MiFID II

The Markets in Financial Instruments Directive II (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).

THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE II (MIFID II)

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.

Regulatory Reporting of Data Attributes

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.
Solidatus MiFID II Model

Solidatus is used by some of the world’s largest financial institutions

MIFID II

CCAR

GDPR

Solvency II

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An intuitive, simple to use web-based application that gives businesses the ability to rapidly map and visualise their data landscape.

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