21 October 2017
Ganesh Srinivasan

Business Information Agility

Ganesh Srinivasan - Volante Technologies

4Posts 14,211Views 1Comments

10 Steps to MiFIR Success

09 February 2016  |  1653 views  |  0

Across asset classes, the structure of markets is changing with new information flows between traders, venues clearers, depositories and regulators. The redefinition of the financial messaging landscape is continuous and is not stopping any time soon. Currently high, and for the first time on the agenda for U.S. investment firms is MiFIR. Dates may change, but the reporting requirements remain.

MiFIR, the challenges:

  • 65 new reporting fields, which is a substantial increase from the current 26 fields required.
  • new standards: many firms do not have data solutions that are aligned with the ISO 20022 standard.
  • Approved Reporting Mechanism (ARMs) will continue to accept transaction reports in existing formats such as CSV.
  • Global expanding compliance obligations result in multiple reporting solutions specific to each geography.
  • The persistence of legacy systems in the back office increasing the risk of non compliance.

10 steps to success:

Favor data integration tools that are easy to use, and involves minimal programming and achieves implementation mainly through configuration. Make sure you can:

  1. use the tool without too much training and specialized expertise for your business analyst or data analyst;
  2. quickly and flexibly handle multiple and ever-increasing numbers of financial message standards, particularly ISO 20022 format variants rules and regulations;
  3. have the option to test the integration solution thoroughly before deployment;
  4. deploy the solution in any infrastructure;
  5. reuse or easily customize the solution to manage multiple regulatory reporting requirements
  6. achieve complete compliance of all asset classes;
  7. define a multiple office concept or concepts, e.g. for regional offices, branch offices or independent subsidiaries;
  8. execute searches, reporting, management information and online access for reconciliation purposes;
  9. have full access to all audit trails of the history of each and every transaction reported for regulatory audit purposes;
  10. examine real time status on drilldown dashboards at any time.

The need for speed and flexibility in responding to change is becoming the standard market practice to remain compliant with regulatory change. What’s your experience? What would you add to this list?

 

 

Example regulatory hub solution TagsPaymentsPost-trade & ops

Comments: (0)

Comment on this story (membership required)

Latest posts from Ganesh

The Only Way to Secure the Future is to Create It

10 May 2016  |  3329 views  |  0 comments | recomends Recommends 0 TagsPaymentsInnovation

Achieving Compliance Overcoming the Data Integration Challenges

21 March 2016  |  5984 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationWholesale banking

10 Steps to MiFIR Success

09 February 2016  |  1653 views  |  0 comments | recomends Recommends 0 TagsPaymentsPost-trade & ops

Payment Factory - Data integration strategy that counts

21 November 2014  |  3246 views  |  1 comments | recomends Recommends 0 TagsPaymentsInnovation

Ganesh's profile

job title Director
location New York
member since 2014
Summary profile See full profile »
Director of Financial Services Solutions at Volante Technologies

Ganesh's expertise

Member since 2006
4 posts1 comments
What Ganesh reads
Ganesh's blog archive
2016 (3)2014 (1)

Who's commenting on Ganesh's posts