In this final episode of the series, Jon Gold asks Alex James about his experiences working on a MiFID II project for an IMP client. Listen to how one of your peer firms rose to MiFID II's challenges and succeeded.Read More
In the previous two episodes of this podcast series we talked about MiFID II's top 5 on and off venue reporting requirements and the need to demonstrate best execution across all asset classes for the reporting year. In Part 3 of this podcast, find out why MiFID II is so much more complex than MiFID 1, and what firms can do to comply on the fixed income front.Read More
Welcome to IMP's MiFID II Podcast. Joining us in our discussion is Jon Gold, Managing Director at IMP, and Alex James, a Project Manager at IMP.
In PART 1 of this podcast series, we discussed the top 5 on and off venue reporting requirements of MiFID II. In this next episode we will delve into achieving the second requirement, that being the need to demonstrate best execution across all asset classes for the reporting year.
Listen to PART 2 of our MiFID II podcast now!Read More
Welcome to IMP's MiFID II Podcast. In the first episode of this series we will be discussing the top 5 on and off venue reporting requirements. Joining us in our discussion is Jon Gold, Managing Director at IMP, and Alex James, a Project Manager at IMP.
Listen to Episode 1 of our MiFID II podcast now!Read More
The primary purpose of MiFID II is to enhance and strengthen “MiFID I.” However, MiFID II is a complicated, winding road of directives. The areas of business impacted cover everything from the investment decision, all the way to client reporting. The systems impacted span from the front to back office. To break the enormity of MiFID II for the sake of sanity, we will cover five main areas of focus.Read More
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. In this short video, Jane Stabile walks through a basic fixed income flow and highlights just a few of the areas where MiFID II can create obstacles.
All methodologies work if you are dedicated. With Agile, the focus is often on its mechanical and operational components (daily stand-ups, sprints, etc.). What frequently falls short is the implementation of its greatest doctrines. Here, we’ve analyzed “Agile’s 12 Principles” to help you decide if the Agile Method is right for your project.Read More
When it comes to OMS and Compliance systems upgrades, do firms typically have all of the right resources within their walls?
JS: Typically, no, because firms don’t do that every year. It’s something that they do every few years, so it’s unusual for them to have all the right staff on board at that time.
When these projects take off, how many of them involve initial analysis of the assigned team members, current skillsets as well as their ability and readiness to actually work on the project right now?
JS: It’s something that firms typically don’t do. Often times, they don’t know when they are going to get the budget. It can be somewhat fluid. The piece missing most is a dispassionate look at what they really need for the project. What often happens is that the firm will look around and see who is available and then just put those people on the project because they are available, rather than saying, “what does this project need,” and evaluating the people that they have on the team.Read More
Has this happened to you? Your firm decided to use the Agile methodology for the implementation of a vendor product, like your trade order management system (OMS). You’ve obviously heard of Agile before, and perhaps even worked on a team using it, yet you still find yourself engaged in the proverbial Google search to learn more about it. Your gut tells you it just doesn’t fit right with projects having little to do with development. In your search, you get lost with the numerous flavors of Agile from ones that use Post-It notes for requirements, to no written requirements at all. You ask yourself “If Agile is for development projects, why are we using this for an implementation?” Well, you are certainly not alone.
Why are more and more firms leveraging Agile you ask? The advantage of Agile lies in its twelve fundamental principles that were agreed upon at the turn of the century. While these principles are noble in their cause, the reality is, not all projects align perfectly with them. In addition, as the interpretation of Agile has expanded over the years, many of these core principles have lost their punch with the day-to-day mechanical operations of running an Agile team taking priority.Read More
If you made it to midnight on New Year’s Eve, you may have kicked off 2017 by asking (or singing) the traditional first question of the year, “Should auld acquaintance be forgot, and never brought to mind?”
That answer may be a resounding “yes” for most of 2016’s news, events, politics and even celebrity deaths (from David Bowie to Carrie Fisher) – but for IMP’s blog, we think that there are ten top posts worth remembering in the coming year.
