Fintecs, the financial IT consultancy, has launched MiFID Map Workbench. The application aims to show compliance officers MiFID regulations, how they relate to their own trading processes and how far their business processes are compliant. Fintecs says that Microsoft has backed the application
“By 1 November 2007, all organisations that trade in, or advise on financial instruments will have to make sure that their trading practices comply with the new MiFID regulations, or face legal penalties,” says Tony Gratton, the managing director of Fintecs. “Organisations have only months to put in place changes to their trading processes, a very demanding task for compliance officers. We have developed MiFIDMap Workbench specifically to save them weeks of time and effort in making sure their organisation is compliant.”
“Together with our leading financial services partners, we are now offering a solution suite that helps financial institutions comply with MiFID main challenge areas, including Planning and Testing, of which Fintecs MiFIDMap WorkBench is a key component,” adds Ian Warford, the Industry Director for Securities and Capital Markets EMEA at Microsoft Financial Services. “With the MiFID deadline only 10 months away, and with many financial institutions still working on making their systems compliant with the EU directive, Fintecs’ MiFIDMAP Workbench is an important tool that can enable them to visualise their compliance needs and map the progress of the organisations compliance process.”