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IHS Markit and Deloitte Partner, Addressing MiFID II Compliance and Re-papering

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Building on its launch of the Outreach360 regulatory compliance communication platform last month, information and analytics solutions provider IHS Markit has partnered with Deloitte to make the consultancy’s regulatory advisory expertise available as a managed service on the platform, according to officials of the companies.

The partnership of IHS Markit and Deloitte is offering MiFID II data standardisation, client outreach and counterparty terms of business re-papering services. “The industry is deciding what technology to use and how to resource client outreach staff,” says Darren Thomas, managing director and head of Counterparty Manager at IHS Markit. “Buy-side firms will use the [Outreach360] platform to reach out to their brokers and dealers.”

IHS Markit is working with Deloitte to define MiFID II requirements for their clients and show how compliance measures should be implemented. With Outreach360 as a collaborative platform, Deloitte’s resources, advice and consulting will help users establish and launch regulatory compliance efforts, according to Thomas, so they may “track workflow in progress for compliance before January 3 [MiFID II effective date].”

The combination of Deloitte’s services and IHS Markit’s platform will also support “re-papering,” the updating of business terms of accounts to address new regulations affecting pre- and post-trade transparency, market structure, order routing and classification of clients, according to Thomas. “Re-papering means 30,000 to 60,000 clients have to be reached in the next five to six months,” he says.

Outreach360 is attached to IHS Markit’s Counterparty Manager platform, which has a community of more than 10,000 buy-side firms and corporates, and over 200 banks. “If they’re not members of Counterparty Manager already or members of that financial community, you can still outreach through the platform using an email address and custom branding,” says Thomas. “[The platform] brings people back to a common place and a common way to fill out the requirements, get the terms of business and answer the questions the bank requires of them to continue trading.”

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