Personal Identification Information proposals under the Mifid directive may cause operational and security risks - experts
The request for traders’
personal information in trade reporting under the European
Mifid II regulatory package is causing operational and privacy
Transaction reporting under regulatory
technical standard 22 requires firms to fill out data fields
with traders’ names, dates of birth, algo
identifiers and national ID numbers. This data is known as
personally identifiable information (PII) under the
When a firm reports a trade, personal
details will be sent to national competent authorities (NCAs)
via Approved Reporting Mechanisms (ARMs). The central goal here
is to increase transparency on the individual level, so the
regulator can still identify potentially problematic patterns
even when a trader changes firms and trader IDs, for
"I can understand why it is requested.
From a market transparency and abuse angle, the regulator needs
to know who pushed the button," Richard Wilkinson, director of
Post-Trade solutions at Contango, told FOW. "The problem is
that it is way beyond what is in the system right now."
This article is available to subscribers and registered users
Please log in to continue reading.
Not yet registered? Take a free trial.
If you have already taken a free trial you
have ongoing access to the analysis section of FOW.com including this story.
Log in using your details below to read.
Already have an account? |