Best Execution Reporting During COVID-19 Pandemic The disruption to markets caused by preventative lockdowns in response to the Coronavirus pandemic has caused execution venues and firms a great deal of uncertainty with...
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