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MiFID II data quality and reconciliation: urgent preparation needed 

June 23, 2016

Patrick Thornton-Smith, Finextra

It was less than half a year ago when the European Commission confirmed that the introduction of MiFID II would be delayed a year, to January 2018. At that time, there was a general feeling of relief from most financial institutions facing a huge upheaval to be compliant with the new directive.

Now that we’re a few months on, surely this delay has meant that most firms are well into their MiFID II projects and, with around 18 months to go, must be feeling that warm glow of confidence in being well inside project timeframes?

It appears not. A recent flurry of articles, industry analysis and commentary seem to indicate that all is not well in the preparation of the new trade reporting requirements.

While the majority of attention has been given to the core trade reporting requirements, the data and technology at the heart of the reporting process itself seem to have been largely overlooked. Reporting is the mechanism but if the data that drives it is corrupt, and two parties are unable to reconcile that information, then we are looking at a crisis. Read more

 
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