Markets in Financial Instruments Directive II, or MiFID II, is a principles-based directive issued by the European Union (EU). It broadly extends on the transparency set by MiFID, and is sure to have more of an impact on financial services. 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.
There are many data challenges of MiFID II which data managers have had to be aware of. Companies need to have an agreed process on common data issues and data quality metrics, all of which are now a regulatory requirement.
New reporting requirements have dramatically increased the amount of data required to be validated and delivered to ESMA. Organisations are now required to consolidate and standardise their data assets to provide a consistent reporting methodology.
Solidatus allows an organisation to map the MiFID II regulatory requirements on to their MiFID regulatory model to identify the additionally required data elements for MiFID II.
The collaborative design of Solidatus enables an organisation to quickly and easily identify and validate their regulatory reporting gaps.
Solidatus’ powerful audit and visual model diffing allows an organisation to see how their MiFID data landscape changes over time, why changes were made and by whom.