ULLINK and LiquidMetrix partner on best execution for MiFID II

Paris-based technology and connectivity provider ULLINK has launched a new solution for best execution reporting under new MiFID II rules.

Launched in April last year, the UL Publisher solution provides a fully-automated, post-trade data management hub, which has been integrated with LiquidMetrix’s Workstation solution for MiFID II best execution reporting.

The combined solution, UL Publisher for Best Execution, provides connectivity to the transaction cost analysis (TCA) and best execution services of LiquidMetrix, in an extension of the firms’ existing partnership.

ULLINK already leverages LiquidMetrix for its NYFIX TCA buy-side solution, available to members of ULLINK’s NYFIX community.

“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 and enhances the value of the services we offer,” said Mark Ford, general manager at LiquidMetrix.

Under regulatory technical standard (RTS) 28 of MiFID II, firms are required to extract relevant trade data from their order management systems (OMSs) and reconstruct the full history of each client order, including all derived or child orders, in order to report on best execution for clients and regulators.

“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,” said Richard Bentley, chief product officer at ULLINK. “By making UL PUBLISHER easy to integrate with both data providers and consumers like LiquidMetrix, our customers are now seeing the power of this approach.”

ULLINK clients including DZ PRIVATBANK, Portzamparc, UniCredit and Alantra Equities are already live with UL PUBLISHER for Best Execution.

“For sell-side firms, the combined solution offers a flexible service that can be adapted to clients’ exact needs and configurations”, commented Vincent Le Sann, managing director equity capital market at Portzamparc.

In November last year, Stockholm-based trading technology provider Itiviti announced an agreement to acquire ULLINK in a deal described as a “merger of equals”. The combination of the two firms will create an entity with more than $200 million in revenues, 1,000 employees and a local market presence in all major markets across Europe, Asia and the Americas.