Cappitech, a regulatory reporting and intelligence solutions provider, announced this Monday that it has launched RTS 28 Market Intelligence, an electronic surveillance and analytics tool.
According to the statement, RTS 28 Market Intelligence allows “financial institutions to use regulatory compliance data to their own advantage”. The MiFID II reporting standard RTS 28 requires all financial companies operating within the European Union to disclose their top five venues for trading for retail and professional clients in annual reports.
The RTS 28 Market Intelligence tool assesses the data from these reports, which are notoriously hard to view. By analysing the data, it can assess the best execution capabilities of firms across all asset classes and benchmark the performance of each company against the industry average.
This allows companies to monitor their execution quality against their peers and help asset managers to identify areas for improvement. It also allows firms to see the most popular execution venues, brokers and liquidity pools.
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Commenting on the solution, Ronen Kertis, CEO and Founder of Cappitech, said: “We are pleased to launch RTS 28 Market Intelligence in direct response to our customers’ concerns they were seeing little value from their regulatory reporting efforts.
“The new product will enable financial institutions to improve their competitive advantage by extracting market intelligence from reported data with the simple click of a button. This will not only provide granular analysis of a firm’s performance versus that of its peers but will also bring greater transparency to the industry.”
Goldman Sachs Tops 2017 as Best Execution Venue
According to the RTS 28 Market Intelligence solution, the top three execution venues overall in 2017 was Goldman Sachs International at the top, JPMorgan Securities came in second and Citigroup Global Markets in third place.
“While the usefulness of MiFID II’s early RTS27 and RTS28 has been called into question, analysing them on an aggregate level could prove extremely valuable not only for best execution, but also from a competitor analysis and sales perspective,” added Tim Cave, Equities Analyst at the TABB Group.