SunGard has launched a new system designed to help financial services firms meet the increased recordkeeping requirements imposed by the EU's Markets in Financial Instruments Directive (MiFID) which comes into force in November.
SunGard says the MiFID Hub platform has been developed by its EXP business unit and incorporates ideas and feedback from more than 70 financial services institutions.
MiFID requires firms to store a large variety of records for a period of at least five years and the data retention and retrieval requirements of directive are more complex than current regulatory obligations. Trade data has to be captured and stored in such a way as to allow each key stage of a trade to be reconstituted, potentially several years after the trade.
SunGard says more than 70% of attendees at its recent MiFID collaboration workshops in Brussels, Frankfurt, London and Stockholm believe that they will have to significantly increase their recordkeeping capabilities to meet the MiFID recordkeeping obligations.
The MiFID Hub product is based on scalable open-standards technology and can be integrated with a bank's front, middle and back office systems, says the vendor. The system can capture data including trade lifecycle records, tick data, client marketing communications and organisational and departmental complaints procedures.
By providing post-trade transparency, the MiFID Hub can also be used to replay a trade in order to help prove compliance with a firm's best execution policy, says SunGard, as well as present the process data necessary to analyse and help improve those policies.