Regulatory Market Structure Compliance Consulting

proving our independence every day in our
dedication to our clients.

 

 Best Execution |Mock Examinations | Expert Services

Workshops | Past Projects 

 

Best Execution Consulting

 

As former practioners who have developed and chaired broker-dealer Best Execution processes, KOR Group is uniquely positioned to help audit, measure, improve and achieve true Best Execution compliance and trade performance. 

We can help firms bolster their global fiduciary obligations of Best Execution while reducing transactional friction, resulting in higher fund returns and better use of invested capital. Our Best Execution consulting provides firms with:

  • Best practices analysis and recommendations;
  • Best Execution committees;
  • Independent evaluation of your firm’s adherence to Best Execution;
  • Evaluation of procedural guidelines and recommendations to establish Best Execution processes or refine an existing processes;
  • Identify opportunities to improve execution quality and reduce implementation costs;
  • MiFID II compliance and procedures;
  • Rule 605/606 & RTS 27/28;
  • Form ADV analysis;
  • Analysis of counterparty relationships;
  • Scorecard development;
  • Voting and broker selection procedure implementation;
  • TCA selection and analysis; and
  • more.

We have helped dozens of firms from quantitative funds to pension plans to broker-dealers develop, implement and refine their Best Execution practices.

  

 

Mock Examination Services:

 

We have been involved in dozens of actual FINRA and SEC examinations. Let us put our knowledge to work for your firm. Our specially designed examination programs assess your firm's prepardness for an upcoming examination or inquiry.  

Mock Examination Speciality Areas:

  • Best Execution
    • MiFID II
    • Soft dollars
    • Conflicts
    • Committee reviews
    • Transaction Cost Analysis
    • CSA arrangments
    • Form ADV Part 2
  • Trading
    • FINRA TMMS
    • OMS risk management
    • Algorithm development cycle
    • Supervisory reviews
    • Access
    • Principal trading processes
    • Trade allocation processes
    • Trade error accounts/administration
    • Personal trading
  • Back Office
    • OATS
    • Compliance manual reviews
    • Training
    • Record retention
    • Regulatory filings 
    • Custody / Clearing 

Our Process entails both on-site and off-site gathering of information based upon document requests structured in a similar fashion to actual regulatory examinators processes. We pay special attention to risk alert areas that may be in scope for the request and perform gap analysis and recommendations to bolster your current compliance program.

During the on-site reviews we interview key personel in a similar setting to actual examinations.

Depending on the scope of the requested examination the onsite visits generally last from one to three days.

We provide a full presentation of findings along with recommendations for areas of improvment that can be structured with or without your outside counsel in mind. 

Please contact us to learn more about our Mock Examination Services.

 

 

Expert Witnessing

We provide strategic and technical advice regarding private litigation as well as investigations by federal and state regulators or prosecutors as well as SEC, CFTC and SRO actions and arbitrations. Our areas of expertise include:

  • Electronic Trading
    • Best Execution
    • Market abuse
    • Market manipulation
    • Conflicts
    • Order routing / Order types
    • Market data
  • Rule Compliance
    • SEC / CFTC / FINRA / MSRB / IIROC
    • Self Regulatory Organizations
    • Regulation ATS
    • Regulation NMS
    • Regulation SHO
    • SEC Rules 605/606
    • SRO
    • MiFID II

 


Significant Past Consulting Projects:

  • Compliance consultant to a large bank broker dealer to identify gaps within the firms Order Audit Trail reporting system.  
  • Compliance consultant for $100B+ quantitative trading firm regarding best execution procedures, Market Access Rule 15c3-5 and other compliance monitoring for adherence to best industry practices
  • Compliance consultant for $200B+ pension plan regarding best execution procedures, commission sharing and management, unbundling of research, broker scorecarding and transaction cost analysis.
  • Business consultant to a proprietary algorithmic market making firm that developed a wholesale market making model.
  • Business consultant to a stock exchange to develop best execution metrics for display on its website.
  • Compliance consultant for nine-figure RIA regarding best execution procedures, broker analysis and evaluation, broker scorecarding, and ongoing quarterly transaction cost analysis.
  • Compliance consultant to a global volatility advisor with review and compliance of its order management systems.
  • Consultant to a high frequency trading firm with analysis on regulatory and market data fees.

Market Structure Workshops:

 

KOR not only understands the complexities of US markets, but we understand how we got here and where we're going. We keep abreast and summarize every SEC/CFTC and SRO rule filing for our clients. Congress and Regulators regularly ask us to testify on critical market structure issues.

Leverage our expertise to understand modern electronic markets and the incredible technological and regulatory complexity that drives them.

KOR Group is available for a variety of half-day and full-day workshops / seminars on many different topics, including:

  • Market structure history and current developments
  • Direct market access and order routing best practices
  • Transaction Cost Analysis and performance attribution / analysis
  • Regulatory landscape, current proposals and how these events impact your business

These workshops are valuable for firms seeking to understand the latest market structure developments,

We've done workshops for regulators looking for practitioners' perspectives, for attorneys preparing capital markets litigation or defense, and for sell-side firms looking to sponsor buy-side educational events or who want to train traders and market structure analysts.

Contact us to learn more.