About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

MiFID JWG Releases White Paper to Encourage Discussion of Reference Data

Subscribe to our newsletter

The MiFID Joint Working Group last month issued a discussion paper to look at the impact of the EU’s upcoming Markets in Financial Instruments Directive on reference data. The paper – The Implications for Reference Data under the Markets in Financial Instrument Directive – suggests that MiFID may have significant impact on several areas of reference data, including the identification of instruments, of investment firms (and all counterparties), and of trading venues.

In the paper, JWG’s Reference Data Subject Group makes a number of recommendations for uses of reference data as applicable to a various aspects of the MiFID regulation as it now stands. Specifically, the RDSG proposes: the adoption of the ISO 10383 Market Identification Code (MIC) to identify place of listing (POL), place of trade (POT), and place of quote (POQ) for both instrument and venue identification; the extension of ISO 10383 MIC to cover all multilateral trading facilities and regulated markets; the use of the International Business Entity Identifier (IBEI) to identify Systematic Internalizers pending certain clarifications and feedback from trade groups; use of appropriate instrument codes to identify the instrument, where necessary in conjunction with POL and POT/POQ; the use of ISO 10962 Classification of Financial Instrument (CFI) codes for the classification of instruments where there is uncertainty regarding instrument coding or precise type; and pressing ahead with the development and adoption of the ISO 16372 IBEI standard, including (if necessary) an interim BEI solution.
Despite this comprehensive set of proposals, there remains some divergence of opinion over how best to identify market participants, especially when they act as different functions within the MiFID framework. This discussion, which encompasses the possible extension of the MIC code to accommodate these MiFID requirements, or the use of the as-yet unready IBEI code, will be one of several key threads examined in the inaugural issue of our forthcoming sister publication, MiFID Monitor, which is launched at next month’s TradeTech MiFID show in London. (Go to www.mifidmonitor.com to sign up for your free trial.)

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Multi-cloud environments – How to maximise data value while keeping on the right side of privacy and security

Multi-cloud environments have much to offer beyond single-vendor cloud setups, including the benefits of access to a variety of best-in-class cloud solutions, opportunities for price optimisation, greater flexibility and scalability, better risk management, and crucially, increased performance and availability. On the downside, multiple cloud vendors in a technology stack can cause complexity, more vulnerabilities, and...

BLOG

Walking the Tightrope of Increasing Regulatory Data Collection Initiatives

By Kelly Attrill, Strategy and Advisory Practice Head, Lab49. In a digital world where the volume, velocity and granularity of data continues to increase, there is even more potential to leverage the data created. In the financial services industry, firms have recognized the power of data for oversight, compliance and policy development. Regulators across financial...

EVENT

Data Management Summit London

Now in its 14th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...