A company which develops software for the banking and financial industry has secured £330,000 to take advantage of recent changes in the sector.
eflow believes there’s a greater than ever demand for specialist software following the introduction of the Markets in Financial Instruments Directive (MiFID).
The MiFID regulations require all financial institutions to adhere to a code of 'best execution' which means they must take into account the price, venue, cost and speed of a deal. Also, they must be able to demonstrate transparency which in practice means retaining details of trading for five years.
eflow’s TransacTzar software provides evidence that a trading firm has achieved the ‘best execution’ benchmark and is compliant with the EU-wide regulations, the company says.
The company, which was founded in 2004 by Marsha Parker, has been backed by the YFM Group managed South West Ventures Fund.
“eflow deals with and supports blue chip clients in the City with a mission critical system,” Parker said.
“YFM Group’s funding will enable us to roll out the software platform to other blue chip institutions across the city. eflow recently completed an implementation with MF Global (Man Securities) in London.
“MiFID is in its infancy and MF Global believe that TransacTzar provides the best solution of MiFID compliance, particularly as the directive evolves over time.”
Andrew Betteridge, of Ashfords Solicitors in Bristol, and Alan Cottle, of Pegasus Funding Resources advised the company on the deal. Due diligence was performed by Richard Plunkett at Milstead Langdon.
© Crimson Business Ltd. 2008
