The challenges regarding implementation of MIFID II are well documented. At the top of the concern list are RTS requirements, which are still waiting for additional clarity and the lack of ESMA data before testing can begin.
Neither should deter your organisation from moving forward with building a solution to meet pre- and post-trade reporting, and transaction reporting obligations.
We’ve put together a simple checklist to ensure that your MIFID II program remains on track by January 3rd 2018.
- Can you identify with confidence the requirement gaps and outstanding policy decisions of ESMA?
- Does your organisation or service supplier have an operational platform that allows you to begin testing today?
- Does your service offering integrate all the reference data sources and feeds required to meet your reporting requirements?
- Does your organization or service supplier have a plan that accommodates incremental delivery of data delivered by ESMA? What are test plans to validate ESMA data?
- Does your service supplier incorporate your development and testing timelines into their planning process?
If you have answered no to any of the above questions - you may want to consider speaking to The SmartStream Reference Data Utilty (RDU) team.
The RDU has embraced and planned for the uncertainty associated with MIFID II. From the beginning we have worked with our clients to interpret the MIFID II regulation. We have established relationships with regulatory agencies including; ESMA and ANNA.
The RDU has integrated the data sources you will need to support your reporting requirements. But most importantly, the service offering is ready for you to start testing now. We will provide you with content sourced directly from ESMA, ANNA, GLEIF and the NCAs. When the content is not available we have test data, which is ready to simulate the content as we expect to receive it from those sources.
As part of the process we have incorporated incremental delivery of EMSA data – specifically RTS 23 in September and RTS 1 and 2 in December. While time frames are definitely challenging, our platform and delivery infrastructure has the ability to adapt and accommodate change quickly.
Contact us today, there really is no reason to delay.