Why this dispatch exists
Fifth per-archetype RFP template covering Archetype E per the EU dual-licensed dispatch.
Section 1: Requirement overview
The requirement is the dual-EU-licensed tech stack for an operator running both a CFD broker authorised under MiFID II (typically CySEC) and a CASP authorised under MiCAR under common ownership and shared operational infrastructure with MiFID II + MiCAR converging supervisory expectations.
Section 2: Vendor evaluation categories required
Combines Archetype A + Archetype D procurement with shared infrastructure layers:
- Brokerage hosting (split FR2 + AM3 architecture: CFD platform at FR2 for LP proximity; CASP venue at FR2 or AM3 for EU-resident crypto data)
- Trading platforms (CFD side: MT5 + cTrader; CASP side: B2BX or Soft-FX crypto)
- Crypto exchange WL (CASP side - B2BX or Soft-FX with CASP-aligned positioning)
- Custody (Fireblocks / Komainu / BitGo Trust - separate from CASP venue procurement)
- Travel Rule (Notabene + TRP Network for dual-licensed counterparty coverage)
- LP procurement (CFD side: tier-1 prime broker or PoP + crypto side: institutional crypto LPs)
- Risk management (specialist with per-vertical VaR limits + operator-level monitoring overlay)
- KYC + AML (Sumsub universal for both verticals + ComplyAdvantage for ongoing screening - shared infrastructure opportunity)
- RegTech (Eventus Validus single-vendor for unified MAR + MiCAR Title VI surveillance + Cappitech for CFD-side MiFIR + Behavox or Smarsh for unified comms surveillance + CUBE for unified MiFID II + MiCAR horizon scanning)
- Broker CRM (B2Core multi-tenant Pattern 3 or Match-Trader CRM multi-tenant)
- Payments (specialist banking partner + 4-6 PSPs for CFD + Bank Frick for CASP + USDC institutional rails)
- IB management (CFD side primarily)
Section 3: Universal vendor requirements
Apply the five universal dimensions from the RFP scoring framework opener.
Section 4: Per-pillar requirements
Dual-EU-licensed-specific emphasis:
- Shared compliance ops opportunity: single KYC vendor + single comms surveillance + single regulatory horizon scanning across both verticals
- Asymmetric procurement: Cappitech for CFD-side MiFIR only (CASP side has no MiFIR equivalent)
- Convergence positioning: vendors capable of unified MiFID II + MiCAR product positioning differentially advantaged
- Custody as separate procurement from CASP venue per MiCAR Article 75
- Multi-tenant CRM Pattern 3 with parent organisation visibility across both regulated entities
Section 5: EU dual-licensed customisation (weight multipliers)
Combines Archetype A + Archetype D multipliers:
- RT3 (MiFIR reporting) x 1.5
- KYC3 (ongoing screening) x 1.5
- CX1 (MiCAR alignment) x 2.0
- CX2 (custody) x 2.0
- CX3 (Travel Rule) x 2.0
- RT4 (chain analytics) x 1.5
- CRM1 (multi-tenant) x 1.5 (cross-vertical infrastructure sharing)
Section 6: Disqualification thresholds checklist
- ☐ MiFIR Article 26 capability for CFD-side transaction reporting (Cappitech baseline)
- ☐ MiCAR Title VI surveillance for unified surveillance vendor
- ☐ MiCAR Article 75 custody segregation for custody vendor
- ☐ EU TFR compliance for Travel Rule infrastructure
- ☐ Multi-tenant Pattern 3 for CRM vendor
- ☐ FXJunction / Match-Trade Crypto / ETNA Software automatic disqualifications
Section 7: Vendor scoring rubric reference
EU dual-licensed-specific demo emphasis:
- Unified MAR + MiCAR Title VI surveillance demonstration on operator’s specific test trade data sets (both CFD and crypto-asset)
- Multi-tenant CRM demonstration with parent organisation visibility across CFD broker and CASP entities
- Custody procurement separation demonstration distinct from CASP venue procurement
Section 8: Reference customer validation
- Trade surveillance: minimum 2 EU dual-licensed operators with unified MAR + MiCAR Title VI deployment
- CRM: minimum 2 EU dual-licensed operators with multi-tenant Pattern 3 deployment
- Travel Rule + KYC: minimum 2 EU dual-licensed operators with integrated procurement tenure
Section 9: Integration testing scope
EU dual-licensed-specific integration testing:
- Unified surveillance vendor integration testing across both verticals
- Multi-tenant CRM testing with cross-entity workflow validation
- Custody integration testing separate from CASP venue testing
- Shared KYC infrastructure testing across both verticals
Section 10: Decision documentation references
EU dual-licensed-specific documentation:
- Shared compliance ops opportunity evaluation per layer
- Asymmetric procurement rationale (MiFIR only for CFD side)
- Regulatory convergence forward-compatibility evaluation for MiFID III + MiCAR technical standards evolution