Trade process recording software
In order to comply with MIFID II, AFS upgraded their execution procedures and designed in house software named AFS BEST (Best Execution Solutions Two). The software is designed in such a way that a MIFID II compliant process must be followed. All necessary factors and steps in the procedure are automatically recorded and stored in a data base. The recorded information from each individual trade is available for the client or the client behind the client.
The procedure will require AFS to log every step in the process from receipt of an order to execution. Software will capture all relevant data to make sure that the client and trader is fully informed about the market circumstances in which the trade is executed. It also defines that brokers need to reach out to at least 3 potential counterparties to the trade before closing the deal. Client can receive, upon request or at every trade, a report of the process detailing every step and including snapshot information about the market. The procedure can be further tailored to the needs of AFS’ client, keeping in mind that AFS serves a very specific client base with specific requirements about trade execution.
AFS BEST will continue to evolve as regulation and client’s requirements change.