A group of mid-tier banks plan to share non-competitive regulatory functions
A group of mid-tier investments banks has launched an
initiative called Project Sentinel to mutualise the cost of
Mifid II implementation in the front office, the latest example
of banks working together to drive down cost.
According to a statement, the collective focuses on
implementation of European regulation in the over-the-counter
(OTC) front office of banks and has launched a normalised
regulatory data model that helps firms meet their OTC sales and
trading requirements under Mifid II.
The project aims for reduced costs through pooling resources
in non-competitive regulatory areas, it said in a statement.
Sentinel aims to share IT investments to deliver economies of
scale, focus resources on a consistent interpretation of the
regulation and a deliver a solution that can be adapted to
other regulatory regimes such as the European Market
Infrastructure Regulation and Dodd-Frank, which have already
taken effect in Europe and the US respectively.
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.