Nordic financial services group SEB has implemented a new systematic internaliser (SI) service offered by recently merged multi-asset trading technology firms Itiviti and ULLINK.
The tool allows brokers acting as SIs under the MiFID II regulatory regime to comply with the requirements around quote management, pre-trade transparency, reporting and best execution.
ULLINK’s UL QUOTE service enables brokers to receive cross-asset request for quotes (RFQs) to then be directed to a source of liquidity, while Itiviti’s SI provides auto-quoting and support with order and RFQ interactions. The pre- and post-trade quote publication, capture of data, record keeping and reporting is automated.
Christer Wennerberg, product manager for equities at SEB, said the bank worked closely with ULLINK and Itiviti to ensure the SI service met the needs of the business. “Our decision to register as an SI under MiFID II was greatly facilitated by the timely availability of the combined turnkey solution,” he added.
SEB has had a long-standing relationship with both ULLINK and Itiviti, after it chose ULLINK to support its equity trading activity through market connectivity, and order and execution management across dealing desks in 2004.
The bank also uses Itiviti’s trading platform Tbricks for its equity cash and derivatives trading, as well as its market making operations.
“The changes in market structure due to MiFID II presents challenges as well as opportunities for brokers,” commented Richard Bentley, chief product officer at ULLINK. “SEB has embraced these changes to innovate solutions and realize new business opportunities.”