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MiFID Consulting for a Large Global Investment Bank

MiFID Consulting for a Large Global Investment Bank

Found in 1850, the client is an innovator in Global Finance and is one of the largest Investment banks in the world. The client serves the financial needs of corporations, Governments, Institutional Clients and High Net Worth Individuals worldwide. The European headquarters is in London, with operations throughout Europe which need MiFID compliance.

Customer Need

The Customer had challenges in the areas of Transaction Reporting to regulators.

  • The firm has to be compliant with the MiFID directives by November 2007. There exists a lack of clarity about the exact requirements current Transaction
  • Inadequate documentation of current business rules for reporting
  • The transaction reporting System is fragmented with disparate systems making transaction reports through various channels
  • No consolidated view of Transaction reporting costs
  • Lack of proper error handling mechanisms and ineffective procedures for "Proof of Compliance"

Scope of Work

HCL carried out the following activities:

  • Process Scan - Review of the existing Transaction Reporting process to understand the current issues
  • Documentation of current process flows
  • MiFID Diagnosis - Study the existing Reporting Structure against the MiFID directives for Transaction Reporting to obtain the gaps
  • MIFID Modeling – Definition of a new architecture to consolidate the reporting feeds of the existing systems
  • Review the reporting process to improve the efficiency of the Reporting Channels and notification mechanisms
  • Development of an Implementation Plan detailing the functional and IT changes required in the Transaction reporting systems for MiFID Compliance

Results/Benefits

  • Compliance with MiFID directives for Transaction Reporting
  • Streamlined Reporting Processes driving process efficiencies and reduction of errors in reporting
  • Unified reporting enabling achievement of time and cost efficiencies
  • Reduced manual effort in Transaction Reporting

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