MiFID II and RTS 28 Reporting
The original MiFID (Markets in Financial Instruments Directive) impacted UK and European firms, primarily on the sell side. MiFID II, however, not only impacts the buy side, but it casts a wide net that catches any firm servicing clients in the European Union or marketing products there. The effort involved in the new reporting requirements varies with the US Asset Manager’s involvement in the European Union, but unless your firm is US domestic only, you are likely to be affected.
Retooling your Order Management System may be one requirement that you won’t be able to overlook if MiFID II applies to your firm. From decision support, to trade execution, to reporting and the long-term retention of records – the impact on order flows spans the entire trade life cycle. If you aren’t on track, or just getting started, contact IMP Consulting to help.
How IMP Can Help
Search & Selection - if your current vendor can't help you with MiFID, IMP can help you to find a new vendor for upgrades.
Enrich data in your current OMS.
Extend data, and help with reporting, including the ability to build reports outside of the system.
Verify that your firm is MiFID compliant, including data compliance.
Check compliance rules to check if they meet MiFID requirements.
Sync compliance library with relevant requirements or trades. If any issues, IMP can help to update the compliance rule library.
MiFID II Resources
Podcast: MiFID II Best Execution: Top 5 On and Off Venue Reporting Requirements
Podcast: MiFID II Best Execution: Demonstrating Best Execution
Podcast: MiFID II Best Execution: What Makes MiFID II So Challenging?
Podcast: MiFID II Best Execution: How One Firm Addressed The Challenge
Video: What Is Best Execution? (In just 2 minutes)
Video: How Could MiFID II Hit Your Front Office?
Video: Publish, Report or Perish - Trade Publication vs. Transaction Reporting
Video: Implications for Non-EU Asset Managers
Video: Will You Be MiFID II Compliant: 5 Areas of Focus
Article: RTS 28 and Five of the Biggest Changes for MiFID II Best Execution
Article: MiFID II Across Five Areas of Focus
Article: MiFID Who? Three Immediate Areas Where Non-EU Compliance Teams Need to Pay Attention
Article: The Rise of MiFID II, Does it Apply to You?