MiFID compliance

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Last updated: 14.11.2018 by Magnús Norðdahl
1 min read

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.