Ullink has extended its partnership with financial data specialist LiquidMetrix to provide Markets in Financial Instruments Directive II (MiFID II) best execution reporting for its European sell-side clients.
The solution, UL Publisher for Best Execution, addresses MiFID II’s requirement for sell-side firms and private banks to produce best execution reports based on data from their order management systems (OMSs). It combines Ullink’s UL Publisher post-trade data management hub with the LiquidMetrix Workstation, using UL Publisher’s ability to gather and normalise data from multiple front-office systems, and providing connectivity to LiquidMetrix’s transaction cost analysis (TCA) and best execution services.
Richard Bentley, Ullink chief product officer, explains: “Early in our analysis of MiFID II we identified the need for centralised management and normalisation of post-trade data, and took the decision to build a specific product for this purpose. By making UL Publisher easy to integrate with both data providers and consumers, our customers are now seeing the power of this approach.”
Alantra Equities, DZ Privatbank, Portzamparc and UniCredit are among the clients already live with UL Publisher for Best Execution. Frank Tüffers, DZ Privatbank’s head of integrated execution services, says: “The ability to enhance our Ullink connectivity and trading infrastructure to achieve delivery of best execution services, quickly and with zero disruption, reinforces the value of our long-term partnership with Ullink.”
Mark Ford, LiquidMetrix general manager, adds: “One of the key elements in performance measurement is the level of integration and access to the relevant data points from the underlying system, which our partnership with Ullink provides.”
The front-office systems supported by UL Publisher for Best Execution include Ullink’s own high-touch and low-touch OMSs. Ullink also works with LiquidMetrix’s NYFIX TCA buy-side solution, which is available to its clients in the NYFIX community.