MiFID II business requirements for a Global Investment Bank

Mifid2

MiFID II aims to improve financial market’s efficiency by enhancing the current MiFID I. The Directive will go live in January 2017/18, and investment firms face major challenges across the organisation. Axis Corporate was requested to lead the Product and Instrument Reference Data MiFID II compliance work stream.

 

Challenges:

  • Multiple impact across functions and teams; front to back office.
  • Quality and integrity issues on reference data.
  • Cross regulatory requirements not managed on an holistic approach.
  • Significant amount of regulatory requirements to be assessed and translated into business requirements.
  • Lack of understanding of MiFID II challenges around certain areas: OTC pre trade obligations, investor protection enhancements, transaction reporting attributes, etc.
  • Analysis of regulatory requirements was conducted and compared against the current reference data situation (including workflows and data extract scrutiny).
  • GAP analysis was performed and implementation plan defined.
  • Future strategic solution and Target Operating Model were defined.
  • Remediation effort was assessed and design principles established.
  • Business requirements were submitted to adapt current platforms to MiFID II.
  • Business requirements to transform current architecture submitted.
  • Operational risks analysed and process gaps identified.
  • Cost-efficient strategic solution designed.
  • Remediation effort measured.
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18 Sep 2016
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