Gissing Offers Compliance Testing Service

BROMLEY, UK - Gissing Software, a UK provider of systems supporting market and reference data, plans on providing its clients with a mock testing service for its pre- and post-trade output handlers for MiFID compliance.

Mike Hill, marketing director at Gissing Software, says, "One of the big issues with MiFID is that nobody knows who the aggregators will be and where this data will be published and to whom." He goes on to say that if the market moves towards the expected MiFID deadline of November 1, 2007 and "no one has held their hands up as an aggregator," Gissing will organize a testing service to enable their clients to ensure that their data is published correctly and accurately.

Gissing is now developing the MiFID Post-trade Output Handler and the MiFID Pre-Trade Output Handler in order for dealer firms to comply with the pre- and post-trade transparency obligations of the directive.

The output handlers are part of Gissing's ConteX Multi-contribution software solution. Users will automatically contribute both pre- and post-trade MiFID data to their choice of MiFID aggregation venues. As well as routing all the relevant data required by MiFID, the output handlers can process additional client-defined data about each transaction and publish it as appropriate. The Post-Trade Output Handler will automatically record an audit trail of each trade report, while the Pre-Trade Output Handler will provide similar audit trail facilities for pre-trade quotes.

MiFID will require all financial institutions to contribute post-trade data to one or more venues in as near to real-time as possible, and in any case within three minutes of the transaction.

In addition, systematic internalizers - organizations that complete transactions internally rather than on the market - will be required to contribute pre-trade quotes to one or more venues in real-time.