The deadline for MIFID II compliance is less than six months away.
Though the regulation is largely understood, firms anecdotally report that they expect to be ready with significant workarounds that will likely need to be revisited in the future to improve and streamline operations. More interestingly, firms are finding that the regulators' intentions are having significant consequences for market structure, potentially changing the way that they and other market players approach their trading business in light of requirements around:
- Transparency (pre- and post-trade reporting)
- Best execution and its implications for OMS, EMS, SOR and record-keeping
- Algorithmic trading and monitoring
- Instrument and client definition management
- Time synchronization and HFT classification
- Systematic internalization
- Risk compliance and checks
This white paper tackles the key issues that are impacting trading technologists now, and provides guidance on the steps needed to achieve MiFID II compliance by the ever-nearer deadline.