MiFID II business requirements for a Global Investment Bank
MiFID II aims to improve financial market’s efficiency by enhancing the current MiFID I. Investment firms face major challenges across the organisation. Axis Corporate was requested to lead the Product Reference Data MiFID II compliance work stream.
- 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.
HOW WE HELPED
- 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.
Regulatory Portfolio Optimisation for a Global Bank
Regulatory change was managed through a variety of disparate projects without any business co-ordination nor overall cost control oversight