SunGard Launches MiFID Compliant Record Keeping Application

SunGard has launched the MiFID Hub application to help firms meet the increased recordkeeping requirements imposed by MiFID. The MiFID Hub, developed by SunGard's EXP business unit, incorporates ideas and feedback from more than 70 financial services institutions. MiFID requires

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SunGard has launched the MiFID Hub application to help firms meet the increased recordkeeping requirements imposed by MiFID. The MiFID Hub, developed by SunGard’s EXP business unit, incorporates ideas and feedback from more than 70 financial services institutions.

MiFID requires firms to store a large variety of records for a period of at least five years. The data retention and retrieval requirements are significantly more complex than current regulatory obligations. For example, trade data has to be captured and stored in such a way as to allow each key stage of a trade to be reconstituted, potentially several years after the trade. The MiFID Hub integrates with a financial institution’s front-, middle- and back-office systems, capturing and consolidating information for archiving on durable media.

“Most institutions believe they will require more complex recordkeeping capabilities in order to comply with MiFID,” says Dirk Lueth, the senior vice president of SunGard’s EXP business unit in EMEA. “We have held a number of more detailed one-on-one workshops with financial institutions, and our MiFID Hub solution has the ability to help customers meet the new requirements.”

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