Many firms acknowledge that their systems may not be adequate enough for Mifid II requirements
By Cian O’Braonain,
director of regulatory reporting practice at Sapient Global
In a previous commentary I outlined why, with a
delay to Mifid II, the regulator’s tolerance for
failures to complete projects, prepare documentation or report
in the correct and timely manner will be significantly
Firms need to fundamentally change the way
they approach trade and transaction reporting. Yet the signals
coming from the industry are the decidedly mixed.
Aware of the compliance complexity and
data challenges, many firms acknowledge that their systems may
not be adequate enough to meet Mifid II reporting and
validation requirements. In a survey conducted Sapient Global
Markets during a recent webinar, which included over 500
participants, 50% of firms either cited a lack of internal data
governance or poor data quality as the biggest challenge.
Another 17% said poor technology and manual processes are their
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