Think tank highlights five keys to MiFID compliance

Key hotspots have been identified that financial institutions must address if they are to comply with the forthcoming Markets in Financial Instruments Directive (MiFID).

Key hotspots have been identified that financial institutions must address if they are to comply with the forthcoming Markets in Financial Instruments Directive (MiFID).

The hotspots have been pinpointed by 15 leading technology providers who are members of the JWG-IT Technical Special Interest Group (TechSIG) financial industry think tank.

The TechSIG members have allocated resources to three work teams to drill down on what is required of complex infrastructures, applications and data architectures once the directive comes into force this November.

The directive seeks to create a standardised financial services industry operating framework across Europe.

These areas focus on tackling the new best execution and order management requirements; addressing regulatory, market and customer reporting needs; and examining the new requirements of record reconstitution for the lifetime of the relationship with the client

Reference solution architectures will be offered by the suppliers to end-user firms from this month.

PJ Di Giammarino, CEO of the JWG-IT Think-Tank, said, “With less than 80 work days until financial institutions are meant to have tested their MiFID changes, the industry is still struggling to identify what MiFID compliant solutions are.

“Financial institutions that have engaged in our detailed requirement discussions will now have a frame of reference for getting the job done.”

The current TechSIG membership includes: Intel, Cisco, Aleri, Aptivaa, ASPOne, BEA, Brookcourt, BT, chi-X, Kurtosys, Redhat, Sybase, Telelogic, Tier-3 and Xenomorph.

Reuters releases MiFID suite >>

Your way through the legal maze >>

FSA signs MiFID policing contract >>

JWG-IT Technical Special Interest Group >>

Comment on this article: computer.weekly@rbi.co.uk

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