Microsoft has launched a new package of software and services designed to help financial services firms comply with the EU's Markets in Financial Instruments Directive (MiFID), which is expected to come into force this November.Microsoft says with the deadline only ten months away, a considerable number of financial institutions are still looking at ways to upgrade their IT systems to ensure compliance with the new requirements.
The MiFID package has been developed and will be offered in collaboration with some of Microsoft's financial services partners, including Aleri Labs, BearingPoint, COS, Debug Software Tailoring, Fintecs, Gissing Software, HCL, HP, Progress Apama, Qumas, Rapid Addition, Singularity, SunGard, SuperDerivatives, Tap Solutions and Xenomorph.
"By working extremely closely with our partners we have developed an offering that serves all financial institutions needs to comply with the EU directive," says Ian Warford, industry director for securities and capital markets at Microsoft EMEA, financial services. "Because Microsoft technology is familiar to people working in financial institutions and easy to integrate with existing IT systems, the total budget required to implement a solution that ensures full compliance with MiFID is very cost-effective."
The package consists of eight technology products that will help firms comply with directive's requirements, including all client classification, best execution, market connectivity, reporting and systematic internalisation. The package can be offered as a complete solution or as single components that can be implemented according to a financial institution's individual compliance needs.
The UK's Financial Services Authority (FSA) said last year that the implementation of MiFID could cost Britain's financial services industry up to £1 billion.
Twitter
Daily newsletter