MiFID

The MiFID (Markets in Financial Instruments Directive) directive, come into force on 1st november 2007, has revolutionized the European financial scenario cutting out the obligation of orders concentrations into the regulated markets and promoting new Trading Venues, as for example multilateral trading facilities (MTF) and the systematic internalizations.
TAS solutions allow to manage challenges of the new scenario:

• Smart Order Routing, for an efficient search of the Best Execution and the management of the Execution Policy extremely articulate.
• Transaction Reporting, in order to fulfil the obligations to report to CONSOB about the transactions which have been carried out on the regulated European market and out of market on quoted securities
• Market Data Management, Connectivity and Trading Systems on new markets
• Management and Settlement Securities on the different CSD and/or depositary banks affiliated to the single Trading Venues

For more information:

CESR - Committee of European Securities Regulators
European Commission
Italian Stock Exchange
CONSOB - Mifid directive: Customer’s guide