JWG-IT Group Limited, a think-tank for EU driven IT change in financial services, has released the findings from a year of empirical research with the market in a whitepaper, ‘MiFID: The roadmap to implementation.’
“The impartial research highlights widespread gaps in current infrastructure which financial institutions need to plug in order to meet key MiFID changes, in particular transaction and trade reporting, customer data management, best execution and record keeping,” says PJ Di Giammarino, the CEO of JWG-IT. “Our research has identified ,many areas where collaborative industry working will be helpful to fill these gaps which is why we have established a community to work together to develop practical solutions to the problems. To help the broader industry, we are pleased to offer the reference implementation plans and frameworks that came out of our workshops, so that the entire supply chain can focus on what needs to be done.”
“Technology is a key enabler to the financial services industry but also exposes the slower movers to competitive threats,” adds Nigel Woodward, the Director of Financial Services at Intel. “Assembling the right combination of vendor capability with new business demand is one of the key challenges of MiFID. The JWG-IT SIGs provide a vehicle to facilitate collaboration between banks and the vendors, encouraging the formation of supplier ecosystems. The solution combinations developed can then be tested against the needs of the firms.”