NEW YORK, May 17 /PRNewswire/ --
-- The FSA, BBA, LSE and Allen & Overy to Present at the Actimize June MiFID Conference Following Similar Events in Amsterdam and Paris
Actimize, the leading provider of transactional risk management software for the financial services industry, today outlined a newly improved Market in Financial Instruments Directive (MiFID) solution for European investment banks. Actimize's customers in Europe are preparing to comply with MiFID by ensuring they have the proper process and technologies in place. Over 70 percent of Actimize's customers in Europe already use its solutions for some portion of market or brokerage compliance, which include most of the largest banks operating in the region. Similarly in the US, Actimize serves eight of the top 10 brokerage houses in meeting comparable regulatory challenges.
Last month dozens of Actimize clients met in London to discuss their issues and challenges regarding MiFID compliance. MiFID is a major part of the European Union's Financial Services Action Plan (FSAP), which is designed to create a single market in financial services. Financial institutions are required to comply with newly introduced MiFID requirements starting November 2007; as a result, demand for MiFID solutions continues to pick up across Europe.
On June 21, Actimize will continue a series of educational events with its London MiFID Conference, where the Financial Services Authority, the British Bankers Association, the London Stock Exchange and others will discuss the latest developments and, most important, the impact of MiFID on financial firms' day-to-day operations. Previous events in Amsterdam and Paris included speakers from leading banks, law firms, regulatory bodies and the Euronext.
The Actimize MiFID Compliance Solution is a proven, comprehensive set of capabilities that address the major process and technological hurdles presented by the MiFID requirements of the FSAP, including client categorization, suitability surveillance, best execution trade monitoring, best execution policy review and improvement, best execution market snapshot and record keeping, transaction reporting, client order handling and conflict of interest.
The Actimize implementation framework allows companies to deploy the MiFID solution in its entirety or as modular solutions. Each modular solution contains various detection scenarios that flag violations, in real time or near real time where required by regulations. The violations are then scored according to severity in areas such as best execution failure, suitability violations, improper handling of client orders, etc. The solutions are also equipped with Actimize's case management workflow and dashboard that is designed to fulfill regulator-prescribed controls for management responsibilities, such as customer classification, execution policy management, charges policy management, exception recognition, follow-up, resolution, reporting and documentation.
"We provide European financial institutions a proven compliance methodology, easy-to-use supervisory tools, top down views of all activities and the flexibility to meet unforeseen future requirements," says Bruno Piers, Director, Europe of Actimize. "Our customers are forward-thinking banks that are using MiFID compliance as a way to improve internal processes and efficiencies."
For more information about MiFID, download an Actimize whitepaper.
About Actimize
Mitigating transactional risk across enterprise silos, Actimize is a leading provider of risk management software solutions for anti-money laundering, brokerage compliance and fraud prevention. Built on a patented, scalable and extensible analytics platform, Actimize solutions enable financial institutions to increase their insight into real-time customer behavior and improve risk and compliance performance. Six of the top 10 global banks and eight of the top 10 U.S. brokerages use Actimize solutions to process and monitor hundreds of millions of transactions a day. Actimize has offices in New York, London, Tokyo and Israel. For more information, go to www.actimize.com.
Press Contact:
Jonathan Stotts
Actimize
+1-212-994-3865
jonathan.stotts@actimize.com
Web site: http://www.actimize.com
Jonathan Stotts of Actimize, +1-212-994-3865, or jonathan.stotts@actimize.com
