The MiFID II / MiFIR regulatory framework has been introduced to bring greater transparency, safety and more resilience to the financial markets. The regulation brings enormous complexity for firms throughout the industry in terms of generating, collecting and processing financial data.
As a leading global provider of reference data and a long history with regulations, we have developed complete data sets for investor protection, transparency, transaction and reference data reporting obligations.
This comes as a result of client consultation in interviews, workshops and forming the SIX MiFID II Working Group with specialists from international financial institutions in which requirements and pain points are addressed. We are also proactively working with trading venues, industry associations and regulators to ensure clients are ready for the 2018 deadline.
Under MiFID II rules, firms must assess their clients’ objectives, risk tolerance and ability to bear loss during the advisory process.
Easily carry out appropriateness and suitability testing within your advisory process by using complex/non-complex classification of instruments
Perform accurate product suitability assessments with comprehensive target market criteria on instrument level and cost breakdown
Comply with client informing obligations by valuation monitoring of leveraged instruments
Ensure only suitable products are being marketed and advised upon to end investors
A key challenge for firms is establishing a coherent and consistent reference data framework that clearly defines rules for both trading obligations and transaction or trade reporting.
SIX provides static information on key pre- and post-trade reporting categories to support your reporting obligations. We carry waivers, deferrals and liquidity assessments from ESMA and EEA venues.
We provide the identifiers necessary for all reporting obligations, removing the burden of sourcing and cross-referencing identifiers from multiple exchanges and allowing you to map MiFID II attributes to your existing reference data in an automated, efficient way.
Fulfill trade reporting (transparency) obligations in a lean and efficient way by using static data provided by ESMA and venues
Identify MiFID-reportable instruments to comply with transaction reporting obligations
Simplify data processing with a single high performance interface for the complete required MiFID II content, including instrument identifiers and classification
On-going monitoring of regulatory developments from all levels under ESMA and the NCAs
Check out our infographic for an at-a-glance description of our datasets.
Having already collaborated with industry to develop services for MiFID II and PRIIP compliance, we are supporting the industry to establish standard sets of data for investor protection compliance, as well as the infrastructure for connecting the buy- and sell-side.
This will allow manufacturers to distribute the most relevant data for products, as well as cover “Target Market” and other MIFID II data components that will also be clear and understandable for buy-side firms.
The MiFID II / MiFIR regulatory framework seeks to improve the competitiveness of EU financial markets and ensure investor protection for investors in financial instruments. The directive’s main goal is to standardize the EU financial markets.
By 3 January 2018, all investment firms in the EU / EEA are required to comply with MiFID II, including firms providing investment advice and portfolio management on a client-by-client basis. MiFID II creates new challenges in terms of data collection, analysis and reporting to National Competent Authorities (NCAs) and the EU regulator ESMA.
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