Traditionally, for such a requirement trading solution providers need to redesign their database structure and write code to store this additional data. This represents a significant amount of development work, not to mention the effort for additional workflows to populate and/or view and maintain this data.
Messer’s schema-less database, flexible code model, and highly configurable data forms, views and workflows made this a relatively straight forward task.
We simply needed to add the extra data fields once, and the changes will be reflected in our database and the other workflow that follows.
Other requirement from MiFID II required additional user input per trade; examples such as entering 3 broker prices for a bond trade and a reason stated if the best price was not chosen.
We quickly configured a simple compliance pop-up for the client to enter the quotes and validation to force entry of a reason if the best price had not been chosen.
The Messer architecture was able to deliver the desired changes very quickly. Our solution was ready to use in days v.s. weeks or months, which would be the case for traditional providers. Despite the fast implementation, none of the clients has any issues up to this day.
By utilising pop-ups and configuring smart defaulting/inferring data from other fields, we helped our clients meet MiFID II requirements while minimising changes to their workflow.