The Markets in Financial Instruments Directive II, or MiFID II, is a principles-based directive issued by the European Union (EU). It broadly extends on the transparency requirements set by MiFID. MiFID II aims to improve the competitiveness of European markets by creating a single market for investment services and activities and ensuring harmonised protection for investors in financial instruments. To ensure firms move towards better transparency, the directive now requires all pre- and post-trade data and reports in real time with these details being published via an Approved Publications Arrangement (APA).
Regulatory Reporting of Data Attributes
MiFID II carries a number of reporting and recordkeeping obligations where there is frequent overlap between data sets. These obligations are documented in the Regulatory Technical Standards (RTS) which lists the data attributes that are required to be reported on within MiFID II, so to achieve the objective of enhancing consumer protection, promoting innovation and improving the security of payment services across Europe.
Gap analysis for this data can be performed manually in Excel, but in a siloed fashion between RTS workstreams and repeated by asset class. Solidatus has been used to model data attributes of the RTS workstreams to identify similarities and differences across the reporting requirements and to map the implementation of MiFID II reporting to APAs all the way from golden source systems. Solidatus can highlight where source systems are not mapped and where processes can be simplified. The mapping evolves as a living document of the regulatory lineage implementation supporting both compliance audits and engineering projects.
MiFID II APA Mapping
Solidatus allows an organisation to map the MiFID II regulatory requirements on to their reporting implementation to easily visualise and understand the flow, usage and intended usage of data across complex processes spanning reference data systems, trading systems and reporting systems.
RTS Mapping & Gap Analysis
The collaborative design of Solidatus enables an organisation to quickly and easily identify any gaps in trade reporting and validate attribute mappings at a logical and physical level.
Visualise Reporting Change
Solidatus’ comprehensive powerful audit and visual model diffing allows an organisation to see how their MiFID data landscape changes over time and to see why changes were made and by whom. It also allows impact analysis to be performed ahead of changes to understand the effect on data consumers.
MULTI award-winning data lineaGE SOLUTION
Simple to use
The intuitive and simple web interface is easy to use and requires little or no training.
Solidatus is a browser based application and it can be up and running in the cloud in minutes.
Rapidly build lineage
Import and export data between Solidatus and from other systems using the data connectors.
Identify MISSING DATA
Immediately start modelling and easily identify where additional discovery is required.
Accelerate discovery by sharing parts of the models to identified system experts to fill in the detail.
Create & share views
Easily share with management and colleagues for immediate feedback and approval.