Investment banks must stop thinking about storage in terms of volume and capacity but instead put retrieval at the top of their policies to help meet the Markets in Financial Instruments Directive (MiFID), research firm Gartner has advised.
Peter Redshaw, an analyst at Gartner, said many businesses that will come under the MiFID umbrella do not have storage policies in place to help them deal with compliance.
"Because people do not have storage policies to deal with compliance they create silos of data and a lot of this is outside the IT department's control," said Redshaw.
He said spreadsheets are still widely used within the financial services industry. Individuals store data on the desktop that may one day be needed to prove a company complied with MiFID's Best Execution regulation, which requires that investment companies offer the best deal available at the time and are able to prove it.
"People look at storage and think about volume and capacity and less about retrieval," added Redshaw.
He said this must change and data about the market, references, customers and processes must be retrievable for years after a trade. "Storage is now more than just an IT issue."
Financial services firms should put policies into in place to ensure this happens.
Redshaw presented his MiFID: have you missed the boat? presentation today at Gartner's Financial Services Technology Summit.