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MiFID,
the European Union’s Market in Financial Instruments Directive, will
introduce a single European market and consolidated regulatory regime across
financial instruments. It will replace the current Investment Services
Directive (ISD) of 2004 and is currently due to come into force on 1st
November 2007.
Applying to most stockbrokers, broker dealers, portfolio
mangers, investment banks, corporate financiers and many futures &
options and commodity traders, MiFID is intended to increase investor
protection, to increase the transparency and efficiency of markets and to
encourage Firms to undertake pan-European business.
Unlike Basel II, which is largely about driving continuous
improvement in the way in which a Firm does business and manages its risks,
MiFID contains some very specific requirements. At Lexington, we believe that there is much scope for
simple, effective tactical solutions to some of the MiFID requirements and
are pleased to offer the following initial solutions and services :
·
The Regulatory Document Portal - The RDP - providing a single window
onto published MiFID and other regulatory documentation. The Portal is
accessible via a standard internet browser and contains a continually updated
and comprehensive list of documentation emanating from specific regulatory and other sites,
within a user-driven document management framework
·
OREPA, our solution to simplify the
logistics and reduce the cost of "re-papering" clients with respect
to the Firm's Order Execution Policy - as required under MiFID
·
We have established our own MiFID Practice to provide in depth
consulting support to clients
·
We have a comprehensive portfolio of workshop and training service
packages
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We are working with selected Firms to produce solutions for
determining the "best execution" price for the more complex
instruments.
Our business
applications in this area are all being developed in conjunction with our
partners at OCEAN, using their Rapid Application Development environment
for interactive web-based business applications. This is the technology that
allows us to roll out tactical solutions quickly and effectively across the
client's enterprise using standard browser technology.
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