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.