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More banks join Sentinel as initiative prepares for MiFID II

First Published 19th September 2016

Project Sentinel numbers increase as initiative starts work with its short-listed technology partners.

London - Having completed the first round of assessments of potential technology partners, Project Sentinel has announce an increase in consortium numbers from the original 4-7 banks to 8-10 banks in the current phase.

The initiative to mutualise the cost of MiFID II implementation in the OTC front office is now moving forward with its plans to create a technology solution in collaboration with its short-listed vendors, which include software development houses and off-the-shelf suppliers. The process started with a long list of 40 vendors, which has now been whittled down to two potential solutions. The next phase of the initiative will define inter-operability standards for the Sentinel components allowing integration and interoperability with banks' existing technology platforms.

The focus on standards and interoperability allows Sentinel members to choose the specific components they wish to implement out of the suite of 10 front office and reporting components that Sentinel is creating

The group aims to access the low costs afforded by mutualisation across multiple streams of activity, including:

  • Shared regulatory analysis and interpretation;
  • Updates to specifications as regulations and requirements are clarified;
  • and dedicated resources focused on delivering the Sentinel project on time and to budget.