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July 5, 2016

Message Automation working with Buy-Side on MiFID II solution

Many financial institutions and buy side firms in particular are seeking ways to leverage the work required in achieving MiFID II compliance by adopting a much more strategic approach to all of their regulatory trade & transaction reporting requirements.

London – 5th July 2016. Message Automation the leading provider of Post Trade Control solutions launches a new initiative to support the growing number of buy side firms who are looking to take control of MiFID II, and their other regulatory reporting requirements internally, rather than delegating these responsibilities to brokers or other third parties.

Many financial institutions and buy side firms in particular are seeking ways to leverage the work required in achieving MiFID II compliance by adopting a much more strategic approach to all of their regulatory trade & transaction reporting requirements. This includes consolidating/harmonising the underlying data which can then be used for other purposes. There is also a growing belief that by bringing the reporting procedures in-house (encompassing MiFID II, MiFID I as well as EMIR, SFTR and other jurisdictions) firms can achieve much greater control over reporting processes as well as the all-important data.

Hugh Daly CEO at Message Automation said. "This is without doubt an emerging trend and we are already actively involved in a number of discussions with buy side firms who have all expressed a desire to gain significantly more control in-house in order to facilitate more efficient reporting structures and to have the ability to react effectively to further changes. In part, this trend is also being driven by the brokers themselves as they too are under increasing pressure within their own operations to implement additional reporting capabilities and simply may now not have the capacity to deliver the full delegated service they have traditionally provided to the buy side firms."

David Farmery COO at Message Automation continued. "Our approach is to create a harmonised data layer which utilises an advanced rules-based approach to address all of the regulatory requirements of both the sell side and buy side firms we support. A key component of our offering is that we deliver a fully operational control framework that sits over the solution to audit what has/hasn't been reported, manage feedback, update and resubmit trades where necessary and provide a complete picture of the organisation's regulatory trade reporting. The strategic benefits of taking this approach are endless, as we have seen within many of our sell side clients already, once the harmonised data layer is in place as new regulations arrive and old ones are updated all we need to do is update the rules. Not only this but the value of the data in a standard form is priceless to any organisation."

Hugh Daly concluded. "Irrespective of Brexit, all financial firms must abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect. So now more than ever before they need to ensure that their internal infrastructures can be easily adapted to accommodate all future changes not just MiFID or EMIR rules. Our cost effective and highly flexible solutions have been specifically designed to support these needs.”

In a recent report from The Boston Consulting Group, Philipe Morel, global leader of BCG's capital-markets segment says, "After the initial push for compliance, investment firms will be in a position to benefit from updated technology and sophisticated trade analysis."


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