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FinTech Trends Newsletter Week 5th June – 9th June 2017
MiFID II IT & Data Challenges: What Do You Need to Solve?
After attending a few compliance & regulatory conferences this week and with delegates live voting polls suggesting 70% of
buy side firms are “Getting there” with regards to them identifying but not yet acting on all the require- ments of MiFID II applicable to their business, this has outlined the scale of the IT challenges facing buy-side & alternative investment firms in the run up to MiFID II’s January 3rd 2018 implementation deadline. This straw poll sug- gests that firms must act now to make the changes to IT, data, governance, risk and compliance systems demanded by the Regulation, with only 6 months to go.
Assessing Your Ability to Meet MiFID II’s Reporting Requirements
Many of those IT challenges will revolve around specific requirements in MiFID on reporting & data collation & storage including Mobile & Phone recording.
Data storage. Can you support on-demand audit and investigative requests for In this regulatory world, Buy Side & Alternative Invest- ment Firms shouldn’t leave complying with Technology, IT & Data challenges of MiFid II to the last minute. Speak to Storm IT Financial to see how we can help you access to complete history data on transactions, customer records, reports, computational results? Buy side firms must make records available to clients for a retention period of five years and for up to seven years for regulators. The need to capture, retain and secure data storage has never been greater.
E–discovery, archiving and record retention across all sorts of data, structured and unstructured. How do I really identify what I knew when, and how can I prove it? Banks are very familiar with the issue of discovery, but with many messaging and data formats the ability to identify information across not just business platforms but information platforms ( phone calls, mobile phone calls, email, messages, texts, of fice d ocument s etc.) is a serious challenge for buy side firms. How do they really identify what they knew when, and how can they prove it? The retention requirements vary; trade transactions, depending on asset class and venue may be retained and rendered accessible online for five years. Audit trails, reports, settlement and clearance instructions, specific investigations, corrective actions and contractual information and counterparty data affiliated with transactions are required for retention and regulatory access for seven years.
Communication data supervision and reconstruction. Can you track the origin of information through your IT infrastructure? Companies must demonstrate effective oversight and control over policies and procedures which govern all communications. Moreover, there is a requirement to supply regulators with communications associated with a specific trade and being able to recon- struct history of trade cycle events. Knowing what information you knew and when and how you knew it has changed over time.
Querying the data and exporting the information. Are you able to explore and query the data that you have built up to answer busi- ness questions as well as new regulatory requests? A traditional data warehouse is extremely difficult to query. Arguably, only a multi- model technology can ensure that data can be explored without losing the quality of the original source because it allows you to search multiple databases & portals, each with its own storage and operational requirements, while leaving the data in place. This has great advantage over traditional approaches in which we convert data from different formats and so they can be retained.
MiFID II requirements around IT, data, transparency, reporting, and record keeping are putting enormous pressure on European buy side and alternative investment firms and are consuming considerable internal resources. The volume and variety of data to be processed and stored, the complexity of the analytical processes, and the urgency of the reporting requirements necessitate a step change in technology, something that Storm IT Financial has knowledge, experience, expertise and solutions to help your firm technologically comply and make your business run smoothly.
It is vital that buy side and alternative investment firms establish a sound IT & Technology framework, something Storm IT can help you with, to meet MiFID II’s requirement by January 2018, and any successful framework and infrastructure must consider current and fu- ture data sources and challenges.
For more information on Hedge Fund/Alternative Investment telecom & mobile solutions, data storage, data collation & backup advice & IT Services, feel free to contact Storm IT Financial.
Storm IT Financial FinTech News & Trends picks: Week 5th June – 9th June 2017
Azure Security Center adds Context Alerts to aid threat investigation
Microsoft providing a deeper understanding of an attack:
The Future of Finance: More date, Fewer people
Automation is already underway in finance……
Client assets on digital advice platforms forecast to cross $400 billion by end-2018
A new wave of robo-advisors, will drive change & opportunities for the wealth management industry in 2017 & beyond:
London is home to more of the hottest fintech startups than ever before according to the Fintech 50 2017
London’s status as the world leading centre of fintech continues to be a global powerhouse for financial technology:
http://www.cityam.com/266086/london-home-more-hottest-fintech-startups-than-ever-before
EU seeks to expedite police requests for data from tech firms
EU wants to make it easier for law enforcement authorities to get elec- tronic evidence directly from tech companies:
http://uk.reuters.com/article/us-eu-data-security-idUKKBN18Z0H0
Amazon shuts down unlimited cloud storage plan
Amazon has told customers it will no longer offer an unlimited cloud stor- age plan
https://www.cloudcomputing-news.net/news/2017/jun/09/amazon-shuts-down-unlimited-cloud-storage-plan/
Cloudy with a chance of profit: Cloud drives value for tech giants like Amazon and Microsoft
Brian Nowak, executive director at Morgan Stanley, talks about growth in the cloud market at the 2017
May was tone deaf to business’ – how UK tech is re- acting to the election result
How do people in tech feel about Thursday night’s re- sult?
Pegasystems Nestles in AWS, Azure Clouds
Pegasystems deepens relationship with Amazon AWS & also has teamed up with Microsoft Azure:
The Rise of the Digital-Only Banking Customer
Are banks and credit unions keeping up with consumer demands when it comes to digital banking offerings?
Three GDPR Challenges and Opportunities For Financial Marketers
Required Explicit Consent, Mandates to Minimize Data& Privacy by Design:
https://thefinancialbrand.com/65671/general-data-protection-regulation-eprivacy/
Microsoft agrees to acquire Hexadite to beef up Win- dows 10 security automation
Microsoft agrees to acquire Hexadite to automate in- vestigations of cyberattacks & improves defenses in real time:
