Taking reasonable, to sufficient steps

With minimum business disruption.

One of the modifications that MiFID II introduced is the Best Execution requirement. MiFID II states: “Take all sufficient steps to obtain, when executing orders, the best possible result for their clients taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.” This is a huge challenge, requiring the financial organisation to report on every transaction, quote and offer. In general, making data available is not so difficult when dealing with digital structured data. However, when it concerns voice-based trades, emails, chats and other unstructured communication, it becomes complicated.

RFQ reporting, according to RTS 27/RTS 28, means  that, any  communication with a customer over the phone, email chat, SMS etc needs to be reported.. One possibility to cover voice-based trading is to for traders to submit manual reports and document every RFQ communicated with the customer. Needless to say, this is not only a huge burden, but also opens the door for human errors and reduces productivity. Shield FC’s Best Execution suite is designed to collect all the relevant information across all communication media, correlate and analyse the RFQ timestamps and details, and populate the firm relevant reporting mechanism. Traders and sales reps can continue with what they like doing best – Bringing more


Shield FC for Best Execution: Shield monitors all the relevant communication channels, using multi-layer analytical engines. Voice, chat, emails, documents and order data (digital communications) relating to a Best Execution event (RFQ) are extracted and correlated. That information is entered into the organisation’s Best Execution reporting platform.