The Crex Group [Crex], a New York City-based institutional foreign exchange execution services and data analytics company, announced its plan to introduce additional functionality to its pre-trade analytics platform. The new capability will allow Crexs customers to prove their compliance with MiFID IIs mandated pre-trade market check through a time stamp provision, which provides recorded proof that the market check took place before an FX trade was executed.
Commenting on this technology innovation, Jamie Singleton, Crex Group Chairman and CEO said, Our pre-trade time stamp is an immediate game changer for institutions struggling with this difficult requirement. MiFID IIs best execution mandate includes a required pre-trade market check that is both systematic and embedded in the clients policies and practices. In addition, institutions are required to keep records that both prove their compliance and provide them the basis to improve their practices over time.
Singleton explained that Crexs pre-trade market check time stamp will be included both on each clients FX trade confirmation and in end-of-day trading reports that Crex provides to its customers. Crexs unique pre-trade analytics are derived from live, streaming and only executable no last look prices and include a live spread development report, a historical spread report and a live volatility report. Customers have easy access to analytics via the web, which eliminates difficult technical integrations that are both time and money consuming.
Singleton added, Crex has built simple yet powerful pre-trade tools that allow our customers to survey current FX market conditions for 200 currency pairs with complete anonymity before they trade. Now we provide them and their compliance departments with the documented proof – systematically delivered – that they complied with MiFID IIs best execution mandate and its specific pre-trade market check requirement.
Crex also delivers post-trade analytics that enable its customers to benchmark trades against the live, streaming FTSE Crex FX Benchmarks and are time stamped to the microsecond.
Singleton commented, Crex has dedicated itself to delivering best execution outcomes to our buy side customers. Our end-to-end analytics, when combined with our no last look, streaming liquidity pool, give our buy side customers insurance that they have complied with the demanding best execution requirements of MiFID II.
No other FX ECN delivers the full spectrum of compliant products and services that we have built, he concluded.
