Chris Skinner's blog

Shaping the future of finance

JWG-IT TechSIG establishes reference solution working groups to fill key MiFID gaps by PJ Di Giammarino

Chris Skinner Author Avatar
by

Leveraging impartial research with over 50 financial institutions in 2007, a team of 15 technology vendors, with combined revenue of over €100 billion, has now targeted key hot spots which financial institutions face to comply with the Markets in Financial Instruments Directive (MiFID). Over 60% of the 1,000 MiFID requirements are being addressed, with both large and small vendors teaming up to identify a common set of reference architectures to comply with the new law which goes into effect on 1 November 2007.

JWG-IT Technical Special Interest Group’s (TechSIG) growing number of members has agreed how they will collaborate to build a solution stack to address new business process requirements created by MiFID. A reference framework for business and technology needs, developed in collaboration with financial experts from 10 geographies in over 150+ days of facilitated collaborative effort, will form the basis of vendors’ thinking across technology domains.

TechSIG members have allocated resources to three work teams to drill down on what is required of complex infrastructures, applications and data architectures post MiFID:
Doing the trade right: tackling the new best execution and order management requirements
Reporting the trade correctly: addressing regulatory, market and customer reporting needs
Storing and retrieving records efficiently: examining the new requirements of record reconstitution for the lifetime of the relationship with the client

Each stream is now developing a view of the critical technologies that form the solution and the gaps that TechSIG members will address. Reference solution architectures will be the first outputs, against which end-user firms and vendors can design and position their approach. The groups have established aggressive targets to start the flow of deliverables this month and July dates of seminars to discuss the solutions will be announced shortly.

Nigel Woodward, Director Intel, and Chair of the TechSIG commented “This represents a significant milestone in industry collaboration which we hope will provide a valuable reference for firms and encourage assembly of solutions which take advantage of technology elements from a number of sources – we are writing the orchestral score for the industry”.

PJ Di Giammarino, CEO, JWG-IT Think-Tank, added “With less than 80 work days until financial institutions are meant to have tested their MiFID changes, the industry is still struggling to identify what “MiFID compliant solutions” are. We are delighted to have a strong core group of technology providers engaged in deep debate as to how appropriate technologies can help firms achieve compliance in cost-effective manners. Financial institutions that have engaged in our detailed requirement discussions will now have a frame of reference for getting the job done.”

Current TechSIG membership includes: Intel (Chair), Cisco (Vice chair), Aleri, Aptivaa, ASPOne, BEA, Brookcourt, BT, chi-X, Kurtosys, Redhat, Sybase, Telelogic, Tier-3 and Xenomorph.

JWG-IT is unique – the only Financial Services industry think-tank to facilitate collaborative work to resolve industry issues created by regulatory change. Based on a working model started in 2005, JWG-IT has established strong relationships with EU administrators, leading banks and technology companies. It is neither lobbyist nor consultancy and revenues are restricted to membership fees and content sales. The JWG-IT Think-Tank is designed to help members and participants manage regulatory-driven change better, quicker, cheaper and with less risk.

UncategorizedCategories
Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

Intelligent Money: Our Future Is Where We Do Not Think About Money, As Our Money Thinks For Us

What is the future?

Learn more

Learn more about Chris

About Chris Skinner

The Past, Present And Future Of Banking, Finance And Technology

Fintech expert Chris Skinner: countries need digital transformation to remain competitive

Join me on Linkedin

Follow Me on X!

Hire Chris Skinner for dinners, workshops and more

Learn directly from from one of the most influential people in technology, gain insights from the world's most innovative companies, and build a global network.

Chris’s latest book

Order now

Chris Skinner’s ‘Intelligent Money’ Book Launch Event

Top 50 Global Thought Leaders and Influencers on Finance 2024

Global Awards

Lifetime Achievement Award

Global 100 - 2024 Winner

Chris Skinner - Financial Markets Advisor of the Year - The Finanser - UK 2023

Best Financial Markets Advisor of the Year 2023

30 Best Regtech Blogs and Websites 2023

Kids creating the future bank | TEDxAthens

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award

TWO-TIME WINNER OF A MOM’S CHOICE GOLD AWARD!

Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser