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The Nine Month Countdown to the Implementation of MIFID II

Posted 04/04/17

Like an impending birth, MIFID II is expected to transform the financial markets and, like soon-to-be parents, many financial firms are preparing for the big event.  The difference being of course is the preparations to avoid the risks and financial penalties associated with MIFID II compliance are time consuming, costly and offer no guarantees for success.  Firms are faced with the need to transform internally to provide the transparency and record keeping mandated by the regulators.  This equates to updating and automating processes and procedures and testing them in advance of operationalising across electronic trading as well as voice trading.  And senior managers will be accountable for adherence to both the regulations and the quality of the systems implemented to collect, analyse, store and share trading information as well as the data itself.

There are many promises of support from both legacy and start-up companies to help financial firms satisfy the MIFID II mandates, and in fact, the RegTech industry is solely focused on providing technology led solutions to sift through huge amounts of data being produced and stored by the financial firms to satisfy multiple regulators and protect the business.   However, not all RegTech companies offer mature software solutions that can solve immediate challenges to comply with MIFID II regulations by January 2018 let alone continue to evolve with future legislation.   And few RegTech companies provide solutions for voice trading, an integral and strategic element of the financial services ecosystem.

When investigating solutions for a holistic approach to compliance, voice trading often gets overlooked or is assumed to be compliant if recorded and stored.  Errors in recorded users, voice quality issues, missing calls and incorrect retention rules are typically not identified until it is too late, causing internal turmoil and the potential of costly fines and bad publicity which together have a negative business Impact.

Nxtera offers an automated compliance assurance portfolio that enables firms to adhere to MIFID II to monitor and test services and user behaviour from a single platform and gain insights from trends.  The software is mature, extensible, resilient, secure and easy to install.  With intuitive implementation tools, Nxtera software can be live in 2 months, making it ideal for firms who have time constraints to test and deploy in advance of the MIFID II go-live date.

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