A unified front-end for the European Union's Markets in Financial Instruments Directive (MiFID) Trade Reporting, Transaction Reporting and Record keeping without impacting existing application layers.
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Abstract: The forthcoming Markets in Financial Instruments Directive (MiFID) is one of the farthest-reaching reforms ever to be made to the European capital markets system. Among many other issues, MiFID lays down new trade and transaction reporting requirements for investment firms trading in over-the-counter (OTC) instruments and financial derivatives. It also sets out new reporting regulations for Systematic Internalisers and firms with operations in multiple EU countries.

MiFID will create a significant challenge for these firms' IT departments, as they seek to consolidate transactional data in order to comply with the directive’s requirements for pre- and post-trade transparency. The principal challenge will be to find a way to gather, consolidate, and publish data from the firm's different departments and data stores in near real-time, and to preserve a detailed historical record of all transactions in order to demonstrate best execution.

With detailed compliance guidelines from national regulators not expected before early 2007, IT departments will only have a few short months to make the required changes to their firm's IT infrastructure in time for the deadline of November 2007.

In this white paper, we outline MiFID requirements for Post Trade Transparency, covering Trade Reporting, Transaction Reporting and Record Keeping. We examine how firms can best prepare for these requirements, and we explain how the GoldenGate Transactional Data Management (TDM) platform quickly, easily and non-intrusively addresses the MiFID compliance problems arising from the disparate data stores, reporting systems and manual processes that are in operation at most firms today.

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German Language Version PDF