RegTech Intelligence

MiFID II: turning up the heat on transaction reporting

JWG were pleased to participate in a MiFID II webinar led by DerivSource this week.

As you can see, by clicking on our presentation below, MiFID II is rekindling industry debate about the right approach to sharing billions of transaction reports across Europe.

MiFID II/ MiFIR turns up the operational and technical heat, not just on the sell-side, it also forces the buy-side and market infrastructure players to take on board new, granular reporting requirements and prove through new data quality rules that they are doing it right.

In and of itself, transaction reporting is not new.  What is new, and hot, are the dozens of interdependencies with other regulatory initiatives that the industry has to grapple with in parallel.

Industry experts debated the challenges ahead and the potential compliance strategies that could be adopted to ensure that reporting obligations are met – at the same time as a slew of other regulatory obligations become law.

The discussion highlighted that one of the main objectives, but also one of the biggest obstacles, was the need to develop a strategic solution for complying with reporting obligations.  This won’t happen overnight.  Yes, MiFID II timelines are already in play, but it’s now time to get on with firefighting the reporting requirements.

It was felt that better solutions could provide a long-term and sustainable model of compliance, at a fraction of the cost.  However, it was highlighted that the current wave of regulatory measures deserves to be addressed by a coherent and unified industry force.

In order to do this, the need for collaborative action was reinforced, as compliance in this field does not serve to give firms any competitive advantage.  We couldn’t agree more, having suffered through scores of reporting battles in the first decade of JWG’s existence.  We published our three-part view on the regulatory reporting landscape last year – see here for the first one.

A key point from the debate was that MiFIR, more than EMIR, will force firms to evaluate their entire operating models and investigate how the deep and broad obligations can be met.  As RBS have now proven through their use of RegDelta – JWG’s market leading regulatory change management platform – in this space, it is possible to use ‘RegTech’ to create better, more robust solutions.

Therefore, industry leaders should set out to build synergies with other market stakeholders, as well as forming technology partnerships and creating automated management systems that will serve to meet growing obligations in the field of trade and transaction reporting.  We welcome this suggestion and are happy to speak to anyone about how JWG’s MiFID II Implementation Group (MIG) can help – see here.

You can listen to the webinar, in full, by clicking here.

You can also join 1,000+ others on our LinkedIn MiFID II group to keep up to date with all the breaking news and debates.


To promote global dialogue on how to deliver regulatory change JWG post hundreds of focused articles a year to thousands of subscribers. Get involved and join the mail list.

By hitting the subscribe button you agree to our Privacy Policy