Financial services software vendor SunGard has launched a system to help firms meet the increased recordkeeping requirements imposed by the MiFID.
The MiFID Hub, which was developed by SunGard’s EXP business unit, is designed to meet the requirements set by the MiFID for firms to store a large variety of records for a period of at least five years. According to SunGard, 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, to capture and consolidate information for archiving on durable media.
The Hub’s web-based GUI facilitates rapid data retrieval in the event of a regulator or client query. SunGard says that by providing post-trade transparency, it can also be used to replay a trade in order to help prove compliance with a firm’s best execution policy, as well as to present the process data necessary to analyze and help improve those policies.
The data captured by the MiFID Hub can include trade lifecycle records, tick data, client marketing communications, organizational and departmental complaints procedures, and any other data required for regulatory or business reporting purposes.