MiFID compliance

The Kodiak OMS supports pre- and post-trade MiFID requirements. 

Customer classification

Customers in the Kodiak OMS are categorized into retail, professional and counter-party.  Kodiak OMS users can help customers to fill out MiFID terms and answer MiFID profile questions.

Kodiak fulfills both pre- and post-trade MiFID requirements:

Pre-trading MiFID

• The system allows the capture customers instructions.
• The system logs  how the customer communicated with the trader.
• Kodiak OMS user can view customers MiFID profile and give an advice according to the customers profile. 
• The system enforces the users to apply the correct MiFID tests when giving an investment advice.
  
  • It is not possible to bypass the MiFID requirements  when creating client orders. 
• All client orders in the OMS are either direct orders or advice orders.

Post-trading MiFID

• The system stores all information about the orders life cycle from Order Creation -> Order Execution -> Allocation into back office. 
• Best execution proof.  The system applies time stamps when client orders are created and when the order is sent to the market.
  
  • The system takes a market snapshot when the order hits the market.
• It is possible to look up how the customers MiFID profile looked like when the order was created.  All client orders are linked to a MiFID test id.