Investment firm

Description: Any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis.


The Market Abuse Regulation (MAR) requires all investment firms to monitor their trading activities in order to detect potential market abuse. Unless the trading is performed in a manual manner in low frequency, this detection should be carried out automatically. Even though the detection is performed automatically all detected breaches should be investigated by a human being. The investigation also falls under the record keeping requirement, which implicates the use of a case management system.

Itiviti Analyst MAR

Itiviti Analyst MAR offers a combination of rule-based and machine learning detection algorithms for adapting the ever-changing markets. Our scoring models helps the compliance officers to prioritise among detected breaches. Additionally, the investigation app supports the visual inspection of trading patterns and summarising the case.

Best Execution

Investment firms need to take their clients' best interest into consideration. They should be able to motivate their actions and provide details from their records up to five years after the events. A policy must be in place, which needs to be based on facts and must be reviewed yearly.

BestX RTS 27

Best execution RTS 27 reporting requires market participants or trading venues to report statistics around order, trading and quoting activities for the previous quarter. In general, an investment firm is not covered by the best execution RTS 27 reporting since this regulation include trading venues, systematic internalisers, market makers and other liquidity providers.

BestX RTS 28

If an investment firm in any way handles client orders or money they should provide an annual summary of the top five venues on which their client orders have been executed. They need to provide yearly summaries of the top five trading venues used, aggregated per customer classification and asset class category. This part of the regulation does not apply if only trading the firm’s own capital.

Best Execution reporting and analysis

Predict, track and demonstrate execution quality with Itiviti Analyst's powerful reporting and analysis tools.

Market Maker Compliance

Even if an investment firm doesn't consider itself a market maker, its activities may be deemed market making if they are sending two-way quotes or orders to a market and exceeding certain levels. If an investment firm is classified as a market maker they need to sign an agreement with the trading venue. Once that agreement is signed they need to monitor that they are fulfilling the obligations.

Market Maker Compliance monitoring

Itiviti Analyst facilitates Market Maker Compliance. The Itiviti Analyst Market Maker Compliance tool helps to monitor compliance with the agreements made with trading venues, but also monitors if the client does not have an agreement to see.

Algo Monitoring

All investment firms that use automated strategies on how, where and when to route orders are considered to perform algorithmic trading. As such, this activity needs to be monitored in order to detect disorderly trading.

Algo Monitoring and HFT Monitoring

Itiviti Analyst provides key functionality including real-time monitoring of alogrithmic trading activity and kill signal generation.


Follow up best execution policies and compile facts in order to evaluate, monitor and review the policy. Transaction Cost Analysis can help to evaluate execution performance, and can be used as a tool to improve the firm’s best execution policies.

Transaction Cost Analysis

Improve best execution policies with pre-trade cost estimation, real-time monitoring and post-trade Best Execution reporting.


Internalisation or client facilitation can be done in a systematic or non-systematic fashion. Having an infrastructure in place to bring structure to the internalisation, including price requests that don’t reach a transaction, is beneficial to capture record-keeping data and to automate post-trade transparency compliance. If a firm decides to register as being systematic, a pre-trade transparency module can be added to fully comply with the SI regime. A firm that crosses the levels for becoming an SI needs to comply with the SI regime within three months, so having the basic infrastructure allows for an easy upgrade to scale up within the required time frame.

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The best execution policies should be based on facts, and since statistics show that very large proportions of the total values traded are now done outside of the primary markets it will be increasingly important to make sure the relevant MTFs can be accessed when trading client orders. To achieve the best possible execution results when accessing multiple venues, a SOR can automate decisions in line with the best execution policy.

With best execution policies now having to be followed in sufficient steps, using a SOR to automate the best execution enforcement allows users to focus on more relevant tasks than selecting the most favourable venue for a particular order.

Itiviti Smart Order Router

Itiviti Smart Order Router is designed to adapt to the new market structure and market models, allowing you to stay fast, flexible and competitive in the changing trading landscape.

Flow engine

Although common sense to many, the regulation clarifies that giving naked access to a venue though a firm’s membership should not be done. Pre-trade limits are an efficient way to allow customers to trade while controlling exposure in real time.

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