Third Financial Software (TFS) has completed the next major release of its Tercero software, which focuses on compliance under the forthcoming MiFID II regime. TFS is in the process of upgrading all customers to be in line with the regulatory changes.

Managing Director, Ricky Ali (pictured), says: “In building these significant and essential enhancements into the core foundation of our Tercero software, we drew on contributions from multiple investment firms and external consultants, including PIMFA, and developed the most relevant and useful solution for the wide range of regulatory requirements under MiFID II.”
 
The new release targets all of the essential MiFID II-related requirements. As part of the testing of the new solution, TFS completed a successful joint Transaction Reporting validation test with UnaVista which reinforces Tercero’s flexibility to support the correct identification of Legal Entity Identifiers (LEI) in all known scenarios.
 
To complement this key regulatory reporting ability is a function for daily monitoring of portfolio performance such that a depreciation of 10 per cent or more over a reporting period would alert the relevant account executive via the existing well-proven exceptions-based Tercero compliance engine.
 
Ali says: “To satisfy another key element of MiFID II, TFS has expanded on an existing capability within Tercero for pre-trade and post-trade compliance to support the concept of complex and non-complex securities. In addition, we are working collaboratively with various other firms to ensure there is an appropriate and compliant provision for annual costs & charges disclosure and best execution monitoring.
 
“This initial set of significant enhancements to Tercero, in line with MiFID II, is further evidence of TFS’s continued commitment to keeping its technology up to date with all current regulatory requirements. This ongoing process will continue to create further improvements in the coming year for our customers. For any firms still searching for an appropriate solution, TFS has a fast-track, streamlined Tercero implementation dubbed ‘MiFID II out of the box' which we are offering on a SaaS basis.”