As we navigated our ways through the festive period our minds were being targeted by some of the best, and the brightest, professional influencers tha...
"The Forgotten Discipline"
January 15, 2015
April 14, 2016
Full House at Idea Group's MiFID2 Breakfast
October 11, 2016
On Friday 7th October, Idea Group held a breakfast seminar which focused on the regulatory challenges posed by MiFID2. The importance of this topic was reflected in the very high level of attendance, which included representatives from most major asset management and investor services firms. Given the lack of clarity around certain aspects of the regulation to that point, the audience were treated to a deluge of food for thought with the sudden arrival of additional consultation papers from both the FCA and ESMA to discuss.
On Bill Gourlay's (CEO Idea Group) panel we were lucky to have Florian van Megen (Investment Association) and Steve Jenner (Henderson Global Investors), on hand to walk us through these recent developments and pick out the key areas impacted by these publications. We were all very grateful to both of them for ploughing through the 42 pages of the ESMA document in less than a day, which allowed them to be fully up to speed with the latest developments for the session. We would also like to extend our thanks to Claire Wallace of PwC who had similarly done all of this preparation work, but then was sadly unable to join us on the day due to illness. You can find the FCA consultation at https://www.fca.org.uk/publications/consultation-papers/cp16-29-mifid-ii-implementation and ESMA's at https://www.esma.europa.eu/databases-library/esma-library?f%5B0%5D=im_esma_sections%3A20
Finding appropriate ways of meeting these regulatory challenges often sees firms looking towards technology as a solution, so we were grateful to Gary Wright (Simulocity), Ross McGill (TConsult), Keith Tippell (SWIFT) and Arun Sarwal (Nihal) for guiding us through their experiences of dealing with similar issues on Ian Lyall's (COO Idea Group) panel. In an often frank, and honest, debate all of the participants shared their vast knowledge of this space, but perhaps did little to ease the concerns of any firms who have not made progress working on their business responses, given their shared view that there is a lot to do in very little time! You can see Idea Group's relevant business use cases at : http://www.prodigyproduct.com/meme-2016-campaign
Finally, having spent a lot of time focusing on the negatives of challenges that firms need to deal with, or the uncertainties that still need to be clarified, we shared a positive in the shape of Steve Wallace and Pedro Ghilardi's (both of Idea Group) demonstration of the "Prodigy" system. The tool started life as an enterprise class product management process improvement solution, however with the increasing regulatory burden it soon became apparent that this could easily become a highly effective, and affordable, way of meeting the product governance requirements laid down by MiFID2, TCF and PSD2. The good news for firms is that this tool already exists, is being used by leading financial services firms today, and has been amended to meet the evolving needs of MiFID2. As more information is released, by the regulators, the tool will be automatically updated in order to ensure that it continues to meet these challenges. You can see Idea Group's article on this topic at : http://www.prodigyproduct.com/single-post/2016/09/26/MiFID2-Means-I-Have-To-Do-What
We would like to thank SWIFT for kindly allowing us to use their venue to put on this important event for their community
I'm busy working on my blog posts. Watch this space!