In the countdown to the most popular, the top 10 posts of 2016 are as follows:Read More
When a process has been around for a long time, its familiarity makes it comfortable. Even if it is cumbersome, it is often tough to change, because the old process just feels and looks right. That presents a challenge, since nearly all of our projects have a stated goal of improving the business processes.Read More
There was a famous business book in the ‘80s called the “10-minute manager.” The book focused on how managers could be effective by better focusing their time and zeroing in on key issues. It then morphed to the “1-minute Manager,” probably to sell more books, but the point was the same.Read More
If you were standing before “two roads diverged” and 50% of returning travelers warned you that one road took longer and drained more resources than the other, which road would you take? Short of any Robert Frost fans, most may decide based on the advice of their peers, that perhaps it is not about selecting the road less traveled, but rather, selecting the road best traveled.Read More
As we learned in the initial announcement, Barclays will continue to operate POINT for 18 months after the deal completes to help clients transition to other providers. This leaves a bit of lead-time prior to the deal completion plus 18 months to take the proper steps to ensure the right planning, budget and resources are in place. Focusing on the known entities can help you to prepare and persevere.Read More
Since the announcement in December that Barclays has agreed to sell its risk analytics and index solutions business to Bloomberg LP, there has been an underlying tone of skepticism in many of the articles, reports and commentaries that have popped up. Of course, a healthy dose of caution isn’t necessarily a bad approach; but the POINT to PORT conversion doesn’t have to mean that the sky is falling in portfolio analytics.Read More
If you’ve been following IMP’s blog over the last year, you’ve seen our team of experts leverage their hands-on industry experience to share information and insight on relevant topics ranging from compliance to implementation to “managing” managed service providers.
We’ve taken a look at the ten most popular blog posts of 2015 and provided our subscribers with the list below in case you missed one or you would like to read it one more time. If you’re new to IMP’s blog and wish to subscribe for 2016 please click to subscribe.Read More
Unfortunately, despite the best intentions at the starting line, not every outsourcing project crosses the finish line as a success. IMP and TSAM asked survey respondents what they would do differently if they could do it over again. Not surprisingly, most responses had one key theme in common: firms would conduct a more thorough requirements analysis of their own needs; in conjunction with conducting a more in-depth validation of the vendor’s capabilities, including the vendor’s resources and qualifications.
Most notably, 50% of respondents said that they would conduct a Proof-of-Concept (POC) before signing the contract.Read More
If your firm is evaluating a build vs. buy decision regarding compliance software, you may find yourself facing many of the same decisions that you’d face when deciding on whether or not to buy or build a new home. Here are five keys things to consider when making that decision.Read More
At IMP, we see every day examples of how uncontrolled library growth, inadequate scrutiny and inconsistent interpretations of client guidelines can cause errors and missed violations that risk monetary and reputational loss for CCOs and compliance teams.
Without a rigorous, annual testing of the automated compliance rule library and supporting data, the results portfolio managers and compliance teams rely upon are statistically likely to harbor error rates of 25% or more. In fact, we find that between 25% and 40% of the coding backing these systems is, on average, incorrect - a fact that shocks compliance teams.Read More
Five years ago, on July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed. As we look back, we see the changes the financial markets have undergone as well as those that have yet to be implemented. Not all of the changes are attributed to Dodd-Frank, however; there are a plethora of rules that everyone in the industry must now follow.
Commissioner Daniel M. Gallagher of the SEC put together a sampling of some of the rules that have come into effect since July of 2010. This particular chart was the impetus for this blog article. The chart includes rules from many organizations including the SEC, CFTC, OCC, FDIC, OFR, FinCEN and many others. In fact, it doesn’t even include state regulations or FINRA guidelines (See: Rules Applicable to U.S. Financial Services Holding Companies Since July 2010). Of course, this only represents the names of the rules, not the actual size of the documents behind them.Read More